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How long does it take to open a bank

Last activity 05 July 2024 by Ozrahman

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Ozrahman

Hello,


I am interested in buying an apartment in marrakech. I will be traveling to marrakech to view some apartment and open a convertible bank account. I have heard I can go into a Attijari branch and open an account. Is this true and what documents do I need to provide?

sgrab

@Ozrahman Yes you’ll need your passport and another ID. You’ll also need your passport for future withdrawals and be sure to set up the mobile app while at the bank. It doesn’t take long - 30min.

There’s a fee if you want a debit card.

Lastly - choose your branch location carefully as there is not typically branch-to-branch access. You will do all your banking at this one location.

Note: I have had no issues transferring funds IN to my Attijariwafa account from abroad, but the exchange fees are 👎

Alwazzani

Caveat Emptor,

Brother i don't know what is your situation, but here are few warnings.

When opening a Convertible bank account  that is a one way conversion from x currency to MAD, and not vis versa, so make sure to send only what you need because you will not be able to withdraw all of it back in the x currency only i think there's a 100000 mad per year.

If sending money to buy a property make sure prior of sending the money to fill a form with the "office des changes" stating that the money will be used to buy an apartment, and document everything, failing to do so you will not be able to exchange back your money and send it overseas, in the case you decided to sell the apartment or simply if you decided to canceled the transaction.

When buying a property no matter what the conditions are, make sure to do the transaction at the  notaire and only at the notaire office.

There are other things to consider but that depends on your personal situation.

Good luck with your endeavour.

And happy stay in Marrakech.

Cheers.

Ozrahman

@sgrab this is good to know, it takes 30 minutes. Do I need to book an appointment with the branch manager or can I walk in and open an account? How long does it take to receive the debit card if I need one. How much are the fees for exchange?

Also do you have knowledge on what document is required to obtain a mortgage?

Ozrahman

@Alwazzani I have spoken to a few notary and they say I can send the money directly into their government account to pay for a deposit for a house. Do I need to still fill in a form from the office des changes?


I want to also apply for real estate loan to pay for majority of the apartment. Do you know what documents are required?

sgrab

@Ozrahman You can try walking in to see if the manager is available but I’m sure an appointment works too!


My debit card took 5 days and had to pick it up at the bank.


Unless you are Moroccan you cannot get a mortgage in Morocco. The documents needed are the same as in any country - proof of employment, tax returns etc..they’ll give you a list.

Ozrahman

@sgrab perfect thank you for the infomation. All major banks offer a real estate loan to foreigners in Morocco. I have many experts that have purchased an apartment using a loan. I wish I kept in contact with him them. 😕

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