Those 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 know 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.
MoneyCorp is one of the few companies able to handle transactions with the Moroccan Dirham currency and that’s why we recommend using it when you need to send money from Morocco.
The Guide’s Topics:
- Best Way to Send Money to Morocco
- Best Company to Transfer Money from Morocco
- Today’s Moroccan Dirham Rates
- Reasons to Move Funds into Morocco
Best Company To Transfer Money To Morocco
* 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. For 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
|Min. Transfer: £ / € 50.|
Transfer: Online or by Phone.
Why Them? 2 Year Forward Contracts. Operating since 1979. £11Bn in Annual Turnover
Supported Countries & Currencies
Currencies Direct provides access to over 40 currencies and taking into consideration the fact that some currencies are used in multiple countries, they are able to accommodate any of the client’s needs.
Today’s Foreign Exchange Rates for MAD
Moroccan Dirham behaviour
The 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 an 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 means 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 2018. 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 the 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%.
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
- Swift 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 confirmation from the company that the transaction is completed and the money have reached your desired destination.
Our Company Recommendation:
- Send Money to Morocco: Companies that can make international money transfers to Morocco.
- Send Money from Morocco: Companies that can server Moroccan Clients.
Biggest banks in Morocco
- Bank Al Maghrib
- Attijariwafa Bank
- Crédit Agricole du Maroc
- Crédit Populaire du Maroc
- BMCE Bank