Open a Bank Account in Morocco as a Foreigner: Guide
Even before signing the contract at the notary’s office, every foreign buyer faces a practical question: should they open a bank account in Morocco, and if so, which one? The answer has implications that go beyond mere convenience. The type of account you choose, and how you fund it, will largely determine your future ability to repatriate your funds should you sell the property.
This guide explains the types of accounts available to non-residents in accordance with the General Instructions on Foreign Exchange Transactions published by the Foreign Exchange Office, the concept of residence which determines your rights, and our advice on opening and using your account when purchasing a property.
In short : Moroccan banks can open foreign currency accounts and some convertible dirham accounts to foreign nationals, whether resident or non-resident. Funded by transfers from abroad, these accounts can be freely debited for your expenditure in Morocco and for transfers. A standard dirham account in the name of a non-resident foreign national, however, requires authorisation from the Foreign Exchange Office.
Resident or non-resident: the preliminary question
Foreign exchange regulations distinguish between residents and non-residents, and refer to tax legislation for this purpose. According to the General Tax Code, a natural person is deemed to be resident for tax purposes in Morocco if they have their permanent residential home, the the focus of its economic interests, or when his stays in Morocco exceed 183 days over any 365-day period.
In practical terms:
- If you buy a riad to stay in for a few weeks each year and live in France, you are, in principle, non-resident ;
- You move to Marrakech to spend your retirement and live there for most of the year: you become resident, with a registration certificate issued by the authorities.
Your status may change over time. Please notify your bank of any changes, as this will affect the accounts you are permitted to hold.
Accounts available to non-residents
The foreign currency account
Held in euros, for example, it keeps your funds in their original currency. It is credited with transfers received from abroad and can be debited freely for any payments in Morocco or abroad.
The convertible dirham account
This is the account most commonly used by foreign buyers. The funds are held in dirhams, which makes it easier to pay the solicitor, tradespeople or everyday bills, but they retain their convertible : they can be converted into foreign currency and transferred. According to the Foreign Exchange Office’s directive, these accounts are credited, in particular, with:
- bank transfers from abroad; ;
- transfers from other accounts held in foreign currencies or convertible dirhams; ;
- payments in foreign banknotes, subject to the presentation of the original foreign currency import declaration signed at customs, dated no more than six months previously, or a foreign exchange statement proving that the banknotes originate from the same account.
They are debited for all transactions in Morocco or abroad, including cash withdrawals. These accounts cannot be overdrawn.
The standard dirham account
For a foreigner resident, this is a day-to-day account, similar to a French current account. For a foreigner non-resident, opening a standard dirham account is one of the transactions subject to prior authorisation from the Foreign Exchange Office. In practice, a convertible dirham account fulfils this role.
Specific accounts
- Forward convertible account : intended to hold dirhams held in Morocco which are not transferable, for example the proceeds from the sale of an asset that was not financed in foreign currency.
- «Special» account in dirhams : opened in the name of non-resident foreign individuals in respect of dirham-denominated loans taken out with Moroccan banks. If you are considering local financing, our article on the Mortgage in Morocco for non-residents sets out the conditions.
Why a convertible account is crucial when buying a property
A property investment financed in foreign currency benefits from the convertibility regime: you will be able to freely transfer the income it generates and the proceeds from its sale, including any capital gains. However, you must be able to prove this, and it is your bank account that provides the evidence. Every transfer received from abroad and converted results in a bank statement. It is these documents, together with the deed of sale, that will one day enable your bank to authorise the repatriation of funds.
Conversely, funds received through informal channels, handed over in cash without a customs declaration, or paid directly to the seller abroad may mean you lose this guarantee. Our guide to the’Property purchase in Morocco by a foreigner put this stage into the context of the overall process.
Opening an account: a practical guide
When should you open it?
Ideally, as soon as your plans start to take shape, before signing the preliminary agreement. This will give you time to transfer the deposit, followed by the balance and the fees, without having to rush.
What documents do I need to bring?
Each bank has its own know-your-customer requirements. As a general rule, you should allow for:
- your passport valid (and your vehicle registration certificate if you are a resident); ;
- a proof of address ;
- supporting documents for income and the’source of funds that you are going to transfer; ;
- if you are purchasing through a company, its legal documents and the identity of its beneficial owners.
How do you choose a bank?
- the presence of a branch at Marrakech and staff who are accustomed to dealing with international clients; ;
- the quality of the online banking service, which is essential if you live abroad; ;
- account maintenance fees, international transfer fees and currency exchange fees: compare before you choose; ;
- the ability to easily issue the certificates you will need.
Using your account during the purchase process
- Please transfer the deposit by bank transfer from your European bank, and keep the proof of the transfer.
- Pay the solicitor by bank transfer : the price, fees and charges are paid via their account with the Caisse de dépôt et de gestion. Details of these charges can be found in our guide to Costs associated with buying property in Morocco.
- Pay for the work renovation costs paid by bank transfer or cheque, against invoices: work funded in foreign currencies is also part of the investment.
- Set up direct debits for your regular bills : water, electricity, internet, local taxes.
- Archive records, statements and certificates throughout the entire period of detention.
Mistakes to avoid
- Carrying large sums of cash without declare to customs.
- Paying part of the fee «off the books» or abroad: this is illegal and jeopardises repatriation.
- Mixing convertible funds and non-transferable funds without traceability.
- Failing to keep supporting documents: without them, it is difficult to prove convertibility, even years later.
Frequently Asked Questions
Can a non-resident foreigner open a bank account in Morocco?
Yes. Moroccan banks are authorised to open foreign currency accounts and convertible dirham accounts for foreign individuals, whether resident or non-resident.
What is the difference between a convertible dirham account and an ordinary dirham account?
Funds held in a convertible dirham account may be converted back into foreign currency and transferred abroad. An ordinary account is used for residents’ day-to-day transactions; non-residents require authorisation from the Foreign Exchange Office to open one.
Can you deposit cash in euros into your account?
Is it compulsory to have a bank account to buy a property?
There is no legal requirement to do so, but it makes all payments in Morocco easier and is the best way to ensure your funds can be traced should you need to repatriate them in the future.
Can you go into the red on a convertible account?
No. Foreigners’ accounts in foreign currencies and convertible dirhams must not be in debit.
Plan your purchase with peace of mind
We can help you organise your payment schedule and put you in touch with banks that are familiar with our clients. Contact Klair & Arno to talk about it.
