Bank accounts for MREs: watch out for foreign currency deposit rules

Moroccans residing abroad have an often little-known option in Morocco. Banks are authorized to open currency accounts or convertible dirham accounts for them, just as they do for foreign residents or non-residents.

On Bladi.net : Moroccan Customs: What You Need to Know About Importing Currency

These accounts allow you to receive money from abroad in particular. They can be funded by international transfers, by transfers from other currency accounts or convertible dirham accounts, or by cashing payment instruments denominated in foreign currency.

Cash deposits possible, but regulated

MREs can also deposit foreign banknotes into these accounts, but this operation is not entirely unrestricted. The bank may require the original currency import declaration issued by customs authorities upon entry into Morocco. This document must be no more than six months old.

Failing that, a currency exchange slip or other recent supporting document may be requested, particularly when the banknotes deposited come from a withdrawal previously made from the same account. In this case, the document presented must not be more than one month old.

These accounts can also receive interest on sight or term deposits, as well as certain reimbursements related to capital transactions authorized by foreign exchange regulations.

For expenses, their use is quite broad. The account holder can make payments in Morocco or abroad. Cash withdrawals are also permitted, as is the establishment of term deposits.

However, one important limitation exists: these accounts must not operate in overdraft. Their balance therefore cannot become negative, unlike some standard bank accounts.

On Bladi.net : MRE : these currency rules that you (maybe) don’t know

For MREs, the benefit is clear: keeping part of their money in foreign currency or convertible dirhams in Morocco, without having to immediately convert everything into ordinary dirhams. A useful tool, especially for those who regularly transfer money, plan a stay in Morocco or maintain family or property projects there.