Opening a Bank Account in Morocco: A Practical Guide for Foreigners
Morocco has a deep, well-capitalised banking sector regulated by the central bank, Bank Al-Maghrib, and supervised on currency matters by the Office des Changes. For foreigners, the practical questions are usually the same: which bank to choose, what kind of account you can hold, what documents you need, and how you can move money in and out of a country whose currency is not freely convertible.
This guide explains the main banks, the difference between a resident dirham account and a non-resident convertible dirham account, the paperwork involved, and the exchange-control rules that shape every transfer. It is written for individuals relocating, retiring, investing or setting up a company in Morocco. For the wider sector, see our overview of financial services in Morocco.
Figures below are approximate and current to June 2026; fees and document lists vary by bank and branch, so confirm directly before you travel.
The Moroccan banking landscape and major banks
Moroccan retail banking is concentrated among a handful of large, listed groups with extensive branch and ATM networks across the country and a significant presence in West and Central Africa. The principal banks include:
- Attijariwafa Bank – the largest bank by assets, with the widest domestic network; a common default choice in major cities.
- Bank of Africa (formerly BMCE Bank) – a large, internationally oriented group often used by executives and businesses.
- Banque Populaire (Banque Centrale Populaire) – the second-largest group, strong in rural areas and historically the bank of choice for Moroccans living abroad.
- BMCI – affiliated with the BNP Paribas group.
- Société Générale Maroc – the local arm of the French group, popular with francophone customers.
- CIH Bank – known for competitive digital banking and lower account fees.
- Crédit du Maroc – a mid-sized bank now under Moroccan ownership.
For everyday banking the differences are modest. Choose primarily on branch and ATM proximity, English- or French-language service at your local branch, digital app quality, and fees.
Account types: resident dirham vs non-resident convertible accounts
The right account depends on your residency and fiscal status, not just your nationality. There are three broad categories relevant to foreigners:
- Resident dirham account. A standard local-currency account, available to foreigners who hold Moroccan residency (a carte de séjour). You can pay in dirham cash and cheques and use it like any local customer.
- Convertible dirham account. Held in dirhams but funded only with foreign currency brought into Morocco. It records money of foreign origin, which is what makes it special – see the next section.
- Foreign-currency account. Held in EUR, USD or GBP, again funded from abroad.
Moroccans resident abroad (MRE) are typically offered tailored versions of these, sometimes combined into a single dual-currency package.
Why the convertible dirham account matters
The Moroccan dirham is a closed (non-convertible) currency: it cannot generally be exported, and all cross-border currency flows are controlled by the Office des Changes. A convertible account is the mechanism that lets foreign money move freely within this system.
Because a convertible dirham (or foreign-currency) account is funded only with declared foreign currency, the funds in it keep their convertible character. That means you can transfer the balance back out of Morocco in foreign currency without seeking case-by-case authorisation. A plain resident dirham account, by contrast, holds money that is presumed to be of local origin and cannot simply be sent abroad.
In short: if you intend to bring savings into Morocco and may want to take some or all of it back out, a convertible account is the appropriate vehicle. Note that you generally cannot deposit dirham cash or cheques into a convertible account – only inbound foreign-currency transfers and properly declared foreign banknotes.
How to open an account and required documents
Account opening is usually done in person at a branch, where the bank verifies your identity and status. Requirements vary by bank, but you should expect to provide:
- A valid passport (original and copy).
- Proof of address – for residents, the Moroccan carte de séjour; for non-residents, a recent foreign utility bill or lease, typically less than three months old.
- Proof of income or activity – recent payslips, an employment contract, or pension/income evidence.
- Sometimes a residency certificate or local reference, depending on the branch.
- For non-residents, the IBAN of the foreign account used to fund the account.
Can a non-resident open an account remotely? Some banks, especially those serving the MRE market, offer assisted or partly remote onboarding, but in practice a personal visit is usually still required to complete identity checks and sign documents. Confirm the procedure with your chosen bank in advance. Residency timing is covered under visas and residency, and broader relocation logistics under living in Morocco.
Exchange controls and the Office des Changes
Every inbound and outbound foreign-currency movement falls under the regulations administered by the Office des Changes. Importing or exporting dirham banknotes is prohibited, and foreign currency you bring in should be declared to customs on entry if you may later want to re-export it or pay it into an account.
For investors, a key protection is the retransfer guarantee: investments made in Morocco with declared foreign currency carry an automatic right to repatriate the proceeds (capital gains, dividends, sale proceeds) abroad in foreign currency, without separate authorisation. Recent updates to the exchange regulations have also eased repatriation in some long-held investment cases. Rules are detailed and change periodically, so check the Office des Changes guidance or take professional advice for significant sums.
Business accounts and capital deposit for company formation
Setting up a company in Morocco requires a corporate bank account, and for a limited-liability company (SARL) the share capital is normally deposited at the bank as part of incorporation. The practical points to know:
- There is effectively no fixed minimum capital for a SARL; the legal minimum is symbolic, though many founders deposit around MAD 10,000 for credibility.
- Where capital exceeds MAD 100,000, it must be paid into a blocked account and cannot be withdrawn until the company is entered in the Commercial Register; below that threshold the blocking requirement is generally waived.
- The bank issues a capital deposit (blocking) certificate needed for registration, and releases the funds once the company is registered.
Banks must verify the legal origin of deposited capital, so foreign founders should keep clear documentation of where the money came from to avoid freezes or delays. See our dedicated guide to company formation in Morocco.
Cards, mobile banking and fees
All major banks issue domestic and international debit cards (commonly Visa or Mastercard) and offer mobile and online banking, increasingly with English- or French-language interfaces. Card use is widespread in cities, hotels and larger retailers, while cash remains important in markets and rural areas.
Monthly account-maintenance fees are modest and vary by bank – typically in the region of approximately MAD 15–25 per month for a standard package, with CIH Bank often at the lower end. Watch for additional charges on international card payments, ATM withdrawals abroad and incoming or outgoing wire transfers. Everyday costs are covered in our cost of living guide.
Participatory (Islamic) banking
Morocco has a regulated participatory banking sector, authorised by Bank Al-Maghrib under the participatory finance law and overseen for Sharia compliance by the Supreme Council of Ulemas. Several dedicated participatory banks operate, including Bank Assafa, Umnia Bank, Al Akhdar Bank, Bank Al Yousr and Bank Al Tamweel wa Al Inma, alongside participatory windows at conventional banks.
These banks offer interest-free products such as Murabaha financing, used notably for home purchases, as an alternative to conventional loans. Product range and branch coverage are narrower than the mainstream banks, so compare carefully if Sharia-compliant banking is a priority.
Transferring money internationally
Inbound transfers are straightforward: send foreign currency by SWIFT to your Moroccan IBAN, and for a convertible or foreign-currency account the funds retain their convertible status. Specialist remittance and money-transfer providers such as Wise, Western Union and others are widely used and can be cheaper than a bank wire for smaller amounts.
Outbound transfers are where the exchange controls bite. Sending money out of Morocco generally requires that the funds originated abroad (held in a convertible account) or that you fall within a specific permitted allowance or the retransfer guarantee. Routine personal transfers out of a resident dirham account are restricted. Plan funding through convertible accounts from the outset if repatriation matters to you, and factor in any tax obligations on income and gains.
Related guides
Frequently Asked Questions
Can a foreigner open a bank account in Morocco?
Yes. Foreigners can open accounts at all major Moroccan banks. Residents (holding a carte de séjour) can open a standard resident dirham account, while non-residents are typically offered a convertible dirham or foreign-currency account funded from abroad.
Can a non-resident open a bank account in Morocco?
Yes, but usually only a convertible dirham or foreign-currency account rather than a standard local account. These are funded with declared foreign currency and cannot generally receive dirham cash or cheque deposits.
What documents are needed to open an account?
Typically a valid passport, proof of address (a carte de séjour for residents or a recent foreign utility bill or lease for non-residents), and proof of income such as payslips or an employment contract. Some branches also ask for a residency certificate. Requirements vary by bank.
What is a convertible dirham account?
A dirham account funded only with foreign currency brought into Morocco. Because the money keeps its foreign, convertible origin, you can transfer the balance back out of the country in foreign currency without case-by-case authorisation, unlike a standard resident account.
Can you transfer money out of Morocco?
The dirham is non-convertible and outbound transfers are controlled by the Office des Changes. You can generally send abroad funds that originated overseas and are held in a convertible account, or amounts covered by a specific allowance or the investment retransfer guarantee. Routine transfers from a resident dirham account are restricted.
Which bank in Morocco is best?
It depends on your needs. Attijariwafa Bank has the largest network, Banque Populaire is strong for Moroccans abroad and rural coverage, Bank of Africa is internationally oriented, and CIH Bank is known for digital banking and lower fees. Choose on branch proximity, language of service, app quality and fees.
Is Islamic banking available in Morocco?
Yes. Morocco has a regulated participatory (Islamic) banking sector authorised by Bank Al-Maghrib, with dedicated banks such as Bank Assafa, Umnia Bank and Al Akhdar Bank offering interest-free products like Murabaha financing, plus participatory windows at some conventional banks.
Can you open an account before getting residency?
Often yes, as a non-resident convertible or foreign-currency account, which does not require a carte de séjour. A standard resident dirham account, however, generally requires proof of Moroccan residency. Confirm the exact procedure with your chosen bank.