How to send money to Morocco
International money transfers don’t have to be expensive. Here’s how you can send money to Morocco.
What are your options if you want to send money to friends or family in Morocco? Be aware that banks can charge you a lot of money to send money overseas, and transfers may take several days. Compare your money transfer options to find the best way to send money to Morocco without paying high fees or losing out on a bad exchange rate.
How to send money to Morocco
Sending money to Morocco isn’t a difficult or complicated process. Most money transfer companies follow the same steps so you can get dirhams to your recipient as quickly as possible.
- Choose a provider from the comparison table below.
- Click “Go to Site” and create an account with the provider.
- Start a transaction and fill in your recipient’s information.
- Select the amount you want to transfer.
- Pay for your transaction and save your tracking number.
Compare money transfer services to Morocco
Options for sending money to Morocco from New Zealand
- Bank transfers. Bank-to-bank transfers can be expensive, but they are a safe and secure option.
- Online money transfer providers. Online money transfer companies tend to have lower fees and faster delivery times than banks.
- Money transfer companies with cash pick-up options. Western Union is one company that offers cash pick-up for your recipient.
- PayPal. PayPal allows you to send international money transfers almost anywhere in the world.
- Cheques. International cheques are a slow but reliable transfer method.
Sam sends money to Morocco
Sam is spending two years in New Zealand for work. He has 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, he 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 NZD = 6.48 MAD||1 NZD = 6.52 MAD|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||Same or next working day||1 business day|
|Amount received (in MAD)||$6,480 MAD||$6,520 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 amount of New Zealand dollars.
Banks versus money transfer companies
Banks are generally considered a secure, easy way to send money to another country. However, with the increase of money transfer companies, you have more options if you’re looking to send money to Morocco. There aren’t many options yet, but those that are available may offer better exchange rates and lower fees than banks, getting your recipient more money while costing you less.
Foreign exchange rates explainedThe exchange rate between NZD and MAD determines how many dirhams you can send to Morocco per dollar. Because the New Zealand is strong against the Moroccan dirham, you can expect to get quite a few dirhams for every dollar you transfer. This rate fluctuates daily based on a number of factors, including inflation, global economic stability and interest rates.
Emergency cash transfers in Morocco
You may be able to find a transfer company that can send money quickly to Morocco, but be warned: this process is usually much more costly, and you’ll generally be offered a much lower exchange rate than market value. If your recipient can wait a day or two, you’ll both benefit by being able to take advantage of better rates and lower fees.
Tips for picking up cash in Morocco
The Ministry of Foreign Affairs and Trade’s Safe Travel website warns New Zealanders living and travelling in Morocco to exercise caution due to threats of terrorism, civil unrest and high crime rates.
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 up the cash.
- Deposit large amounts into your bank account – don’t carry them around the street.
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