How to transfer local income earned in morocco to abroad

satadru

Member

Member since 30 November 2016

satadru

30 November 2016 11:23:12

satadru

30 November 2016 11:23:12

Hi,

I am considering a job opportunity in Casablanca, Morocco, however I have heard that it is not permitted to transfer more than 50% of income into a convertible account from where we can freely transfer money abroad. Is this true? I could not find much information on this in the internet. Would really appreciate if anyone could brief me on the regulations governing international fund transfer in Morocco

Thanks!

shahrukh khan

Active member

Member since 17 April 2011

el jadida

shahrukh khan

01 December 2016 09:51:15

shahrukh khan

01 December 2016 09:51:15

el jadida

When I was in Morocco, the rule was that it was not allowed to transfer more than 20000 dirhams in a year outside Morocco. I am not sure how much of that is changed but surely there is a restriction to money transfer. Since the amount was less, we used to get it converted to dollars and take the cash with us when traveling to home country. Also there are several western union branches from where you can transfer abroad.

hla032

Contributor

Member since 12 March 2015

Tangier

hla032

04 December 2016 23:30:17

136

hla032

04 December 2016 23:30:17

136

Tangier

Hello,

Normally, convrrtible accounts only allow to receive foreign currencies and operate in MAD. Exchange regulation in Morocco forbids transfers abroad except in cases where the money needs to cover studies costs or treatments related costs or judtified commercial transactions.However, it allows foreign investors who are not resident and who can show that they have financed their investment correctly through traceable bank transactions, to repatriate this investment product in a fractioned way 25% every year .

You can do no transfers abroad through Western Union or Moneygram or alike.

Althought, this is not your case, as if I understood well you will be employed in Morocco, so you will be paid by a Moroccan company/structure ? And you will surely apply for residency card allowing you to open an account in moroccan dirhams.
I suggest you treat it with your employer if possible to split the remuneration (part to your home country and part in Morocco, even if this might raise tax issues) otherwise, a solution would be to send it via Ceuta.

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