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.
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.
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|
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.
This information required to transfer money to Morocco depends on the desired transfer method.
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.