Each year, MREs transfer over €10 billion to Morocco. But not all solutions are equal in terms of fees, timeframes and security. Here is a complete guide for choosing the best solution according to your amount and situation.
Overview of available solutions
Several solutions exist for sending money to Morocco: Western Union and MoneyGram (agency network, instant cash payment but high fees), Wise (formerly TransferWise — transparent fees, interbank exchange rate, bank transfer in 1-2 days), classic SWIFT interbank transfer (secure, traceable, but high fixed fees), and the MRE convertible account opened with a Moroccan bank (the most advantageous option in the long term).
💡 Tip — For large amounts (>€2,000), bank transfers or MRE accounts are always cheaper than money transfer services. Always calculate the real cost including exchange fees.
Compare total real fees
The real cost of a transfer is not limited to the displayed fees. You must also factor in the exchange rate margin (the difference between the interbank rate and the applied rate). Western Union may display €0 fees but take 3 to 5% on the exchange rate. Wise is the most transparent: clear fixed fees + rate at the interbank rate. To compare, use Monito.com or calculate the amount actually received in DH for €1,000 sent.
💡 Tip — Always compare the final amount received in DH rather than the displayed fees. A service with displayed fees of €0 may cost more than a service showing €5 in fixed fees.
The MRE convertible account: the optimal solution
The MRE convertible account is a Moroccan bank account in convertible dirhams, allowing you to receive transfers from abroad at Bank Al-Maghrib's official rate (the best available rate) without conversion fees. Funds are freely repatriable. Several Moroccan banks (CIH, Attijariwafa, BMCE) offer remote opening of these accounts or through their European branches. It's the least expensive solution for regular transfers.
💡 Tip — Open your MRE convertible account directly at a Moroccan branch during a visit to Morocco — it's simpler. Some banks now accept remote opening.
Foreign Exchange Office regulations
Morocco's Foreign Exchange Office regulates fund transfers. As an MRE, you can freely transfer up to the equivalent of 100,000 DH/year (approximately €9,000) to your Moroccan account without specific supporting documents. Beyond this, a declaration of income or justification of the source of funds is required. For major investments (property purchase, business creation), specific authorisations may be necessary.
💡 Tip — Keep a record of your annual transfers. If you regularly reach the 100,000 DH limit, consult a Moroccan tax adviser to legally optimise your transfers.
Securing large transfers
For any transfer over €5,000, never use cash transfer services (Western Union, MoneyGram) or informal applications. Use exclusively SWIFT bank transfer or your MRE account, which leave an official trace. In case of problems (delays, lost funds), you will have concrete recourse through your bank. Cash transfers are practically non-recoverable in case of disputes.
💡 Tip — Keep transfer confirmations for each significant transfer. In case of tax or customs disputes, you will need to prove the origin and destination of funds.
⚠️ Warning — Never use informal intermediaries ('hand-to-hand transfers') for significant amounts — no recourse if funds disappear.
❌ Common mistakes to avoid
- ✕Using Western Union for large amounts — very high real fees once the exchange margin is included
- ✕Ignoring hidden exchange fees — they often represent more than the displayed fees
- ✕Not opening an MRE account for regular transfers — it's the most economical solution in the long term
🔗 Official links and resources
❓ Frequently asked questions
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