Banking
The banking system throughout Morocco is set up in a very similar way to the banks in Europe . Below you will find some basic information about the services you might find while using the banks in Morocco .
The currant government has helped to attract foreign and domestic investment in a number of ways. Foreign investors are welcome to apply for local finances in the same manner as a local Moroccan company would do. Transfer of foreign funds world wide happens with quick execution due to banks being connected to the SWIFT global payment system. Convertible Dirham or foreign currency accounts can be opened for non residents.
The government has been working on procedures to help make the investment process a lot simpler. This has been done with advice from U.S Agency for international Development and by forming investment centres that are regionalised
Mortgages
Mortgages are available in Morocco to foreign investors, however there is a restriction currently set at 50% of the valuation price.
Funds need to be transferred from a foreign account into a Moroccan bank account and this can be done either in Sterling , Euros, or US Dollars, they will then be converted and processed into Dirhams.
It is advisable to shop around the British banks as Moroccan Mortgage can be expensive and some UK lenders will consider Moroccan property.
- Typical Rate - 5.8%
- Loan purpose - Residential
- Maximum loan - 70% of valuation
- Term - 15 years
- Maximum age - 65
- Repayments - Capital and interest
- Currency - Dirhams
- Fixed rates - For 5 years or full duration of mortgage
N.B It may be required to hold six months of payments for your mortgage in your bank account.
Banks are now providing a lot more cash machines, making drawing money from your account easy while you are visiting Morocco .
If you have a Moroccan bank account it is best to look at the commission rates on offer at that bank. As when transferring funds to and from your account the commission rates can vary considerably from bank to bank. If you are looking to find someone that speaks English then you should find most of the major banks will have one member of staff who does so and they are likely to be at the foreign exchange desk.
At the moment the use of credit and debit cards in Morocco is low as it is predominantly a cash economy, however cards are increasing and also the place where you are able to use them, with more hotels, chain stores and petrol stations accepting them. The use of a personal cheque is very infrequently used and almost unheard of.
Within Morocco there is a body of reputability, The Association of Commerce Banks and they represent all of the reputable financial institutions in Morocco , such as:
- Bulbank
- Biochim
- Central Cooperative Bank
- Economic & Investment Bank
- Demirbank
- Encouragement Bank
- Eurobank
- ING Bank
- First Investment Bank
- Roseximbank
- Expressbank
- Societe Generale
- Union Bank
- United Moroccan Bank
- Bank DSK
- Procredit Bank
- Tokuda Bank Plc