Madagascar's banking sector is regulated by the central bank, Banky Foiben'i Madagasikara (BFM), and is built around a handful of established commercial banks — BNI Madagascar, BANK OF AFRICA, BFV-Société Générale, BMOI, AccèsBanque and BGFIBank. The country uses the French-style RIB and an MG46 IBAN for domestic routing, while a SWIFT/BIC code is what an overseas bank needs to send an international wire. For the large Malagasy diaspora in France and La Réunion, these BICs are the routing identifiers for euro-to-ariary bank transfers — though most family remittances are delivered straight to an MVola, Orange Money or Airtel Money wallet.

How to use a Madagascar bank SWIFT code

To send an international wire to a Madagascar bank, you give your sending bank three items: (1) the recipient bank's SWIFT code (8 or 11 characters); (2) the recipient's account number; (3) the full name of the account holder as registered with the bank.

The 8-character SWIFT code identifies the head office. 11-character codes ending in 'XXX' also identify the head office; codes ending in other sequences identify a specific branch. When in doubt, use the 8-character head-office code — the SWIFT system will route correctly.

Typical timing is 1 to 5 business days, depending on intermediary (correspondent) banks involved. Fees vary considerably: a SWIFT wire from a UK bank to an African bank typically costs £15-30 on the sending side plus an FX spread, while a mobile-first operator like Wise or LemFi can be materially cheaper for smaller amounts.

FAQ

How many banks are listed for Madagascar?

We currently list 6 commercial banks licensed by the Banky Foiben'i Madagasikara (BFM). Each SWIFT/BIC code has been verified against two independent sources.

Is the SWIFT code the same as the BIC?

Yes. SWIFT (Society for Worldwide Interbank Financial Telecommunication) and BIC (Business Identifier Code) are two names for the same 8 or 11-character identifier standardised by ISO 9362.

Do I need a SWIFT code for an international wire to Madagascar?

Yes. The sending bank needs the SWIFT code to route the wire through the SWIFT network. You will also need the recipient's account number; some banks also request the bank's full physical address.

Is there a cheaper alternative to a bank wire to Madagascar?

For smaller amounts to Madagascar, operators such as Wise, LemFi, Sendwave, and TapTap Send typically offer a rate closer to mid-market and lower fees than a classic SWIFT bank wire. For very large amounts (above $50,000), a SWIFT wire from a bank usually remains the practical choice.

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