Until the turn of the last century, if you wanted to send money to Morocco you would have to visit either a bank or a high street forex broker. Then, you would, in all likelihood, have to deal with less-than-favorable exchange rates coupled with steep fees. Fortunately, sending money to Morocco is no longer as time consuming or expensive, all thanks to the number of specialist overseas money transfer companies from which you get to choose.
Transfer Money to Morocco
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
What currency does Morocco use? The Moroccan dirham (MAD) is the official currency of Morocco. One dirham is divided into 100 santimat. The Moroccan dirham is issued by Bank Al-Maghrib, the country’s central bank.
To transfer money to a Moroccan bank account, you will need the bank’s SWIFT code. Here are SWIFT codes of some popular banks in Morocco.
Popular Currency Corridors
The difference between the amount of money that enters and leaves Morocco is considerable. In 2016, more than U.S. 7.08 billion was sent to Morocco as remittances from different parts of the world. In the same year, around U.S. $99 million made its way out of the country as remittances. The corresponding tables indicate how much money flowed in and out of the country across its popular currency corridors in 2016. The numbers are in U.S. dollars.
How Do I Compare Companies When Sending Money to Morocco?
While requirements of people sending money to Morocco might be different, addressing a few simple aspects will give you easy means to determine the best way to send money to Morocco.
- How much will it cost? Money transfer companies are known to offer varied exchange rates and follow different fee structures. Both affect the cost of your transfer. To determine which service provider is the most cost effective, find out how much money will get to the recipient once the transfer is complete.
- How long will it take? You may send money to Morocco in close to real time if you work with a company that has offices or agent networks in the country. Transfers to Moroccan bank accounts can take up to six days, depending on where you reside, the company you work with, and the recipient’s bank.
- How can you pay? The most commonly accepted payment method is a bank account transfer. You may pay for your transfer using a debit or credit card depending on the company you select. Some companies also accept payments via different region-specific methods such as ACH, SOFORT, iDEAL, and POLi.
- Is the customer service good? You can find out what previous customers of popular money transfer companies have to say about their services on review-based websites such as Trustpilot and Feefo. Some of the leading players provide local phone support in different countries. However, a majority provide online support via chat or email, or both.
How to Transfer Money to Morocco?
How you wish to begin the process of sending money to Morocco is entirely up to you.
- Online. You might be able to use your bank’s online system to send money to Morocco. However, take a look at what the top online money transfer companies have to offer because you may find considerably better deals.
- Over the phone. There are several companies that let their customers transfer money to Morocco over the phone. Some even provide access to dedicated currency brokers.
- In-person. Turning to your bank is one way to send money to Morocco in person. If you are looking at a quicker and more cost effective transfer, compare its offerings with money transfer companies that have offices or agent locations near your home or office.
Hamza had moved to France as a student, and upon the completion of his studies he decided to stay back. Not long after, he found a desirable job. Once this happened, Hamza wanted to start sending some money back home, to his younger brother who was still in college. He used the services of a popular French bank for the first couple of transfers. Then, upon the suggestion of a co-worker, he compared his alternatives. The findings of his comparison are in the corresponding table.
|Bank||Money Transfer Service|
|Exchange rate||EUR 1 = MAD 11.0196||EUR 1 = MAD 11.2267|
|Transfer fee||EUR 15||EUR 0|
|Amount received for EUR 1,000||MAD 10,854.31||MAD 11,226.70|
|Transfer time||2 to 6 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||MAD 372.39|
Turning to the money transfer company resulted in Hamza’s brother getting some extra money every time. In addition, the company also let Hamza lock in exchange rates for up to six months.
Cash Pickup Locations in Morocco
Popular companies such as Western Union, MoneyGram, WorldRemit, and Ria let you transfer money to cash pickup locations in Morocco. You may use the services of these companies if you want to transfer money to Morocco quickly, or in case the recipient does not have a bank account.
|Western Union in Morocco|
|Casablanca Benjdia 155 Rue Alsace Benjida Mers Soltan Casablanca||Moulay Thami Ouled Oum Rbii Rond Point Mly Casablanca|
|Marrakesh Charaf Lot El Yassmine Mag 203 Al Manar Marrakech||Marrakech Maatalah Askejour Lot Maatalah Rdc N 1049 Mhamid Marrakech|
|MoneyGram in Morocco|
|Casablanca Bank Uralsib Mkrn Vostochny 5/5 Novyy Urengoy Casablanca||Association Al Amanda Pour La Promotion D 44 Rue Mohammed Tabet Avenue Ezziraoui Casablanca|
|Marrakech Banque Centrale Populaire 7 Immeuble, 3 9 Bloc B Qut Mhamid Marrakech||Association Al Amana Pour La Promotion D Tranche 1 Lettre 1 N 44 Tamansourt Marrakech|
Safety Tips for Picking Up Cash in Morocco
Instances of petty crime such as bag snatching, pickpocketing, and snatching of jewelry, even by motorcyclists, are common. While they are frequently reported around market places, medinas, beaches, parks, and ATMs, they may take place anywhere. Do not carry valuables or large amounts of money with you. If you have to collect a large sum from a cash pickup center, consider taking someone you trust along, and collect the money during daylight.
Violent crimes involving knives have taken place in recent times, resulting in injuries and even death. If you find yourself in such a situation, do not resist. Avoid visiting secluded areas at all times. Remain particularly vigilant after dark. Women travelling alone should remain watchful at all times, as there have been numerous reports of harassment and verbal abuse.
What Information Do I Need to Transfer Money to Morocco?
This information required to transfer money to Morocco depends on the desired transfer method.
- Sending to a bank account. You will need to provide the recipient’s complete name, a bank account number, as well as the receiving bank’s name and SWIFT code.
- Sending to a cash pickup center. You will need the recipient’s complete name and the location from where the recipient plans to collect the cash. The recipient may collect the money by presenting a reference or transaction number along with an acceptable form of photo ID.
Regulations When Transferring Money To and From Morocco
There is no maximum limit on how much foreign currency you may bring into Morocco upon your arrival to the country. The Moroccan Dirham remains a non-convertible currency. You may import or export no more than MAD 2,000 to or from the country.
The Office des Changes (Foreign Exchange Office) maintains and manages a system of foreign exchange controls. Transfer rules have been liberalized significantly in the recent past. Residents and non-residents may open convertible dirham accounts as well as foreign currency accounts, although they need prior permission from the Office des Changes.
When you need to send money to Morocco the next time, make sure you compare the top companies depending on where you live. Looking for ongoing promotional offers might be beneficial if want to save more money.
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