Moroccans abroad: exchange rates and transferring funds for a purchase

For a Moroccan abroad, the cost of a purchase depends not only on the price in dirhams but also on the exchange rate and transfer fees. On several hundred thousand dirhams, an exchange gap or poorly negotiated fees quickly add up. Understanding how the dirham works and organising your transfers lets you control this cost.

How the dirham moves

The dirham is pegged to a basket of currencies made up of the euro and the dollar, and fluctuates within a band set by Bank Al-Maghrib around this basket. Its movements against the euro are therefore limited compared with floating currencies, but they exist, especially against the dollar or currencies outside the basket (pound sterling, Canadian dollar). Bank Al-Maghrib publishes reference rates daily.

Transfer options

Reducing the cost

Compare the rate applied and the fees of several banks or transfer services, on the same amount. A slightly less favourable rate costs more than high fixed fees on a large transfer. For an off-plan purchase paid in stages, you can transfer as the calls for funds come in. For a cash purchase, splitting the transfer over a few weeks smooths the exchange risk.

Essential supporting documents

Transfer from an account in your name to a convertible dirham account or directly to the notary’s account. Keep the transfer confirmations: they prove the origin of the funds, required by the notary and the lender, and give the right to repatriate the resale proceeds under exchange regulations.

A worked example

Amal, in the United Kingdom, needs to transfer the equivalent of 400,000 MAD. She compares three offers on this amount: the gap between the best and the worst exceeds several thousand dirhams. She transfers in three instalments over a month to her convertible dirham account, and keeps each transfer confirmation for the notary.

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The steps

1. Open a suitable account (convertible dirhams).
2. Compare rates and fees on your amount.
3. Plan transfers according to the deadlines.
4. Keep every transfer confirmation.
5. Send the supporting documents to the notary.

Your checklist

• Convertible dirham account.
• Three offers compared.
• Transfer timetable.
• Transfer confirmations filed.
• Notary informed of the origin of funds.

Mistakes to avoid

• Looking only at fixed fees.
• Transferring everything at the last minute.
• Losing proof of transfers.

Practical tip

Before any decision, write the figures of your project on a single page: price, costs, deposit, the instalment you can afford and how long you plan to keep the property. This simple summary makes it easier to compare offers and saves time with the lender or the notary. Always ask for the conditions in writing, compare at least two offers and keep every document and every transfer. If you have doubts about any point, ask before signing, not after: an ABRAJ advisor can help you gather the documents and see the full picture before you commit.

Further reading

To go further, read fund transfers for Moroccans abroad and the convertible dirham account, then repatriating the price. See also property loans for Moroccans abroad and opening an account in Morocco, as well as the buying guide for Moroccans abroad. For a specific project, describe it to an advisor.