Send Money to Morocco

Morocco flagThose who regularly send money to Morocco are used to paying high fees, but it doesn’t have to be this way. Pay attention to our Morocco Money Transfer Guide and you will learn how to get used to benefits that you didn’t even knew existed.

The solution is brought by the Foreign Exchange companies that will provide money transfers with very small fees or even for free, if the amount being sent meets certain criteria.

The Guide’s Topics:


Best Company To Transfer Money To Morocco

Payment Facility

Summary

Recommendation

worldfirst-logoMin. Transfer: £ / € 1,000.
Transfer: Online or by Phone.
Wire Fees: None.

Expected Rates*:
- GBP: 12.3721 MAD to 12.4977 MAD
- USD: 9.9574 MAD to 10.0585 MAD
- EUR: 10.5160 MAD to 10.6228 MAD
WorldFirst
WorldFirst Review
MoneyCorp logoMin. Transfer: £ / € 50.
Transfer: Online or by Phone.
Wire Fees: None.

Expected Rates*:
- GBP: 12.3784 MAD to 12.4851 MAD
- USD: 9.9625 MAD to 10.0484 MAD
- EUR: 10.5214 MAD to 10.6121 MAD
MoneyCorp
MoneyCorp Review
transferwise logoMin. Transfer: £ / € 1.
Transfer: Online or using the App.
Wire Fees: 1.5% for amounts above 2,000 MAD with minimum fee of 30 MAD

Expected Rates*:
- GBP: 12.5605 MAD
- USD: 10.1091 MAD
- EUR: 10.6762 MAD
Transferwise
Transferwise Review
Morocco BankBig International Transfer Fee + Commission On Currency Exchange. Bad Currency Exchange Rate.
paypal logo2.9%+ Transfer Fees, and 2.5% more for Currency Exchanges. Quick But Very Bad Currency Exchange Rates. Paypal

* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.

Supported Countries & Payment methods

The first company we recommend working with is Currencies Direct as they have a very low minimum of only €100 or the equivalent (~1000 Moroccan Dirham), no transaction fee and they can send money to all of the important countries around the globe. Fore more information, be sure to check their website.

With World First, the story is pretty much the same and the benefits are above the competition. The main difference is the fact that they will mostly work with clients that need to make money transfers of €1,000 and upwards.

Important: If you are fluent in French and don’t handle very well English, keep in mind that both companies have a French version of their website.


Best Company to Transfer Money from Morocco

Service Provider

Summary

Recommendation

currencies-direct logoMin. Transfer: £ / € 100.
Transfer: Online or by Phone.
Why Them? Over 150,000 Active Clients. £4.5Bn Transferred Annually. Overseas Property Expertise.
CurrenciesDirect
CurrenciesDirect Review

Supported Countries & Currencies

Currencies Direct provides access to over 40 currencies and taking in to consideration the fact that some currencies are used in multiple countries, they are able to accommodate any of the client’s needs.

For example, the Euro is used in Spain, Ireland, Germany, the Netherlands, Austria, Greece and 10+ more countries.

But they are well equipped to handle also more “exotic” locations like Sri Lanka, Hong Kong, Brazil or Thailand.


Today’s Foreign Exchange Rates for MAD

GBP to MAD – Pounds to Moroccan Dirham; 10,000 GBP is 125,605.0000 MAD

MAD to GBP – Moroccan Dirham to Pounds; 10,000 MAD is 796.1467 GBP

EUR to MAD – Euro to Moroccan Dirham; 10,000 EUR is 106,761.5810 MAD

MAD to EUR – Moroccan Dirham to Euro; 10,000 MAD is 936.6665 EUR

AUD to MAD – Australian Dollar to Moroccan Dirham; 10,000 AUD is 77,610.6031 MAD

MAD to AUD – Moroccan Dirham to Australian Dollar; 10,000 MAD is 1,288.4837 AUD

MAD to USD – Moroccan Dirham to US Dollars; 10,000 MAD is 989.2122 USD

USD to MAD – US Dollars to Moroccan Dirham; 10,000 USD is 101,090.5433 MAD

MAD to CHF – Moroccan Dirham to Swiss Franc; 10,000 MAD is 997.9698 CHF

CHF to MAD – Swiss Francs to Moroccan Dirham; 10,000 CHF is 100,203.4304 MAD

NZD to MAD – New Zealand Dollar to Moroccan Dirham; 10,000 NZD is 72,583.0685 MAD

MAD to NZD – Moroccan Dirham to New Zealand Dollar; 10,000 MAD is 1,377.7318 NZD


Moroccan Dirham behaviour

morocco-currencyThe central bank is aiming for a more flexible currency arrangement to lessen instability risks and lock in a favourable rate in global terms. The dirham gains net support when oil prices are weak.

At present, the Dirham is fixed against a currency basket. The Euro has a weighting of 60% and the dollar 40% having been adjusted from a 80%-20% weighting in 2015. The dirham will weaken slightly against the dollar when the US currency appreciates in global terms, although moves will be limited.

The strong Euro weighting mans the Moroccan economy loses competitiveness if the Euro strengthens and will gain competitiveness when the Euro is weak. The Euro-zone is the main export market, especially Spain and France.

The central bank is committed to further currency reforms with an initial move to widen the permitted trading band under consideration for 2017. There has also been a commitment over the medium term to establish a framework of inflation targeting.

Morocco is a substantial importer of oil, in contrast to many North African countries. The currency is, therefore, generally more vulnerable when oil prices are high and less vulnerable when prices are low with a net build in currency reserves. The current account position has generally improved since the slump in energy prices from late 2014 which has underpinned the currency.

Sending Money To Morocco Bank Account

The Moroccan Dirham is the national currency and it has been since 16 October 1960, replacing the Moroccan franc. It is not widely used as a power currency but it is quite common in certain European and African countries because of Morocco’s geographical position as a bridge between the two continents.

Moroccan Diaspora: Out of the 4.5 Moroccans living abroad, two thirds are in Europe with France having the largest chunk of all (1.5 million). The next top 5 destination are: Israel, Spain, Italy, Belgium and the Netherlands. In Belgium, Moroccans form the largest group of non-western immigrants making almost 4% of the country’s population.

Tourism: Tourism is one of the most prolific sectors in Morocco’s economy, a country where the services sector accounts for just over half of GDP. In 2014, 10.3 million tourists visited the country which is a 2% increase from 2013.

Real Estate: Morocco is a very good investment as the prices are still pretty low with signs of growth, making it “a buyers’ market“. According to the International Organization for Migration, the private investment in real estate and tourism has helped the construction sector to get a boost and keep providing jobs for over one million Moroccans.

Relocating To Morocco?

If you consider moving to Morocco and live there as an expat, you may find the following information helpful:

Advantages Of Moving To Morocco:

  • Affordable Food: Sensational quality food that is 45% less expensive than many European countries.
  • Affordable Rent: Average rent is 51.89% lower than UK.
  • Affordable Labor: The average hourly rate for mechanic or housemaid is under 10 GBP per hour.

Disadvantages Of Moving To Morocco:

  • Safety: A lot of beggars on the street and people targeting foreigners. This causes a higher crime rate by 15% than European countries.
  • Low Salary: Average monthly salary is 255 GBP per month.
  • High Import Tax on Foreign Goods: This drives up the price of household items between 6-12%.

Popular Destinations in Morocco:

Popular cities for business and real estate transactions in Morocco are: Casablanca, Rabat, Fes, Salé, Marrakesh, Agadir, Tangier, Meknes, Oujda and Al Hoceima.


How To Save More When Sending Money To Morocco

Today, there is a new way to make international money transfers, and customers who have used this service are sure to agree that it is the best way to send money online to Morocco. The professionals offering the service described are called Foreign Exchange companies. These companies are highly knowledgeable in the markets that they work in, making them an excellent choice when it comes to sending money overseas for a variety of reasons.

The most important being the small transfer fees and, at times, they get rid of the fee altogether. This is possible because these FX companies are making money on the currency exchanges, so the bigger the transfer you make, the more they make on the transaction. And when the amount is large enough, they will pass on the profits to you by removing the fee for good.

What you need to send money to Morocco

  • Bank Name and Address
  • IBAN
  • Swift/BIC Code
  • Account Number
  • Receiver’s Complete Name

When all the details listed above are in your hand, you can proceed to:

  • Create a free account with the company of your choosing.
  • Request and receive a quote from one of the dealers – online or by the phone.
  • Fund your account with the necessary amount.
  • Get a confirmation from the company that the transaction is completed and the money ahve reached your desired destination.

Our Company Recommendation:

Biggest banks in Morocco

  • Bank Al Maghrib
  • Attijariwafa Bank
  • Crédit Agricole du Maroc
  • Crédit Populaire du Maroc
  • BMCE Bank

2 Comments

  1. Hello dear,
    I’m a U.S citizen originally Moroccan. I sent money to morocco. But I don’t want these U.S dollar to be exchanged to dirham . I want to keep my U.S dollars with no desire to exchange it to dirham. do you think is possible?.
    thank you very much
    sincerely
    Maati Grouni

    • Hello Maati that should be quite possible.
      Some notes:

      a. The recipient party should have a USD account in Morocco.
      b. It should be done via bank and not a currency transfer companies (because they don’t do same-currency transactions).
      c. It may incur recipient fees. Some banks apply a small markup to non-domestic transfers whether they are in foreign currency or not.

      Good luck.

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