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How much does it cost to send money to Morocco?
Sending money to Morocco can be more affordable than you might think. However, understanding the fees can be confusing. This confusion arises because money transfer providers make money in different ways. They can charge transfer fees, mark up the exchange rate, or do both simultaneously.
Let's imagine you want to send $1,000 from the United States to Morocco.
After analyzing the 20+ providers in our database, we have found that your best option would be to send money with Wise via bank transfer. They add no markup to the exchange rate, and charge a fee of approximately $21.05.
Mid-market rate versus markup
The mid-market rate is the average between the buying and selling prices of two currencies. It fluctuates over time. The markup is the additional amount charged by the provider above this rate.
At MoneyTransfers.com, we make it easy to compare rates by providing the updated exchange rate markup for each money transfer provider. Additionally, you can review fees, transfer times, and read customer reviews.
Best services to send money to Morocco
When choosing a method to send money to Morocco, you'll want to consider factors like convenience, cost, and transfer times.
Wise focuses on providing a great balance between low fees, the mid-market exchange rate, and fast transfer times to and from Morocco.
Global66 is the cheapest way to send money to Morocco, with zero transfer fees and a small markup on exchanges.
XE offers quick transfers to Morocco, with no fees for transfers above $500.
Use our data to find the best options for you and discover the money transfer providers that offer the exact service you need.
The suggestions below are created by combining data from thousands of real-life searches that were conducted on MoneyTransfers.com by individuals who, like you, wanted to send money internationally to Morocco.
Overall, Wise is the best way to send money to Morocco. They have low, transparent fees and offer the mid market exchange rate.
This isn't just our opinion, this is based on thorough analysis of the benefits, costs, and speed of using Wise for your transfers.
Cost: Wise fees aren't always the lowest, but their mid-market exchange rate is unbeatable. You can also calculate your exact fees before you send any money.
Speed: Wise is usually one of the fastest providers on the market. Transfers to Morocco with Wise are often completed within a week.
Ease of use: Wise is the most user-friendly provider we've reviewed, with an intuitive app and clear navigation.
You can calculate your fees for sending money to Morocco with Wise before you send any money using their online, in-app calculator. You can also open a multi-currency account, in which you can hold up to nine different currencies at once, including Moroccan Dirham.
Watch our video review of Wise
Our analysis shows that XE stands out as the fastest service for sending money to Morocco. With a robust network that spans over 200 countries, XE ensures your money reaches its destination swiftly and securely. This global reach is particularly beneficial for those looking to send money not just to Morocco but to various parts of the world, making XE a one-stop solution for international transfers.
One of the most appealing aspects of using XE is the absence of transfer fees on amounts over $500. This feature is a game-changer for regular senders, as it allows for significant savings over time. Whether you're supporting family, managing property expenses, or conducting business transactions in Morocco, the cost-effectiveness of XE's service is undeniable.
Moreover, XE caters to a wide range of needs with its high transfer limits. This flexibility is crucial for both personal and business users who may need to send large sums of money. The convenience of being able to transfer substantial amounts without hassle, coupled with the peace of mind that comes from using a trusted service, makes XE a top choice for anyone looking to send money to Morocco.
Our analysis shows that Global66 emerges as the most cost-effective service for sending money to Morocco. This provider stands out by offering zero transfer fees, which is a major win for anyone looking to save on international transactions. Instead of charging upfront fees, Global66 applies a small markup on the mid-market rate. This approach ensures that you're getting a fair deal without any hidden costs, making it an attractive option for budget-conscious users.
One of the standout features of Global66 is its fast peer-to-peer (P2P) payments. This means that sending money to friends, family, or business partners in Morocco is not only affordable but also quick. The speed of transactions can be especially valuable for urgent transfers, ensuring that your money reaches its destination without unnecessary delays.
While Global66 is celebrated for its great service to and from South America, its benefits are not limited to that region. Users sending money to Morocco can also enjoy the advantages of this platform, including its user-friendly interface and commitment to keeping costs low. Whether you're supporting family back home, paying for services, or managing business transactions, Global66 provides a reliable and economical solution for your international money transfer needs.
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What is the cheapest way to send money to Morocco?
Money transfer services are the cheapest way to send money to Morocco
Whether you need to send money to your loved ones in Morocco, pay for tuition fees, or send large amounts of money to invest in a property, money transfer services help you avoid bank charges and processes.
The exact cost of sending money to MAD can be influenced by factors like:
The country of origin
The amount you need to send
The payment method you select
The current exchange rates
Our comparison engine helps you find the best deal for your transfer by comparing the exact costs of all the most reliable money transfer services on the market in 2024.
USD to MAD Live Exchange Rate
Sending money to another country requires an understanding of exchange rates. An exchange rate can be compared to a constantly changing price tag that indicates the value of your currency in relation to another country's currency, in this case Morocco's MAD.
A favorable exchange rate means that you will receive more foreign currency for each unit of your own currency, making your transfer more effective.
Use the tool on this page to get the latest exchange rate for your currency to MAD. It's pre-set to USD but, if you're dealing with different currencies such as Euros or Canadian dollars, you can easily adjust the settings and get the values you need. This helps you know exactly how much money will arrive in Morocco when you send it.
Expert Tip: Watch the Exchange Rate
Did you know you can save money by keeping an eye on exchange rates? If you're not in a hurry to send money to Morocco, watching how the rates change can be smart. When the USD to Moroccan Dirham rate is good, your money will get you more in Morocco. This means you can send more money without spending extra!
Sign up for our automated notifications. We'll let you know the best time to send money. With these alerts, you won't miss out on a great rate. It's like having a money-saving expert in your pocket!
How long does it take to send money to Morocco?
Quick and efficient - that's what you need when sending money to Morocco. Money transfer services offer a great solution to those times when speed is of the essence, as their transfer times tend to be much shorter compared to banks.
Take, for instance, an urgent need to transfer $1,000 from the USA to Morocco. Services like XE excel in this regard, offering near-instantaneous transfers. Even other providers like Wise and Global66, while not as fast, ensure your money arrives swiftly.
Bear in mind that speed, like costs, can be influenced by:
The amount you're transferring. Smaller sums often move through the system quicker, while larger amounts may face delays due to necessary security verifications.
The time you start the transfer. To maximize speed when you send the money via bank transfer, initiate the operation before your bank's cut-off time. Miss this, and your transfer gets postponed to the next business day.
How to send and receive money in Morocco
Sending money to Morocco, is easy, especially when you gather the necessary documentation, and meet all legal requirements. To help you avoid unnecessary complications and delays, we have compiled a simple step-by-step process.
Transfer limits in Morocco. There are no legal limits on how much money you can send to Morocco. However, the Foreign Exchange Office (FEO) requires banks to report on each foreign exchange transaction between Morocco and other countries. This information usually includes the beneficiary or originating country, transaction type, currency, and the foreign currency amount and its dirham equivalent.
What do you need to complete an international transfer to Morocco?
When you open an account with a money transfer service, you will be asked to provide your personal information. Before the transfer is executed, you will also need to share the necessary details of your recipient.
Your contact details
You will need to share your contact details with the provider of your choice, so make sure to double check your email and address are correct.
Photo ID
Money transfer services will need you to share a photo ID to confirm your identity. Have it ready and make sure it's valid.
Proof of address (optional)
Some providers may ask you to share a phone bill or a bank statement to prove your address.
Morocco money transfer guides
Financial regulators in Morocco
The Central Bank of Morocco (Bank Al Maghrib) is responsible for the accounting standards of banks and other financial institutions.
Analysis and methodology
At MoneyTransfers.com, we're not just another comparison site; we're your ally in beating the high costs and complexities of international money transfers. Our platform is designed to turn the tables on overpriced banks and providers, ensuring you get the best deal every time.
What sets us apart
Unmatched Transparency: We believe in honesty and clarity. With us, what you see is what you get - no hidden agendas, no preferential treatment for providers.
Comprehensive Provider Network: We go the extra mile to include an extensive range of providers in our comparisons. From industry giants to innovative newcomers, we partner with a diverse array of trusted providers, ensuring you have access to the best options available.
Tailored Solutions: We understand that every customer's needs are unique. That's why we offer personalized recommendations based on your specific requirements, ensuring you find the perfect match to send money to Morocco.
The results displayed on this page are based on data we collected via our comparison engine during the past six months and show you a simple way to get the best fees, fastest transfer times, or most helpful customer support.
