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Transferring money from the US to Morroco

Last activity 23 October 2018 by GuestPoster2018

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ramko61

I read on this forum that it is better to use exchange companies instead of financial institutions. 
Can someone explain, in their experience, why it is better?  I checked with my bank and brokerage companies, The cost for international wire transfer is between 10-40 USD,  Exchange companies profit from the spread in currency price, the difference in sell VS buy.

I appreciate any feedback from peoples experiences.

Capoppy55

Wow. This was a while ago when you wrote this. But. Yes,  I have. Experience both ways.  Depending on how much you are transferring at a time, it can be a lot less expensive to do it with a company.  I use World Remit personally.  You’ll need to talk to them on the phone first so they can make sure you are legit.
I hope this helps.

Poster89

Actually any transfer below 50,000 USD can be done easily via the internet as long as you know the SWift Code, ABA/Routing Number and Checking Number of both accounts.
My bank in the US is Citibank NYC, and the local Moroccan bank in Attijariwafa.
Note that Attijariwafa Bank fee is a bit steep compared to others, but they give swift service, something that is more valuable than just saving a few Euro in Morocco.
Been banking between the two continents in the last two years and never have a problem.
Hope this will continue as is! Knick on wood.

Cathylesher

I also use Citibank and Banque Populaire. The fee is a flat $35.00

Poster89

Hi Cathy,
Is the 50,000 USD limit per month still enforceable after the current Tax Year start in March 2018?
Thank you in advance.

Capoppy55

50,000 USD per month? Thats an awfully large amount of money.  You cant transfer more than 10,000 USD without answering a LOT of questions and possibly special paperwork.
So, i hope you're referring to MAD?

ramko61

I ended up opening a converter account at bmce. I transfers $75k with a low $50 fee and the exchange rate was excellent. The transfer was a deposit on a real estate. While I was in Morocco, I used my credit card where possible and my ATM card for cash. The credit card, if you charge in dirham, has the best exchange rate

Poster89

Sorry, Yes MAD.

HassanMehdia

I know the original post was awhile ago but this topic is often searched for.  I recently transferred a large amount of dollars for a property purchase. My US credit union has access to Wells Fargo and transferred the funds to Attijariwafa Bank. There was a $25 fee at the credit union and fees on the receiving end.  The exchange rate was in line with the current international rate.
   The US government is notified of amounts over $10k. Since the funds came from one of my credit union accounts it wasn't much of an issue.
  I still use Moneygram for smaller transfers although the exchange rate is lower. Best place to send the transfer is Walmart, it has the lowest fee.
  I use my Visa at the ATM and larger stores.

Poster89

I am from the U.K. and I use moneycorp they are amazing and you pay no fees!

Not sure if you can use from the USA but contact them to ask.

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