MGA – Malagasy Ariary
MGA is considered to be a complex restricted currency, which implies an inherent limitation to the tradability of this currency. Fund transfers in this currency are not allowed outside of Madagascar.
Besides this limitation, this currency is considered to be complex (multiple information to be provided and complex processing).
- Currency Guidelines
Besides the standard information, the IBAN format is mandatory (see Appendix VI).
The full name (written out in full, without initials, abbreviations or acronyms) and the physical full address of the beneficiary are mandatory.
A clear reason / purpose of payment is mandatory and consists of a full written description (in English) of the nature of payment to be provided in the remittance information. For example: providing an invoice number without guiding text is considered as insufficient and can result in errors or delays.
Example: Payment of travel expenses – invoice n° 123456789
Moreover, the full address (exact branch location) of the beneficiary’s bank is mandatory and to be provided in the remittance information.
- Instructions, technical guidelines & more
To consult the Technical Guidelines of this currency, click hereTECHNICAL GUIDELINES
To consult the Appendix(es) click hereAppendix VI: IBAN Application Rules
- Additional information
• Available charge options: OUR/SHA/BEN
• Central bank of Madagascar: http://www.banque-centrale.mg/index.php?id