Hello friends. I'm intending to buy an apartment. Price in excess of 1000000mad. Does anyone know; What would be the cheapest way to transfer this amount from London in GBP ? Thanks in advance!
Money transfer to Morocco from GBP
sanar1
02 May 2022 14:21:06
8
Vakil
02 May 2022 14:37:22
404
@sanar1 congratulations on your purchase in advance.
I'm a British expat and asset management for expats in Maroc.
If you have a convertible Dh account in Morocco then you can just send GBP currency directly to that account via your accounts.
A lot of my clients usally send the funds from my U.K. asset management firm direct to maroc as we tend to get a better rate.
Happy to give you advise on the best options for you. Feel free to private message.
Said Idouarab
02 May 2022 15:57:39
88
@sanar1
aplaceinthesuncurrency.com/
Try this they usually have an excellent exchange rate. Place in the sun currency.
sanar1
02 May 2022 18:12:53
8
@Said Idouarab thanks very much. I'm not sure they change to Moroccan though, but will check
Amir.k.maqbool
02 May 2022 19:15:25
5
@sanar1 I would recommend opening a bank account with bank poplar in Morocco, then transferring it through your bank to that account. So your money is safe when you arrive, or if you trust somebody out there transfer it to them. Using international money transfer services will charge you a lot, it always safest to do it with the bank.
Said Idouarab
02 May 2022 19:27:24
88
@sanar1
This one offers great rate of exchange on large amounts.
ofx.com/en-gb/s/international-money-transfer/?cid=2326&dh=Transfer%20money%20internationally&ds_rl=1291856&ds_rl=1291856&gclid=CjwKCAjwgr6TBhAGEiwA3aVuIaVCHlafFVweeCToupvQu2q5-Tnicvenj4n28xscK6mUMnV_fDX2dhoCVagQAvD_BwE&gclsrc=aw.ds
GuestPoster14008
02 May 2022 20:14:23
0
Hi,
I have used Moneycorp to transfer money for a property from London to my convertible bank account which is BMCE.
I am currently using them again to transfer funds. Unlike your U.K bank they don't charge a fee and will notify you when the exchange rate is favourable. I trust this company and would recommend. You can open an account online and then someone will call you and you're assigned an agent to deal with your requests. Quite a few money transfer companies don't deal with MAD. They call it an ""exotic currency whatever that means.
I hope this helps and good luck
sanar1
03 May 2022 08:42:02
8
@Said Idouarab, @Kingshams2, @Amir.k.maqbool and others thanks very much! I will look into these!
Elena1966
06 June 2022 16:31:22
2
@Vakil Hi Vakil just saw this, I want to ask can I open an account in morocco if I don't reside there ?
Vakil
06 June 2022 18:12:00
404
@Elena1966
Hi yes you can open a convertible Dh account only which you can only deposit foreign currency after which the bank converts to Dh. So you can't deposit Dh
Once you have residency then you can also open a Dh account at that point that can accept local Dh also.
Hope this helps.
Feel free to private message should you wish.
Regards
Arif Esa
SeaDragon345
01 July 2022 12:28:57
21
I used BMCE bank to open a DH convertible account - they have a branch in London so I opened it while still in the UK. I used the company SmartCurrencyExchange to transfer money as they get a better rate than a normal bank. It's all done very quickly.
sanar1
01 July 2022 18:29:27
8
@SeaDragon345 thanks for this - will check it out!
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