Money transfer to Morocco from GBP

Post new topic

sanar1 New member

Member since 18 May 2018

sanar1New member02 May 2022 12:21:06

Hello friends. I'm intending to buy an apartment. Price in excess of 1000000mad. Does anyone know; What would be the cheapest way to transfer this amount from London in GBP ? Thanks in advance!

Vakil Morocco Expert

Member since 10 May 2021

VakilMorocco Expert02 May 2022 12:37:22

426

@sanar1 congratulations on your purchase in advance.

I’m a British expat and asset management for expats in Maroc.

If you have a convertible Dh account in Morocco then you can just send GBP currency directly to that account via your accounts.

A lot of my clients usally send the funds from my U.K. asset management firm direct to maroc as we tend to get a better rate.

Happy to give you advise on the best options for you. Feel free to private message.

Said Idouarab Contributor

Member since 13 August 2021

Said IdouarabContributor02 May 2022 13:57:39

104

@sanar1

Try this they usually have an excellent exchange rate. Place in the sun currency.

aplaceinthesuncurrency.com/

sanar1 New member

Member since 18 May 2018

sanar1New member02 May 2022 16:12:53

@Said Idouarab thanks very much. I'm not sure they change to Moroccan though, but will check

Amir.k.maqbool New member

Member since 11 October 2021

Amir.k.maqboolNew member02 May 2022 17:15:25

@sanar1 I would recommend opening a bank account with bank poplar in Morocco, then transferring it through your bank to that account. So your money is safe when you arrive, or if you trust somebody out there transfer it to them. Using international money transfer services will charge you a lot, it always safest to do it with the bank.

Said Idouarab Contributor

Member since 13 August 2021

Said IdouarabContributor02 May 2022 17:27:24

104

@sanar1

This one offers great rate of exchange on large amounts.

ofx.com/en-gb/s/international-money-transfer/?cid=2326&dh=Transfer%20money%20internationally&ds_rl=1291856&ds_rl=1291856&gclid=CjwKCAjwgr6TBhAGEiwA3aVuIaVCHlafFVweeCToupvQu2q5-Tnicvenj4n28xscK6mUMnV_fDX2dhoCVagQAvD_BwE&gclsrc=aw.ds

GuestPoster14008 Guest

GuestPoster14008Guest02 May 2022 18:14:23

214245

Hi,

I have used Moneycorp to transfer money for a property from London to my convertible bank account which is BMCE.

I am currently using them again to transfer funds. Unlike your U.K bank they don't charge a fee and will notify you when the exchange rate is favourable. I trust this company and would recommend. You can open an account online and then someone will call you and you're assigned an agent to deal with your requests. Quite a few money transfer companies don't deal with MAD. They call it an ""exotic currency whatever that means.

I hope this helps and good luck

sanar1 New member

Member since 18 May 2018

sanar1New member03 May 2022 06:42:02

@Said Idouarab, @Kingshams2, @Amir.k.maqbool and others thanks very much! I will look into these!

Elena1966 Member

Member since 03 April 2019

Elena1966Member06 June 2022 14:31:22

@Vakil Hi Vakil just saw this, I want to ask can I open an account in morocco if I don't reside there ?

Vakil Morocco Expert

Member since 10 May 2021

VakilMorocco Expert06 June 2022 16:12:00

#10

426

@Elena1966

Hi yes you can open a convertible Dh account only which you can only deposit foreign currency after which the bank converts to Dh. So you can’t deposit Dh

Once you have residency then you can also open a Dh account at that point that can accept local Dh also.

Hope this helps.

Feel free to private message should you wish.

Regards

Arif Esa

SeaDragon345 Member

Member since 01 February 2019

SeaDragon345Member01 July 2022 10:28:57

#11

I used BMCE bank to open a DH convertible account - they have a branch in London so I opened it while still in the UK. I used the company SmartCurrencyExchange to transfer money as they get a better rate than a normal bank. It's all done very quickly.

sanar1 New member

Member since 18 May 2018

sanar1New member01 July 2022 16:29:27

#12

@SeaDragon345 thanks for this - will check it out!

Articles to help you in your expat project in Morocco

Opening a bank account in Morocco
Opening a bank account in Morocco is relatively easy. The language barrier could be an obstacle if you do not ...
Banking in Morocco
Opening a bank account in Morocco is not a difficult task, and often the only hurdle is a language barrier if ...
Choosing your neighbourhood in Marrakech
Marrakech comprises five leading neighborhoods, namely Medina, Mellah, Gueliz, Hivernage and Chrifia. Each of them ...
Casablanca neighbourhoods
Stretching over 220 km², Casablanca is more than twice the size of Paris. Like all historical cities and ...
Getting married in Morocco
If you want to get married in Morocco, there are different steps and a variety of procedures to follow. These can ...
Making phone calls in Morocco
During your stay in Morocco, you will certainly wish to keep in touch with friends and family. To do so, you can ...
Getting around Marrakech
In Marrakech, there are many means of traveling inside the city and outside, whether for work or leisure. Each of ...
Driving in Morocco
You can drive with an international driver's license in Morocco for a period of one year as from your date of ...