Morocco Revamps Foreign Exchange Rules for Expats, Centralizing Bank Transfers

The new system put in place by the Office brings new liberalization and flexibility measures, both in terms of current operations and in terms of capital operations.

In a letter addressed to the banking network, its director, Hassan Boulaknadel, has indicated that from now on the only entry point for a foreign resident wishing to make fund transfers is his bank. It is no longer possible to contact transfer companies to send money abroad.

As for the travel allowance, it is no longer granted directly to residents. Its use will henceforth be limited to specific cases.

"Companies without a foreign currency or convertible dirham account, microfinance associations, recognized public utility associations, cooperatives and professional federations, as well as self-employed persons benefiting from the business travel allowance, are required to open a foreign currency or convertible dirham account "business travel allowance" with a bank of their choice to receive said allowance," the Office document states.

The new provisions also specify that if the foreign resident has income, he opens an account in his bank in convertible dirhams or foreign currencies. This account allows him to travel and make payments abroad. Otherwise, he can obtain a travel allowance of up to 100,000 dirhams per year from his bank, after signing an affidavit.