Euro falls vs dirham: what it means for your transfers this late summer

The euro's reference rate stands at 10,7727 dirhams on 28 August 2026, according to data published by Bank Al-Maghrib. The day before, on 27 August, it was 10,7763 dirhams. The euro has fallen by a few centimes against the dirham over the week.

Over the summer as a whole, the trend is for the euro to fall against the dirham. At the start of August, the euro's reference rate was 10,745 dirhams on 6 August, then 10,727 dirhams on 12 August, according to Bank Al-Maghrib's weekly indicators. The dollar followed the same movement, moving from 9,310 to 9,295 dirhams over the same period.

For an MRE sending money to Morocco, the exchange rate forms part of the real cost of a transfer, just like the displayed fees. When the euro falls against the dirham, the amount received in Morocco is lower for the same amount sent from Europe.

To compare two transfer options, the right approach is to look at the number of dirhams that actually arrive in the Moroccan account, not just the advertised fees. A transfer with no displayed fees but an unfavourable rate can cost more than a transfer with fees but a good rate.

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