How crazy is that? Non-resident banking in Morocco

[sriracha]

As the title says…I suppose banks in Morocco are archaic, expensive and might not even let you do it…or maybe I’m wrong?
The idea is that one can have a still-functioning card when Christine Lagarde decides that you don’t need money to pay for your groceries.

 

[Don]

As the title says…I suppose banks in Morocco are archaic, expensive and might not even let you do it…or maybe I’m wrong?
The idea is that one can have a still-functioning card when Christine Lagarde decides that you don’t need money to pay for your groceries.

Interested to learn more about this as well.
It appears there are exchange controls in place, but generally, there are no restrictions for opening bank accounts for non-residents.

Supposedly, 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. Allegedly, you can send the money back to this foreign account without issue. 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 and send money between bank accounts in Morocco.

 

[sriracha]

Interested to learn more about this as well.
It appears there are exchange controls in place, but generally, there are no restrictions for opening bank accounts for non-residents.

Supposedly, 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. Allegedly, you can send the money back to this foreign account without issue. 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 and send money between bank accounts in Morocco.

How about a bank card that works outside of Morocco?

 

[daniels27]

How about a bank card that works outside of Morocco?

Why without you want that? There are enough places with better opportunities.

 

[sriracha]

Why without you want that? There are enough places with better opportunities.

I need a bank outside of EU

 

[Sols]

Non-resident banking by non-citizens is almost entirely unheard of in Morocco. (EDIT: Posts below indicate that's not the case anymore.)

Morocco signed up for CRS in 2019. Just a matter of time when they start reporting.

If you don't want Mrs. Lagarde to take your hard earned money, move yourself and your money away from EU and other parts of the world she influences.

 

[daniels27]

Non-resident banking by non-citizens is almost entirely unheard of in Morocco.

Unheard? When I was there, the backs offered me those accounts.

I need a bank outside of EU

If you want it good
US, Canada, UK, Switzerland, Australia, New Zealand

If you want it outside Western world
Hong Kong, Georgia, Armenia, Kazakhstan

 

[berseker]

forget it, moroccan bank for personal expenses to a Non-resident non-citizen makes no sense the cards will work internationally but they have very low limits, moroccan gov is notorious for limiting outflow of reserve currency usd/eur. at a time there was a possibility to open a usd account for personal accounts but there was a catch you had 25% of the deposit be converted to MAD and rest stays USD but i heard that option was later scraped and switched to something else, not entirely sure. As for corporate banking no idea but i still think there are many hoops to jump and twist and turns to figure out a good system.

 

[Yrybak08]

I can answer any questions you might have about banking in Morocco. Non residents are allowed to open accounts personal and business as long as the business is a Moroccan entity. Only thing is your deposits should be in foreign currency if you want to be able to withdraw overseas. Card limits are similar to most banks in EU or even US. I recommend Attijari Wafa bank which is owned by the royal family’s holding and is VERY stable. Moroccan banks have no record of going broke or out of business and Morocco has no record in its history of an economic disaster where customers lost their money. There’s also BMCI Bank which is owned by BNP Paribas. They won’t however open accounts to US residents or citizens as they don’t want to deal with FATCA. All Moroccan banks do report.

 

[Sols]

Unheard? When I was there, the backs offered me those accounts.

You missed the "almost". You can get a non-resident account almost anywhere in the world if you bring enough money, have ties to the country, or otherwise make an attractive prospect to the bank.

But non-resident banking is so far from the norm in Morocco that "almost unheard of" is an accurate description, in my experience.

EDIT: As per Yrabak08's posts, it seems my experiences are outdated and Morocco is indeed non-resident friendly.

 

[Yrybak08]

You missed the "almost". You can get a non-resident account almost anywhere in the world if you bring enough money, have ties to the country, or otherwise make an attractive prospect to the bank.

But non-resident banking is so far from the norm in Morocco that "almost unheard of" is an accurate description, in my experience.

Almost any Moroccan bank will open an account to non-residents. Even to russian nationals. My wife is russian and we opened an account for her in 30 min without any issues while we were there for a week vacation. Immediate access to online banking connected to a non Moroccan cell phone number for codes etc to be sent my sms. You do need a Moroccan address for your debit card. Once again limits are not small.

 

[Sols]

Almost any Moroccan bank will open an account to non-residents. Even to russian nationals. My wife is russian and we opened an account for her in 30 min without any issues while we were there for a week vacation. Immediate access to online banking connected to a non Moroccan cell phone number for codes etc to be sent my sms. You do need a Moroccan address for your debit card. Once again limits are not small.

That's very interesting. Thanks for sharing! Missed your post before. Sounds like it's time to take a look at Morocco again.

 

[Yrybak08]

Let me know if you need any bank recommendations and specifically branches. One more thing you should know; they have a weird system where your business can only be conducted at the branch you open your account at. You can’t go to any branch unless you request a transfer in writing. Also, some banks have branches in europe with customer service offices located in European countries. Banque populaire and Attijari even have offices in Canada and the US

 

[sebastian]

If you don't want Mrs. Lagarde to take your hard earned money, move yourself and your money away from EU and other parts of the world she influences.

That's going to be hard to find a place for us.

 

[sriracha]

Let me know if you need any bank recommendations and specifically branches. One more thing you should know; they have a weird system where your business can only be conducted at the branch you open your account at. You can’t go to any branch unless you request a transfer in writing. Also, some banks have branches in europe with customer service offices located in European countries. Banque populaire and Attijari even have offices in Canada and the US

Thanks! So the plan would be to travel there for a couple of weeks, pick a bank/branch, open an account and wait for the debit card to be delivered ?

 

[daniels27]

Thanks! So the plan would be to travel there for a couple of weeks, pick a bank/branch, open an account and wait for the debit card to be delivered ?

Yes and use your hotel address. Would recommend a branch in an accessible location as you probably will need to go back there in the future. Better not pick the countryside where you need to drive to hours.

Also keep track of the expiry date of your cards.