Opening a bank account in Morocco: the MRE guide (convertible dirhams)
Convertible dirham account or regular account? Which bank? Documents, timelines and traps to avoid for Moroccans abroad.
Why a convertible dirham account
The convertible dirham account is the most advantageous banking status for an MRE: it lets you repatriate funds abroad without Office des Changes authorization, freely receive international transfers, and keep this flexibility even after your permanent return.
This is crucial: the dirham is not freely convertible. With a regular account, moving money out of Morocco is strictly controlled. Open the convertible account BEFORE transferring your savings.
Which bank to choose?
The four big MRE networks are Attijariwafa Bank, Banque Populaire, Bank of Africa (BMCE) and CIH Bank. All offer diaspora packages with account opening from abroad (European branches or online onboarding).
Selection criteria: branch density in your future city, account and international transfer fees, mobile app quality, and mortgage conditions if you plan to buy. Banque Populaire and Attijariwafa historically have the densest networks; CIH is often the cheapest on fees.
Documents and timelines
To open the account: valid Moroccan CIN (or Moroccan passport), proof of residence abroad (residence permit, utility bill, tax notice) and sometimes proof of income. Allow 24–72 hours for opening once the file is complete, plus card delivery time (1–2 weeks).
Tip: open the account during a trip to Morocco before the final move, or via these banks' European branches. You'll arrive with a working Moroccan RIB — essential for the lease, utilities and CNSS.
Transferring your savings smartly
Don't transfer everything at once. Keep an active account in your departure country for at least 12 months: tax refunds, deposits to recover, final bills. For large amounts, compare classic SWIFT transfers with specialized services — the exchange rate gap can be worth hundreds of euros.
Keep proof of all incoming transfers: they document the foreign origin of funds and guarantee your right to re-transfer them later via the convertible account.
Plan your move to Morocco with FigWay
Personalized checklist, dedicated care manager and à la carte services — from first document to first day in Morocco.