Banking in Morocco
As we sat in the accountant’s office finishing up our paperwork, we were asked if we needed a recommendation for a business bank (We did). “You can use the same bank we use,” offered the staff person. “We will make the call for you to set up an appointment.” Within the next few days, we found ourselves in the office of a bank manager, explaining our business. The female manager was very pleased to help set up our account. “Do you also need to set up a personal account?” (We did). “I will call the branch down the street to set up an appointment for you.” Within the next few days, we found ourselves two blocks away in a different manager’s office, explaining our lives in Morocco. Shortly after we were the proud owners of both business and personal bank accounts. While the process was relatively simple, the following are some frequently asked questions you may have regarding banking in Morocco.
Can a foreigner open a bank account in Morocco?
If you are planning to live in Morocco, then chances are you will need to open a bank account or two. The good news is that foreigners can open an account in Morocco. In fact, for foreigners seeking residency in Morocco, providing proof of funds in Morocco is a requirement.
What do I need to open a bank account in Morocco?
At the very least you will need your passport to open a personal account. You will also likely need the rental contract of your place in Morocco. To open a business account, you will need to present a number of documents related to the business (opening a bank account is one of the final steps to officially starting your business).
Be prepared to fill out a W-8BEN-E for your business if you are American. For personal banking, you will be required to declare your funds to the IRS. It has been awhile since I filled out forms, so the details are a bit foggy; these forms are part of FATCA (Foreign Account Tax Compliance Act). An interesting cultural tidbit is that is not common for Moroccan spouses to share a bank account (in some cases it’s still rare for individuals to even have a bank account). Therefore, if you would like both spouses named on the account, be clear that that is your intention. We mentioned that while trying to open the personal account, but that detail was missed. As a result we had to fill out another form to make a change to the account.
What international banks are available in Morocco?
While it’s easy to find various banks in Morocco, it is difficult to find international banks. I am aware of one Citibank in Casablanca. While there are limited International banks, there are a number of local banks to choose from: Attijariwafa, BMCE, Banque Populaire, Oumnia, Al Barid, CIH, Credit Agricole, and Societe General. We use Attijariwafa as it was recommended by our accountant, and it seems to be a very large bank with a number of branches. Within walking distance of our center in Fes, there are at least 3 separate locations. Banks in Morocco tend to operate with more autonomy than in the United States, even among the same company. As a result, you can enter any branch of the bank where you have an account and perform some operations; however, you will be limited in what you are allowed to do.
What types of bank accounts are available to open in Morocco?
As a foreigner without a residency card, you will only be able to open a convertible currency account. Later, once you have established residency, you will have the opportunity to open a Dirham account. With a convertible account, you can deposit foreign currency from a foreign account and it will be automatically exchanged into dirhams. I have heard that you can send the money back to this foreign account without issue (although I have never tried). However, the disadvantage is that you cannot make deposits in dirhams to this account from within Morocco, nor can people send you money from their Moroccan bank account. In comparison, with a dirham account, you can receive foreign money, as well as send money between bank accounts in Morocco.
What costs are associated with operating a bank account in Morocco?
If you are like me, you are accustomed to paying nothing to operate your bank account; rather than paying fees to the bank, you might actually receive interest (although minima these days) from the bank. However, in Morocco be prepared to pay fees for owning and operating the account. I would consider these fees more annoying than exorbitant, but they do exist. Some banks may offer you a subscription service to cut down on fees or to give you access to more features in online banking. Make sure you ask questions about the benefits before registering, and after you have operated your business for a time make an appointment with the bank manager to verify that the subscription service is worth the price.
What do I need to know to own and operate a bank account in Morocco?
Like us, you may end up opening accounts at different branches of the same bank. It was helpful to us that we had local Moroccans making contacts for us; likely we could have walked into a bank and asked to open an account. But by having locals make the initial calls for us, we became real people rather than random strangers. Culturally it helps to know people, and for those people to use their relational capital to assist.
One of the convenient features of banking in Morocco is the online platform, either through the website or app. Through the Attijariwafa app, it is easy to pay monthly bills for internet, phone and utilities. Also, if you know someone’s IBAN, it is possible to send money directly to anyone in the country who has an account (for a fee); if your landlord or lady has a bank account, then you can send them money directly.
Never in my life had I sent an international wire transfer until I had arrived in Morocco. I have become more accustomed to wiring money either directly from my foreign bank account or through transfer programs (Wise is a good one). Paypal is not available for your Moroccan business, but it is useful when people back home need to send you money; just transfer it to your foreign bank account and then withdraw it from a local ATM.
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