Banking & Finance
Banking Overview in Morocco
| Feature | Details |
|---|---|
| Currency | Moroccan dirham (MAD) د.م. |
| Bank Account for Foreigners | May be possible — confirm with the bank |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Morocco
Foreign nationals may be able to open a bank account in Morocco, but we have not independently verified this — confirm the current rules directly with the bank, in writing, before you rely on it. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Banks in Morocco — remote & non-resident opening
Named banks operating in Morocco, and what our automated research found about non-resident remote account opening (no branch visit required). This has not been verified by a human reviewer — use it as a starting point and confirm directly with the bank.
| Bank | Remote opening | Confidence | Details |
|---|---|---|---|
| Attijariwafa Bank | May require an in-person visit — confirm with the bank directly | High | 100pct online opening is MRE only (Moroccans abroad); foreign non-residents need passport plus branch visit. |
| Bank of Africa | May require an in-person visit — confirm with the bank directly | High | Online opening requires Morocco residency; remote video flow and MRE accounts target nationals not foreigners. |
| Banque Centrale Populaire (Groupe BCP) | May require an in-person visit — confirm with the bank directly | High | Online opening offered only to Moroccans residing abroad (MRE), not foreign non-residents. |
| CIH Bank | May require an in-person visit — confirm with the bank directly | High | CODE 212 fully online opening is for Moroccans abroad; foreigner non-residents need consulate-legalized docs. |
| Saham Bank | May require an in-person visit — confirm with the bank directly | High | Few Moroccan banks open accounts purely online; foreigners visit branch with ID and proof of address. |
Last checked 2026-06-22 · Source: official bank websites, gathered via automated research that has not been reviewed by our founder — treat every row as a lead, not a verified fact, and confirm directly with the bank before you rely on it. Research confidence: High = clear supporting evidence found · Medium = partial or indirect evidence · Low = weak or conflicting evidence · Unrated = no confidence assessment recorded (unreviewed automated research).
Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Morocco. While you may be able to send money to Morocco, full local account features may not be available. Check their website for the latest on Morocco-specific services.
N26
We have no record of N26 operating in Morocco — check N26's own country list, as their coverage changes. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Morocco, consider these factors:
- Exchange rate: The currency is MAD. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Morocco is approximately €511 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Understand tax reporting: Bank interest may be taxable. Ask your bank about withholding tax and whether they report to foreign tax authorities.
- Learn key banking terms: A few words in the local language go a long way at the bank counter and when reading statements.
- Get a local phone number first: Most banks require a local mobile number for SMS verification. Set this up before visiting the branch.
- Ask about expat-friendly packages: Some banks offer special accounts for foreign residents with English-language support and lower fees.
- Use a multi-currency card: A multi-currency travel card (Wise, Revolut) saves you exchange fees during the transition period.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
Additional Data Points
Recent reports and expat sources provide these additional figures for Morocco:
- Transferring funds from your account back home can be quite a hassle, and the most recommended way of doing is to bring your money in cash with you (up to 10,000 USD per person)
- When withdrawing money from your card, make sure to do it at ATMs in one of your bank's branches. A 6 % fee applies when withdrawing from a different bank's ATM.
- Important:
Additional data sourced from expat community reports. All information should be verified with official sources.
Frequently Asked Questions
How long does it take to open a bank account in Morocco?
Opening a bank account in Morocco typically takes 1-3 weeks depending on documentation readiness and the bank chosen. Digital banks may be faster.
Does Wise (TransferWise) work in Morocco?
Wise has limited functionality in Morocco. You may need to rely on traditional banks for transfers.
Do I need a residence permit to open a bank account in Morocco?
Many banks in Morocco require a residence permit or proof of address before opening an account. Requirements vary between banks, so shop around.
Can I open a bank account in Morocco as a foreigner?
Yes, foreigners can open bank accounts in Morocco. The difficulty level is rated as medium. You will typically need your passport, proof of address (registration), and sometimes a residence permit.
How do international money transfers work from Morocco?
You can transfer money from Morocco via SWIFT bank transfers (2-5 days, higher fees) or digital services . Compare rates between your bank and specialist transfer services to save on fees.
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About the author
António Mira is the founder of whereTOemigrate. For over a decade he has worked at the intersection of Portuguese real estate and overseas business, helping international clients navigate the cross-border decisions that come with relocating. He sits on the board of CCIAP (Portuguese-Arab Chamber of Commerce), the Portuguese-Saudi Business Council, and the Portugal-Hong Kong Business Association — always with one focus: enabling overseas business and human mobility into and out of Portugal.
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