Convertible accounts in Morocco

Member since 22 May 2020

sleepessenceNew member22 May 2020 09:27:03

Hello. I am an Australian lady who is moving to Morocco (Casablanca) after COVID19 is under control to be with my Moroccan fiance.

I am looking at options I can transfer my Australian funds into Morocco and online research has shown that a convertible account is my only option until I obtain residency in Morocco.

I have read that the first transfer needs to be declared to customs upon entering Morocco and then a paper that's given at customs needs to be taken to the bank for the initial deposit.

Does this mean I need to bring physical currency with me in order to open my convertible account?

I also read on the forums someone had posted there is nowhere in Morocco to exchange Australian currency into MAD. Does this mean I am better off exchanging my Australian dollars into Euros at an Australian airport before going to Morocco and then exchanging the Euros in Morocco for MAD?

Also, can subsequent deposits into the convertible account be made via online transfer direct from my Australian account to the convertible account?

Thanks in advance for your help.

ramko61 Active member

Member since 11 October 2017

ramko61Active member01 June 2020 13:59:54

If you are bringing cash for your initial deposit, you will have to declare it upon arrival.聽 This is also for your own protection if you ever decide to transfer the money back to Australia.聽 Moroccans are limited to how much foreign currency they can take outside Morocco per year.
If your Fiancee is Moroccan, he can't be a co-holder on the account, only foreigners can open a convertible account.
I opened a convertible account without any deposits and when I returned to the US, I transferred US dollars to my convertible account.聽 The US dollars were converted to MAD upon arrival.
When I am in Morocco, I use my credit card for all my purchases where accepted and I use my ATM card to get cash.聽 You'll get the highest exchange rate than taking your cash to the bank for exchange.
I hope this helps

Ramzi

Cathylesher Contributor

Member since 11 July 2017

CathylesherContributor01 June 2020 14:09:18

149

I brought $5,000 usd with me. Opened a convertible account with it. I did not declare it when I arrived. I still have my US bank account and my direct deposits聽 go in it and I use a debit card for cash. I also deposit in my Moroccan account , either by bank transfer or cash from atm.

Abidaro Member

Member since 06 March 2020

AbidaroMember03 June 2020 02:46:16

Where is the problem ?
You can't withdraw your money with you credit card or what ?

Abidaro Member

Member since 06 March 2020

AbidaroMember03 June 2020 02:50:38

I think you can deposit with card if you have visa or maater card聽 , and for if we have here dollar Australian I think also we have cause I was working in hotel five star before
By the way I will ask for you , and welcome

sleepessence New member

Member since 22 May 2020

sleepessenceNew member03 June 2020 12:06:58

ramko61
Thanks for your helpful reply.
When I declare the amount coming into Morocco (regardless of the amount) do I get some sort of paper stating I declared the money?

I am hoping after I get residency my other half and I can get a joint account but the convertible account will have to do for now.

sleepessence New member

Member since 22 May 2020

sleepessenceNew member03 June 2020 12:11:00

Thanks Cathylesher that sounds easy enough to do.

wesh Member

Member since 12 October 2011

weshMember05 June 2020 12:27:05

Hi,

I am advising you to take a neobank with fees neither commitment. I know a french website which gives you all information : connectbanque.com/fr/neobanques : Google can translate you the website

Regards.