Nothing freaks me out more than the fear that I’ll end up somewhere with no money and no way to get home. Normally I bring some cash in a local currency with me when I travel— I always leave France or the UK with some euros and pounds to get me started when I return. This time, though, we didn’t get the Malagasy currency, the ariary, before leaving the U.S. I read that dollars and euros were accepted at the airport, and that currency could also be exchanged there. So, we took dollars and euros with us, and figured we’d sort it out on arrival. Unfortunately, the airport was a bit of a chaotic experience, so we didn’t manage to exchange any money before we piled into the shuttle to our hotel. We tipped generously in euros, but we clearly couldn’t count on paying with euros beyond the airport.
So, during our first few days, an ATM or exchange bureau was a top priority. On our first morning we found an exchange bureau right away, and I transformed 100 euros to ariary. One euro is worth about 4,000 ariary, so even with the pricey exchange fee, I walked out with a ridiculously large wad of cash, with bills ranging from 20,000 ariary to 100 ariary.
Knowing that our cash wouldn’t last us for a full nine months, the next order of business was to find an ATM. The first ATM I tried rejected my card. Then, the second ATM also rejected my card. At that point, I was starting to panic a bit. Finally, we took a long walk to a French bank, Societe Generale (BSG), and the ATM finally accepted my card and gave me some much-needed cash.
Just how far does the ariary go? It depends on what you’re buying and where you’re shopping, of course. Nice apartments are absurdly expensive, especially in the expat neighborhood. But, a tasty pastry is about 2000 — less than a dollar. At a nice hotel restaurant, a main plate is between 25000 and 30000. At the Tamboho Hotel, I had a steak with potatoes and eggplant for 28000 ($8. I ordered a pina colada from room service (with dinner, for after the kid was asleep!) and it was 16,000 ($4). European grocery items can be quite pricey, but most staples are inexpensive.
If you’re travelling to Madagascar, here are some key things you need to know about money:
- There are several different banks in Madagascar, and ATMs are fairly easy to find in large cities. However, not all ATMs are created equal. My husband’s Bank of America debit card worked with more ATMs than my credit union card, and you might find that your card isn’t accepted everywhere, even if you have a MasterCard logo, as I do. However, you shouldn’t have trouble with Societe Generale (BSG), which also has branches in the United States. Most likely Bank of Mauritius ATMs will also work for you, although these are much less common than BSG.
- You may have more trouble finding ATMs in smaller towns. If you are going on an epic trek (which you probably are, because it’s Madagascar), be aware that many places, including some hotels, are cash only. You’ll need to make sure you have plenty of cash while you’re on the road (and that you guard it very carefully, because theft is a common problem).
- Most ATMs have a surprisingly low maximum withdrawal. At some ATMs, the most we could withdraw at once was 300,000 ariary (less than $100). We found one ATM where it was possible to withdraw 800,000 (about $200), and that was the most we were able withdraw in a single transaction. At one point I needed 1.5 million ariary and I found myself withdrawing 300k five times in a row from the same ATM. Luckily, it worked.
- We heard of several incidents where people had problems with ATMs that would “eat” money before the user could pull it out. BNI-Madagascar ATMs in particular seem to have this problem, and the bank does not seem to be very helpful when customers seek help. It’s also not unusual for ATMs to run out of money, so it is good to have a back-up plan. We try to regularly withdraw money well in advance, so that we always have at least a week worth of currency on us.
