International money transfers don’t have to be expensive. Here’s how you can send money to Morocco.
While many Americans most commonly associate Morocco with the classic movie Casablanca, the links between the US and Morocco are much stronger. According to the 2012 American Community Survey there are more than 90,000 Moroccan Americans in the United States.
So if you ever need to send money to Morocco there are plenty of companies that can help – the trick is finding one that offers safe, secure and affordable transfers.
Banks versus money transfer companies
If you think that using your bank is the best approach when you need to send money to Morocco, think again. While banks can easily send an international wire transfer for you, the exchange rates they offer are far inferior to those you can fund elsewhere. They will also often charge high fees with each transfer, so you can do a whole lot better by shopping around.
Recent years have seen the emergence of an increasing number of specialist money transfer companies. Rather than spreading themselves across a large and diverse range of products and services, these companies concentrate only on moving money across international borders. As a consequence they can offer better exchange rates and lower fees than banks, which means big savings for you.
Sam is spending two years in the United States for work, having been given the posting of a lifetime in New York City. But Sam has left behind a wife and child in Morocco, so he wants to send them $1,000 transfers regularly to help them meet their ongoing expenses. Having discovered that there are far cheaper options available than sending a transfer via his bank, Sam compares two money transfer providers to see which one offers the most affordable service.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 USD = 9.48 MAD||1 USD = 9.52|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||Same or next working day||1 business day|
|Amount received (in MAD)||9,480 MAD||9,520 MAD|
As you can see, the second money transfer company provides a lower transaction fee and allows Sam to send an extra 40 MAD from the same investment of US Dollars.
How to compare transfer companies when transferring money to Morocco
- Exchange rates. Does one particular company consistently offer better exchange rates than the competition? What sort of fees are those rates offered with?
- Fees. How much will it cost you to send an international money transfer? Is there a fee-free transfer threshold offered?
- Transfer methods. How can you place a transfer: can you do it online, over the phone or from a mobile app? Do you need to visit a branch in person?
- Transfer options. Can you place a limit order to be executed when certain market conditions are met? Can you take advantage of current favourable market conditions to lock in an exchange rate for a future transaction?
- Turnaround time. How long will it take the funds you send to arrive to your recipient?
- Minimum transfer amount. Is there a minimum transfer limit and if so, will you be able to exceed it whenever you need to send funds?
- Pickup methods. Can the cash be collected from an agent location or will it be deposited into your beneficiary’s bank account?
- Customer service. Is customer support offered online, over the phone and via email? Is it available 24/7 or only during certain hours.
How to send money to Morocco from America
- Bank transfers. Bank-to-bank transfers can be expensive but they are a safe and secure transfer option.
- Online money transfer providers. There are plenty of online money transfer providers who offer fast and affordable transactions. Just make sure to choose a reliable company.
- Money transfer companies with cash pickup options. MoneyGram, Western Union and Ria all offer this option.
- PayPal. Did you know you can send international money transfers using PayPal?
- Checks. International checks are a slow but reliable transfer method.
Emergency cash transfers in Morocco
If you need to send your funds ASAP, some companies will allow you to make your funds available for collection in Morocco within minutes. Just be warned, however, that fast transactions usually come at a price, so you can expect substantially higher fees and sometimes worse exchange rates as well. That’s why it’s vital that you always take care to double- and triple-check all the details of your transaction to make sure you know exactly how much your transfer is going to hurt your hip pocket.Back to top
Cash pickup locations in Morocco / Western Union / MoneyGram / Ria branches in Morocco
MoneyGram, Western Union and Ria all allow you to send funds from the US to Morocco that can then be made available for collection from branch locations throughout the country. Of course, your recipient will need to know the details of the transaction and provide photo ID to access the cash, while they may also need to check the availability of funds at any given location if you’re sending a large amount.
Angle Rue Med El Bekka
lEt Av Zerktouni Marrakech
Open 8am to 3:30pm Monday to Friday
Fes, Fes Sais
Agence 21 Fes Atlas
Rue Al Hoceima Imm 90 Appt N 6 Atlas
Open 8am to 7pm Monday to Friday
Place Jemaa El Fana
Open 7am to 8pm Monday to Friday
Banque Centrale Populaire
79 Rue Bab Agnaou
Open 7am to 7pm Monday to Friday
Banque Centrale Populaire
Avenue Allal El Fassi Borj
Open 7am to 7pm seven days
Prog El Farah
Hay Al Adarissa Route Ain Chkeff
Open 8:15am to 3:45pm Monday to Friday, Saturday 9:15am to 12:45pm
Banque Centrale Populaire, Agence El Harti
104, Avenue Mly El Hassan 1Er Marrakech Menara
Open 8:15am to 4:15pm Monday to Friday
BMCE – Dirham Express (BMCE)
Open 8am to 4pm Monday to Wednesday and Friday
Banque Centrale Populaire, Agence Aerodrome
Route De Sefrou, Lotissement Essalam
Banque Centrale Populaire, Agence Atlas
Rue Al Hoceima
Open 8:15am to 4:15pm Monday to FridayBack to top
Tips for picking up cash in Morocco
If you’re picking up cash from a transfer agent in Morocco, follow a few simple safety precautions to prevent yourself becoming a target for thieves:
- Avoid any high-crime areas and be aware of your personal safety at all times
- Secure your wallet and/or bag at all times
- Don’t advertise the fact that you have a just picked up a big wad of cash to anyone
- Consider asking a friend to accompany you when you pick the cash up
- Deposit large amounts into your bank account – don’t carry them around the streets
More travel safety advice can be found on a host of travel blogs and forums across the web.Back to top
How to send money to Morocco
When you send money to Morocco you’ll need to provide specific details and documents to your money transfer company. Although the exact requirements can differ between providers you will usually be required to provide:
- Your name
- Your phone number and email address
- Your residential address
- Your date of birth
- Valid photo ID, for example your driver’s license
You can then provide details of your recipient and the exact transaction you wish to perform, and once you’ve lodged a transfer you’ll be given a reference number which you can use to monitor the progress of your funds.