SWIFT/BIC codes in Madagascar

Bank SWIFT codes for Madagascar

In Madagascar we have 16 SWIFT/BIC codes. A SWIFT code tells the banks handling a transfer which institution is meant to get an international payment.

Look for the bank you need in the list and click through to see the full list of codes and the details a transfer needs. Further down we explain how a code from Madagascar is put together, how to send money to Madagascar at a fair price and how to check a code before you pay.

SWIFT transfers to Madagascar

Madagascar is not part of the SEPA area, so European euro rules do not apply. Payments from abroad normally go over the SWIFT network.

Depending on the country, the account is identified by a domestic account number instead of an IBAN. The receiving bank usually provides instructions for payments from abroad – follow them exactly. SWIFT payments can pass through one or more intermediary banks and fees can be taken along the way.

What a sender needs to pay you in Madagascar

When you expect money from abroad on an account in Madagascar, send the payer a complete set of details. In practice that means: your full name as your bank knows it, your account number or IBAN, the SWIFT/BIC code of your bank and usually your address.

Your bank’s code is in our list. Certain sending banks may also want your bank’s address, so keep it at hand.

Do not be surprised if the amount credited is smaller than what the sender paid. Charges on incoming payments differ from bank to bank. For business payments, agree who bears the costs, so nobody is left short.

Bni Madagascar and its SWIFT codes

In our data, Bni Madagascar has the most SWIFT/BIC codes in Madagascar. The head office uses CLMDMGMGXXX, which is the code to use when no branch is specified.

The number of codes says more about how it organises its payments than about how big it is. Unless a branch code is given, CLMDMGMGXXX is fine for a payment to Bni Madagascar.

How reliable is this list?

Have the recipient send you their bank details straight from their banking app. When the code you were given does not match our list, do not guess – contact the recipient or their bank.

We gather SWIFT/BIC codes using publicly available data and check them regularly. Institutions merge, close branches and change codes, and no directory catches every change immediately. Treat our data as a reference, not as the final word: the bank details from the recipient come first. GoldexPay is a comparison service for money transfers and not part of any bank listed here.

Fraudsters regularly use fake invoices carrying new bank details from what looks like a familiar address. Before paying, confirm changed details by phone, using a number you already had.

Bank or transfer service for Madagascar?

If you send money to Madagascar via your bank, the stated fee is only part of the cost. There is a transfer fee, possibly fees from correspondent banks and, above all, the exchange rate markup if the money is converted.

That exchange rate margin tends to be the largest cost item because it is hidden in the rate. A simple test: put the rate you get against the mid-market rate and work out the difference on your amount.

For a lot of routes, a specialist provider turns out to be less expensive than a bank. GoldexPay compares transfer services side by side, showing the amount that reaches the recipient for the same amount sent.

How SWIFT codes from Madagascar are built

Every SWIFT/BIC code has eight or eleven characters, always in the same order. The first four letters identify the bank, the fifth and sixth characters are the country code and characters seven and eight mark the location.

You can spot a code from Madagascar from letters five and six: they always show the ISO country code of Madagascar. A code with other letters in that position come from a bank abroad.

If the last three are XXX, it refers to the main office, and the 8-character version leads to the same place. For most transfers the head office code is what you need unless the recipient asks for a specific branch.

Tracking a payment to Madagascar

There is no fixed delivery time for transfers to Madagascar: many arrive within a day, others take several business days. Bank holidays in either country can add extra days.

If a transfer is delayed, the sender should contact the sending bank for a trace; only the sending side can start an official trace. Specialist transfer services often provide a status online so you can follow the payment.