The MDM (Marocains du Monde) account is the bank account specially designed for Moroccans residing abroad. It offers significant tax advantages, allows free repatriation of funds to your country of residence, and constitutes the essential financial link with Morocco.
Understanding the two types of MDM accounts
There are two types of accounts for MRE in Morocco. The convertible dirham account (classic MDM): funded exclusively by foreign currency transferred from abroad. Funds can be freely repatriated to your country of residence at any time, without amount limitation. The non-convertible dirham account: funded by Moroccan income (rent, local salaries, CNSS pensions). These funds cannot be repatriated abroad. Having both accounts in parallel is common and recommended to properly separate your flows.
💡 Tip — Explicitly ask your Moroccan bank to open a 'convertible dirham account funded in foreign currency' — some advisers open an ordinary account by default which does not benefit from MDM advantages.
Opening the MDM account from abroad
Opening can be done remotely or during a stay in Morocco. Required documents: valid Moroccan passport or national ID, proof of residence abroad (rent receipt, utility bill, residence permit), proof of income abroad (pay slip, tax assessment). Moroccan banks present in Europe facilitate opening: Attijariwafa Bank Europe, BMCE Bank International, Banque Populaire (BCP France). You can also mandate a relative in Morocco by notarised power of attorney.
💡 Tip — Attijariwafa and Banque Populaire have branches in France dedicated to MRE. Open the account directly from Paris, Lyon or Brussels without travelling to Morocco.
Funding the account: transfer from abroad
For the account to remain convertible, it must be funded exclusively by foreign currency transfers from abroad. Transfer methods: classic SWIFT bank transfer (0.5 to 1% fees, 2-3 days delay), specialised services (Wise, Western Union, Remitly — immediate delay), transfers via Moroccan banks present in Europe (preferential MRE rates). The Office des Changes monitors incoming transfers — all transfers are legal and automatically declared by banks.
💡 Tip — Wise generally offers the best exchange rates for regular transfers to Morocco. For large one-off amounts, compare with your main bank.
⚠️ Warning — Never fund a convertible MDM account with funds of Moroccan origin (rent, local salaries) — this would contaminate the account and you would lose fund convertibility.
Repatriating your funds abroad
This is the key advantage of the convertible MDM account: you can freely repatriate all funds to your country of residence. Procedure: contact your Moroccan bank branch (or via online banking) and request an international transfer to your foreign IBAN. No special authorisation from the Office des Changes is required for repatriations from a regularly funded convertible MDM account. Time frame: 2 to 5 working days. For amounts exceeding 1 million dirhams, the bank may request justification of the origin of funds.
💡 Tip — Carefully keep all proof of your incoming transfers from abroad. In case of checks, these documents prove the convertibility of your funds.
⚠️ Warning — Moroccan income (rent, dividends) cannot be freely repatriated — do not mix them with your MDM funds.
Tax advantages and the 183-day rule
Funds deposited in a convertible MDM account benefit from total exemption from Moroccan income tax on interest generated, as long as you remain a Moroccan non-tax resident. Moroccan tax residence is triggered if you spend more than 183 days per year in Morocco or if you have your usual home there. If you become a Moroccan tax resident (after definitive return), account interest becomes taxable. The convertible MDM account can be kept after definitive return, but convertibility and tax advantages are linked to non-resident status.
💡 Tip — If you are considering a definitive return, plan with your bank and an accountant the transition of your MDM accounts.
❌ Common mistakes to avoid
- ✕Mixing foreign funds and Moroccan income in the same MDM account — you lose convertibility of the whole amount
- ✕Not keeping proof of incoming transfers — blocks repatriation for large amounts
- ✕Opening an ordinary account instead of a convertible MDM account — you lose all advantages without knowing it
🔗 Official links and resources
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