The Moroccan Ministry of Finance has made it easier for non-resident foreigners to open bank accounts. As a non-resident foreigner you can legally open a bank account in Morocco. However, you can transfer money from your bank account in your home country, provided you can prove its origin and it’s declared through Moroccan customs.
How to open a Bank Account in Morocco for a non-resident foreigner?
Type of Account
You can open an account in foreign currencies and Moroccan Dirhams that are convertible (which means you can easily exchange them). However, there’s a catch. While the account works like a regular one, you can’t go into debt. This means you can’t spend more money than you have in your account, and overdrafts are not allowed. If you are a non resident foreigner, this article is for you.
First things first, decide what kind of bank account you want to open.
- Resident: Consider opening a Dirham account if you’re living in Morocco.
- Non-resident: As a non-resident foreigner in Morocco, you have two choices to open a bank account. You can go for a foreign currency account or a conversion account. It should be noted that it’s an account that cannot go into debt. In other words, if the bank accumulates fees on this account. However, it can’t provide a credit line or overdraft authorization.
Choose a Bank
There are several accessible banks for you to consider. Some of these include:
- Attijariwafa Bank (AWB)
- Banque Populaire du Maroc (BCP)
- Banque Marocaine du Commerce Extérieur (BMCE)
- Banque Marocaine pour le Commerce et l’Industrie (BCMI, part of BNP Paribas)
A quick tip: Attijariwafa Bank has lots of ATMs everywhere, making it more convenient compared to other banks.
Documentation
Residents in Morocco usually bring their residential certificate along with their national ID or passport when they want to open a bank account.
Now, if you’re a non-resident foreigner looking to open a bank account in Morocco, just go straight to the bank branch. All you need is a copy of your passport from your home country and proof of your address.
Meeting with Bank Representative
Arrange a meeting with the bank representative, bring your important documents, sign the needed contract, and within 10 days, they’ll deliver your card straight to you.
Minimum Deposit
Choose conversion or foreign currency accounts if you want to deposit money in foreign currencies, not dirhams.
If you’re working in Morocco, it’s handy to have a dirham account too. Some checking accounts might not include a checkbook, so ask for a debit card.
Note: There’s a 2,000 Dirham limit for cash transactions when moving in and out of the country.
So, if you’re planning a trip or relocating, bringing some cash with you can be a hassle-free way to get started with your banking.
Considering Currency Options
In many places there, cash is the primary mode of payment. It’s worth buying dirhams in advance to avoid frequent bank fees. You have two options:
- Visit a currency exchange bureau, either in your home country or in Morocco. Choose a less busy location to save on costs, and be cautious of places claiming “no fees,” as they’re often included in the exchange rate.
- Order through your bank for better rates, though it takes longer (about 1 to 10 days). Some banks even offer home delivery.
How much are ATM transaction fees in Morocco?
In Morocco, ATMs are widespread, especially in urban areas, though they might be limited in rural places.
Be aware that some bank ATMs in Morocco may charge a withdrawal fee, and the exact amount can vary based on your card’s origin and the issuing bank.
When using your international card to withdraw from a local bank in Morocco, expect fees of around $3. Opting for your local card within your bank is fee-free, but if you withdraw from another bank, a small charge of $0.30 applies.
Pro tip: The only ATM without fees is the one from Al Barid Bank by Post Maroc.
I wish you a fantastic journey to Morocco! Don’t forget to explore articles on shopping in Morocco, discover the cost of living there, and get some handy guides in learning Darija phrases. If you’re a solo female traveler, be sure to check out this insightful guide. Safe travels!
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