Banking in Morocco
Morocco has a well-developed banking sector, with several banks offering services to foreigners. Understanding the currency controls and transfer limitations is important for expats.
Opening a Bank Account
Required Documents:
- Valid passport
- Carte de séjour (for resident accounts) or passport only (for non-resident accounts)
- Proof of address (utility bill or rental contract)
- Proof of income or employment
- Passport-size photos
Account Types:
- Non-Resident Account (Compte en Dirhams Convertibles): Available to foreigners without carte de séjour; allows repatriation of funds
- Resident Account: Requires carte de séjour; standard Moroccan account with some restrictions on international transfers
Major Banks
| Bank | Notes |
|---|---|
| Attijariwafa Bank | Largest bank; good international services |
| BMCE Bank of Africa | Strong African network; English services |
| Banque Populaire | Extensive branch network |
| CIH Bank | Modern digital services; popular with young expats |
| Société Générale Maroc | French parent company; familiar for European expats |
| Crédit du Maroc | Crédit Agricole subsidiary |
Digital Banking
- Mobile banking apps available from all major banks
- French-language interfaces standard; some English options
- Online bill payments and transfers
- ATMs (GAB) widespread in cities
- Daily withdrawal limits: 2,000-5,000 MAD
International Transfers
Receiving Money:
- SWIFT transfers to Moroccan bank accounts
- Wise (TransferWise) works for sending to Morocco
- Western Union and MoneyGram available
- Non-resident accounts allow easier fund repatriation
Sending Money Abroad:
- Currency controls exist for MAD (partially convertible)
- Residents can transfer limited amounts for personal needs
- Business accounts have higher limits with documentation
- Non-resident accounts have fewer restrictions
Important: Currency Controls
- Morocco has capital controls on the dirham
- Converting large amounts of MAD to foreign currency requires justification
- Non-resident accounts (dirhams convertibles) are less restrictive
- Keep documentation for all large transfers
Currency Notes
- Moroccan dirham (MAD) is semi-pegged to a EUR/USD basket
- Relatively stable compared to many emerging market currencies
- Exchange bureaus (bureau de change) in cities offer competitive rates
- Avoid exchanging at airports (poor rates)
- Hotels typically offer the worst exchange rates
Payment Methods
- Cash is still king, especially in souks and small shops
- Credit/debit cards accepted at larger stores, hotels, restaurants
- Contactless payment growing in cities
- Mobile payment apps (HPS, CashPlus) emerging
- Carry cash for daily transactions outside modern establishments
Pro Tips
- •Open a non-resident account first if you don't have a carte de séjour - easier fund repatriation
- •Use Wise or similar services for international transfers - much cheaper than bank SWIFT
- •Always carry cash - most souks, taxis, and small shops don't accept cards
- •Avoid exchanging money at airports or hotels - use city bureau de change
- •Keep all receipts for large transfers - Morocco has currency controls
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