The MRE bank account is the key to efficiently managing your money between your country of residence and Morocco. Foreign currency account, convertible account, international transfer, exchange rate: here's how to open the right account and transfer at the best cost.
Costs & fees
| MRE account opening | Free | All banks |
| Account maintenance fees | 0 to 200 DH/year | Depending on bank and type |
| International bank card | 100 to 500 DH/year | Visa/Mastercard |
| Incoming international transfer | 0 to 50 DH | Often free in foreign currency |
Timeline
Understanding MRE account types
There are two types of MRE accounts in Morocco. Foreign currency account: funded in foreign currencies (euros, dollars...), funds remain in foreign currency, completely free repatriation. Ideal if you wish to maintain foreign currency savings in Morocco. MRE account convertible to dirhams: incoming transfers in foreign currency are automatically converted at the official Bank Al-Maghrib rate, funds are in Moroccan dirhams, free repatriation up to Office des Changes limits. This account is used to pay utilities, rent, taxes, and everyday purchases in Morocco.
💡 Tip — In most cases, the convertible MRE account is most useful for daily life in Morocco — it allows you to pay directly in dirhams without manual conversion for each transaction.
Opening your account remotely or at a branch
Several Moroccan banks allow MRE account opening remotely or from their branches in Europe. Attijariwafa Bank, BMCE Bank of Africa (Bank of Africa), CIH Bank and Banque Populaire have dedicated MRE counters in major European cities. Required documents: valid Moroccan passport, proof of residence abroad, proof of address in Morocco (optional depending on the bank). Some banks now offer 100% online opening with video identity verification.
💡 Tip — Choose a bank with a physical branch near you in Europe — human contact facilitates problem resolution and updating of your details.
Funding your account from abroad
To fund your MRE account, you can make a SWIFT transfer from your foreign bank to your Moroccan account. Provide your foreign bank with: Moroccan IBAN (format MA + 22 digits), SWIFT/BIC of the Moroccan bank. Processing time is 1 to 3 business days. Fees vary: prefer a bank with agreements between the two countries for reduced fees. The exchange rate applied for the convertible account is the official Bank Al-Maghrib rate, the most advantageous available.
💡 Tip — For regular transfers (rent to receive, monthly family remittances), set up a standing transfer from your foreign bank — this avoids oversights and reduces fees thanks to banking agreements.
Using your account in Morocco
With your convertible MRE account, you have an international bank card (Visa or Mastercard) allowing dirham withdrawals from Moroccan ATMs, merchant payments, and online payments. Withdrawals from Moroccan ATMs are generally free or low cost. Moroccan online banking allows you to manage your account from abroad, make transfers, and track your transactions in real time.
💡 Tip — Activate SMS notifications for each transaction on your Moroccan account — you'll be immediately alerted to any suspicious activity even from abroad.
Repatriating funds to Europe
Repatriation of funds from your convertible MRE account to Europe is free and unlimited. You simply submit a transfer order to your Moroccan bank, which will convert the dirhams to foreign currency at the daily rate and execute the SWIFT transfer. For large amounts (property sale, inheritance), certain supporting documents may be required by the bank to trace the origin of funds. Processing time is 2 to 5 business days.
💡 Tip — For large repatriations, notify your Moroccan bank in advance and prepare supporting documents (deed of sale, bank certificate) to speed up processing.
In depth
MREs have access to 3 types of accounts: the dirham account (like any resident), the foreign currency account (EUR, USD, GBP, maintained without conversion), and the term convertible account (blocked currencies with interest, freely reconvertible). The foreign currency account is most useful: it allows you to receive transfers in euros without automatic conversion, and to choose when to convert at the best rate. Interest on MRE foreign currency accounts is exempt from tax in Morocco. Most active banks for MREs: Attijariwafa (Europe network via Wafacash), BMCE (European subsidiaries), Banque Populaire (Chaabi Bank in France, Belgium, Netherlands). Advice: open your account during your next visit to Morocco, it's faster than online.
❌ Common mistakes to avoid
- ✕Choosing a foreign currency account when a convertible account would be more suitable for everyday expenses
- ✕Not comparing SWIFT transfer fees between your foreign bank and specialised services
- ✕Ignoring Office des Changes limits for large repatriations
🔗 Official links and resources
❓ Frequently asked questions
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