Send Money To Morocco
The Kingdom of Morocco has Mediterranean and Atlantic coastlines, a beautiful mountain interior and a very unique history of independence. It is a predominantly Muslim country. It was a French protectorate between 1912 and 1956.Sultan Mohammed who became king in 1956 was succeeded by his son, Hassan II in 1961. Hassan would rule for 38 years and play an important role in the search for Middle East peace.
Morocco is one of the most attractive destinations in Africa. It has a population of 33 million and the official language is Arabic. The capital city is Rabat although Casablanca is the largest city. Morocco is a monarchy by constitution and has an elected parliament. The King has vast legislative powers and has executive power over foreign policy, religious matters and the military.
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The official currency of Morocco is the dirham. Its ISO code is “MAD” a single dirham is subdivided into 100 santimat. The Bank Al-Maghrib (Morocco’s central bank) is responsible for issuing Dirhams. In 1960, the dirham replaced the Moroccan franc as Morocco’s unit of currency.
One Moroccan dirham is the equivalent of approximately 0.080 British pounds and 0.099 US dollars. The points of currency exchange are mainly commercial banks and exchange bureaus. Although you might see some prices in malls indicated in euros, the dirham is the widely accepted currency. The euro quotations are meant to guide foreigners on prices.
If you are travelling to Morocco, don’t think that giving pounds coins as tips is a great idea. Most exchange bureaus don’t accept coins and local end up stuck with them.
Send Money with Bank Deposit
When transacted through banks, Moroccan money transfers will take between one and two days to go through. In addition to transfer charges, banks also make a lot of money by manipulating exchange rates of transactions. At the same time, the receiving bank may also charge a small processing fee.
The following information is required when using this method:
1) Personal details: Name and address of the sender
2) Bank code: This is usually a 3-digit number
3)Account number: This is a 14-digit number(
4) Branch code: This is usually a 5-digit number
5) RIB key: This is a 2-digit numberIn some cases, the sending bank may require you to open an account before they transfer the funds. Once a transfer is complete, the sender is issued with a receipt as proof of the transaction.
The minimum transfer amounts differ from bank to bank. While some banks don’t have a minimum limit, some may require a specific minimum amount.
Send Money Through Cash Pickup
Anyone who wants to send or receive money on Morocco can use cash pickup. Travellers and businesspeople find it a very convenient method of sending and receiving cash remittances. It is also popular for people with relatives abroad because of the short time a transaction takes to complete.
With cash pickups, there are no membership, credit card or debit card requirements. The only requirement for customers is a form of identification. Where the amount involved is substantial, the agent may ask the sender for further details as stipulated by governing laws.
In Morocco the main cash pickup institutions have branches scattered across the country. This means that virtually everyone can access this service. The short time it takes for the recipient to receive the money means that most businesses can reap the benefits of conducting business with overseas customers almost immediately since payments will be quick through cash pickup.
In cash pickups the payments are mostly paid in cash. Only in exceptional circumstances are other modes of payment considered. The recipient receives the funds in the local currency.
Money Transfer Regulations
Moroccan banks and other financial intermediaries operating in morocco have to abide by several rules and regulations put in place by the government. These rules are aimed at ensuring proper practices and protecting the Moroccan economy.
Recent times have seen the progressive liberalisation of fund transfer rules. So comprehensive is the liberalisation that the dirham can be converted freely according to IMF definition. The value of the local currency is tied to a clutch of hard currencies whose weighting is according to the country’s foreign trade.
The authority of foreign exchange transactions has largely been delegated to the banks. They carry out transactions as long as there is appropriate documentation to justify each transaction. An example of documentation is an invoice charged on imports.
All capital transactions must have authorisation from Morocco’s Foreign Exchange Office. It is usual for capital transactions to be granted for a business-related transaction. Under the country’s investment code, there is a government guarantee, which applies to foreign investors, for repatriation of both profits and invested capital as long as the initial investment was fully declared, filed and registered.
Banks are required to report any suspicious transactions immediately to the authorities. They are also required to demand full disclosure from any individual or business looking to conduct any business with them.