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Send Money To Morocco

This guide explores the different channels Moroccans can use to send money to their home country, what they need to send the money and how the recipients can access the transfers made. It also looks at the factors to consider when sending money to Morocco.

Updated: 07/02/2022
Read time: 15 minutes
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How To Send Money To Morocco

When it comes to how to transfer money to Morocco, the process is simple and easy. Follow these steps to get started.

Step 1

Find a Trusted Provider

Our comparison table for sending money to internationally looks at your specific transfer needs to and from any country in the world. Use this to find a provider that provides the best all-round service for you.
Step 2

Register with your chosen provider

Most providers will be completely free to sign up to, simply requiring your name, address and contact information. In most cases, you’ll also need to upload a picture of a valid photo ID to verify your identity.
Step 3

Transfer Money

As soon as you're ready, you can start sending money online.

Ways To Send And Receive Money In Morocco

There are multiple ways to easily send and receive money in Morocco but these will largely depend on the provider you decide to use. Below you will find everything you need to know about the best ways to send money to Morocco.

Sending Money To Morocco
Receiving Money In Morocco

Ways to Send Money to Morocco

There are three main ways of sending money to Morocco. You can transfer from your bank account directly to the recipient account, use an online money transfer service provider or transfer in-person at an agent location.

Interbank Transfers

Moroccans abroad use banks such as Attijariwafa Bank, Banque Populaire, and Chaabi International bank to send money home. The advantage with these banks is that they have branches in Morocco making it easier and faster to send money. Over 62% of the immigrants make their transfer through Moroccan banks.

To make an interbank transfer, you need to fill in a form either physically or online, specify the amount you want to send, the beneficiary’s account number including the 24 characters RIB code, and swift code.

Some of the banks like Banque Populaire allows for internet-based transfers and cash transfers to the recipient. One of the disadvantages of interbank transfers is that they offer much lower rates and at times the transfer fees are higher. People without bank accounts may find it difficult if not impossible to send money to Morocco through the banking system.

Online Money Transfers

Depending on the transfer corridor, you’ll find online money transfer providers such as Xendpay, WorldRemit, TransferWise, Paytop, and Xoom. These providers can help you send your transfer faster, simpler, and at lower fees compared to mainstream banks. For instance, WorldRemit can take minutes or a few hours to deliver your transfer. For instance, sending 1000 GBP can cost you just 4.99 GBP.

TransferWise costs you 11.56 GBP to send 1000 GBP to Morocco, but it never charges you any exchange rate margin. All transfers are done at the mid-market rate. Depending on the provider you choose, you can pay for your transfer using a debit or credit card or bank transfer. Payout options include:

  • Direct-to-bank account
  • Cash pickups
  • Mobile top-up

Most online transfer providers have linked up with banks and independent agents to serve as cash pickup points. Xoom has 5973 locations in Morocco thanks to its partnership with Banque Centrale Populaire, Chaabi Cash – Maroc Traitement de Transactions SA, Cash Plus, Canal M (MEA), and Wafa Cash.

For the mobile airtime reload, participating carriers include Orange, Maroc Telecom and Inwi. The airtime recharge is instant and the recipient gets an SMS notification.

To use online money transfer services, you need to open an account. This is an activity that takes minutes or a couple of hours. Thereafter, pay for your transfer and send.

In-Person Cash Transfers

Money transfer operators such as Western Union, Ria, MoneyGram, Xpress Money, Sigue Money Transfers, and Moneyglobe require that you send money through a physical store. Some of them have mobile apps with a store locator functionality. Dahabshiil is one of the popular agent-based money transfer operators Moroccans use to send money home.

While operators like Western Union have extensive sending disbursing network coverage, their exchange rates can be very low. For instance, when you send 500 EUR from Italy to Morocco, Western Union charges an exchange rate margin of 8.876% while WorldRemit charges you only 3.3%

Both Western Union and MoneyGram allow you to begin your transfer online and complete it at your preferred store. This convenience means that you don’t have to pay for the transfer online.

What is Needed to Send Money to Morocco

Irrespective of the country you are transferring money from, there is some information and documentation you’ll need. The information may differ from one provider to another but generally, you need the following:

  • A government-issued photo ID
  • The name of the recipient, their address and phone number
  • The recipient’s bank details if the transfer is to a bank account
  • The transfer payout method

Going forward, you may not need all this information because the system captures and stores it for subsequent transactions.

Depending on your needs, the cost of international transfers can vary and it is always best to compare the cheapest options.

Common Reasons for Sending Money to Morocco

Over 60% of Moroccans living abroad transfer close to a quarter of their earnings home. Another 30% transfer a third of their incomes into the country. So, the question is, what are the common reasons for these inflows?

Investments in Real Estate

Close to 84% of the investments by Moroccans in their country are in real estate.

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In July and August, months that coincide with the holiday season for Moroccans living abroad, there is normally an inflow of gifts including small equipment and motor vehicle spare parts.

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Donations to religious communities

During Eid and other religious festivals, inflows to Morocco increase. Some of the remittances are to religious communities, others to local communities and immigrants in Morocco.

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Business Investments

In areas such as the Rif region, diaspora remittances have spurred business activities including the establishment of small-sized enterprises that support the local community. The businesses range from taxis to small coffee shops and hotels.

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Family Consumption Support

Some of the inflows into Morocco have been directed into household consumptions. There are immigrant families that depend entirely on remittances for survival. For more information, check out our guide to the best way to send money to friends and family.

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Why Send Money with a Money Transfer Service?

Compared to banks and informal money remittance providers, money transfer services come with lots of benefits. Below is a summary of the reason why you should think of using a money transfer service provider for your next transfer.

Lower Transfer Fees

With as low as 0.99 EUR in fees, you can send up to 1000 EUR to your family and friends in Morocco from Europe. Some banks charge up to 35 EUR for the same transfer.

Speed of Transfer

Instead of spending up to 5 days waiting for your transfer, money transfer services can take minutes to get your money across to Morocco.

Easy to Setup

Setting up a money transfer account, verifying your identity and paying for your transfer is a simple and fast process. Depending on the provider, you can take anywhere from minutes to a couple of hours to setup. Banks take much longer to finalise your account.

Higher Exchange Rates

Online transfer providers such as TransferWise charge zero exchange rate margins when converting your sending currency to the Moroccan dirham (MAD). Banks charge exchange rate margins of up to 6% whereas you can have your transfer processed by money transfer service providers at margins of between 0.5-3.5%.

Multi-Currency Support

Some of the inflows to Morocco come from countries as far as Gabon and Bolivia. Online money transfer services play a pivotal role in supporting lots of these currencies. They streamline the money transfer process and make it way cheaper. Some providers support 70+ currencies.

Security and Reliability

Money transfer providers are regulated in the different countries and territories they operate in. For instance, in the UK the Financial Conduct Authority and Her Majesty’s Revenue & Customs oversee operations of money transfer providers. In the US, there is the Financial Crimes Enforcement Network (FinCEN) and in Canada, operations are regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

In addition, money transfer providers have security systems in place. For instance, most providers have two-factor authentication (2FA) and Socket Security Layer (SSL) that safeguard transfers and user information from cybercrime.

Things to Consider When Sending Money to Morocco

When making a money transfer to Morocco, you need to bear in mind the following factors:

  • The Closed Dirham – Dirham is a closed currency and this means you can only buy it once you get to Morocco. Banks are not allowed to exchange dirhams outside the country.
  • Gift Taxes – Morocco tax authorities do not tax inheritance or remittances but they tax gifts at the rate of 20%. Therefore, it is important to properly categorise your transfer to avoid paying unnecessary taxes. You can also consult tax professionals for guidance on this.

Morocco is largely a free economy save for a few restrictions and currency controls. Transferring money into the country is simple, faster and cheaper because of the country’s relationship with the countries of origin. 

Your Questions Answered

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Looking to Send Money Somewhere Else? 

Sending money anywhere else in the world is as easy as sending money to Morocco. If you’re looking to send money to another country, here is the list of the most popular destinations.

Jonathan Merry

Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com