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Opening Moroccan Bank Account

Hi,

Hoping someone can help me please.

I hope to move to Morocco (Asilah) next year. I will need to open a bank account pretty soon after moving. Will it be easy for me to open....I will not be working in Morocco....we are planning an early retirement....but pension will not 'kick in' for a few years yet.

Will it be easy for me to transfer funds from Uk to a Moroccan bank...and what would be the best way to do this cost wise?

Thanks in advance

Hi,

You can open a bank account in Morocco being a tourist (not yet a resident) easily, however this account (named: account in convertible dirhams) can only receive transfers of foreign currency and operates in dirhams.
for the first deposit you have to show to the bank the evidence of having withdrawn this money from your bank abroad and that you have declared it at the moroccan customs.

costs relating to operating a bank account depend on each bank as everywhere. try to avoid BMCI BNP Paribas as their policy regarding foreigners has becomed too handicaping.

Good luck and welcome :)

If you're not a resident you can open an account only with your currency from your home country (bring it with you as you can't buy foreign currency without a Moroccan passport!!), or zero balance.  You cannot make deposits with cash until you have your residency but you can receive wire transfers & electronic deposits.  After you obtain residency you will need to open a new account!!

Bureaucracy is crazy here!!   I have an account with USAA (military) from USA & my money is direct deposited there, then I withdraw it at an ATM here, if you're not with a military bank this can become quite expensive!!

Thanks for your reply....ahhh so I have to bring my own currency in to open an account.....is there anything else I would need....documents etc? I will not be working in Morocco....it would be an early retirement.

Hi there

You have to think about bringing a criminal record with you if you plan to ask for residence card.
And do not forget to declare your money at the moroccan customs.

best regards

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