MRE bank accounts Morocco transfers currency dirhams

Moroccan banks are authorized to open foreign currency accounts in the name of Moroccans residing abroad. To do this, the customer must present a document proving their residence or establishment abroad at the time of account opening. This proof must then be kept by the bank.

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These accounts allow in particular to receive transfers from abroad, cash checks or other payment methods denominated in foreign currencies. MREs can also deposit foreign banknotes there, but this operation remains regulated: the deposit must be made by the account holder and accompanied by a supporting document, such as a currency import declaration issued by customs, or a recent exchange slip.

Accounts funded from abroad, but also from Morocco

Foreign currency accounts can also be credited by transfers from another foreign currency account or a convertible dirham account. They can also receive reimbursements related to investments made from these same accounts, as well as remuneration from sight deposits.

Conversely, these accounts can be debited to make transfers abroad, transfer money to another foreign currency or convertible dirham account, subscribe to foreign currency bonds issued by the Moroccan Treasury, or sell foreign currencies on the foreign exchange market.

The Office of Exchange clarifies, however, an important rule: these accounts must not record a debit position. In other words, the account holder cannot spend more than the available balance. Furthermore, any payment to a Moroccan resident must comply with the provisions of the exchange regulations.

Banks can also issue checkbooks to holders of these accounts bearing the mention "foreign currency accounts," as well as international credit cards. A practical advantage for MREs who wish to keep part of their assets in foreign currency while maintaining international payment capacity.

The convertible dirham account, another option for MREs

Moroccans residing abroad can also open a convertible dirham account. Again, opening is done by presenting a document attesting to their residence or establishment abroad.

This type of account can be funded by the dirham proceeds from the sale of foreign currencies, including banknotes, provided that the required supporting documents are presented when these banknotes are deposited at the counter. It can also receive sums from another foreign account in convertible dirhams, term deposits, or the proceeds from the sale or liquidation of investment and placement operations carried out in foreign currencies.

The convertible dirham account offers a certain flexibility. It can be debited to buy foreign currencies on the foreign exchange market, pay expenses in Morocco, fund another foreign account in convertible dirhams or constitute term deposits.

Another important point for families: these accounts can be debited by Moroccan residents with a power of attorney or who have been duly authorized by the account holder. A useful possibility for MREs who wish to allow a relative in Morocco to manage certain expenses or banking operations.

Account holders can also freely arbitrate, without amount limitation, the available funds in their convertible dirham accounts against foreign banknotes, traveler’s checks or other means of payment in foreign currency. This operation can be done for their benefit or for the benefit of other non-resident persons. However, it must result in an exchange slip, given to the beneficiary in case of customs control.

As with foreign currency accounts, convertible dirham accounts cannot be overdrawn. Banks can also issue specific checkbooks and international credit cards to their account holders.

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For MREs, these systems therefore offer a banking framework allowing them to maintain a financial link with Morocco while maintaining freedom of transfer abroad. They remain, however, subject to specific rules, particularly for cash deposits, customs documentation and operations carried out for the benefit of Moroccan residents.