Convertible bank accounts :
The Moroccan dirham MAD is a restricted currency, which means that it cannot be obtained outside Morocco or leeave the country. It is imperative, therefor, that the account you open is what is known as a convertible bank account, which will enable you both deposit and repatriate any forign currency you have paid in to the account plus any profits you have made from your property. Convertible bank accounts are given automatically to non-residents, as it is assumed that they will wish to be makinga all payments in foreign currency. All of the banks offer convertible accounts and will keep a record for you of what foreign currency deposits have been made, so that you can repatriate funds without having to go via the Office des Changes, which used to be the case. It is not possible to pay dirham in to your convertible account is if you are self-employed in Morocco being paid in local currency, you will need to open a local currency non-convertible account.
Opening a convertible account is very starightforward. All you need to privide are:
- Passport or residence card
- Specimen of signatures
- Utility bill
- Money-as small or large an amount as you wish
After the first deposit has been made in to the account, yu will be given a chequebook and credit card. The credit card can be used internationally. These can be either collected from your branch in Morocco or if you are with a bank that has a UK representative office, picked up or issued from there. While it is wise to always keep a sum of money in the account to pay off bills and taxes, it is important to keep the account active. If no money is deposited or removed from the account for one year, the bank will automatically close it down and return the remaining balance to you. It will then be much harder to reoopen your bank account through a UK representative office, as they tend only to deal with accounts opened specifically for the purchasing of property and other lage investments.
Money Transfers :
Intra bank transfers
As said above, if you choose to open your bank account through a UK representative office, they will handle money transfers relating to the purchasing of your property or investments for you free of charge at reasonable rates of exchage. All you need to do is send a fax requesting the amount to be transferred and the representative bank will forward it on for you. As wish most administrative tasks, it is prudent just to put in a telephone call ensuring the fax has been received and is being actioned, especially if you are keen for the transfer to be made quickly. While banks will insist that transfers take two days to clear, it is always necessary to allow extra time to allow for the the many unexpected occurrences that can crop up.
Bank to bank transfers. It is possible to send money from your UK bank account to either yours or some else?s account in Morocco. To dothis, you need to have the recipients account number, postal address of the bank the swift code. The maximum you can send tends to be around £5000 and costs start around £15. There are also payments to be made at both ends, so it is important to note who will be responsible for paying these prior to the money leaving the account. While to to most places this service takes 1-5 days,with Morocco it can be a lot longer up-to a couple of weeks, so it is not a recommended route if yo wish for the money to be there fast.
Telegraphic transfers
For a fast, reliable service one of the telegraphic transfer companies such as Western Union or its relatively cheaper compatriot, Money-Gram will be your best bet. Taking in to consideration the rapid sending time and efficiency of these telegraphhic transfer companies, the cost is not incomminutes with price dependent on how much money you are sending. All you need to do is provide the exact name of the person collecting the money just a minor spelling mistake will prevent collection) and sometimes, a password known both to you and the recipient. The recipient will need to show either their identity card or passeport and give the shared password in order to collect the money.
