Currency exchange: Farewell to cash-only, card payments arrive in exchange offices

The new regulations allow authorized exchange offices to accept international bank cards via electronic payment terminals (POS). This measure aims to facilitate the purchase of foreign currencies against dirhams, an operation that was previously carried out mainly by exchanging cash or by check.

The innovation also concerns the restitution of funds to customers. Operators can now provide payment cards loaded with dirhams in exchange for the purchased foreign currencies. This system offers an alternative to the provision of cash, allowing users to have dematerialized means of payment for their expenses in Morocco.

The implementation of these facilities remains strictly regulated. The distribution of these cards requires the prior signing of an agreement between the exchange operator and a bank or a payment institution. This procedure aims to ensure compliance with anti-money laundering and counter-terrorism financing standards, in accordance with the FATF’s international recommendations.