Banks in Morocco operate in a similar fashion to its European equivalents. Here is some information about banking and the services you can expect from Moroccan banks.
King Mohamed VI and the present government have made attracting foreign and domestic investment a high priority and now:
* Local financing is available to foreign investors on the same basis as to Moroccan companies.
* Most Moroccan banks are connected to the SWIFT global payment system allowing them quick execution of foreign currency transfers world-wide.
* If required, banks will repatriate foreign companies’ earnings from Morocco, provided the original investment was registered with the foreign exchange office.
* Foreign currency and convertible Dirham accounts can be opened for non residents.
With the assistance of the U.S. Agency for International Development (USAID), the government is simplifying the investment process by reducing bureaucratic procedures and decentralising the whole process by forming regional investment centres.
Mortgages
Mortgages are available in Morocco, but the most an overseas buyer can borrow is currently 50% of the valuation price.
The purchase can be paid in either Euros, US Dollars or Sterling, and needs to be transferred from a foreign account into a Moroccan bank where the transaction will be processed into Dirhams.
Mortgages are generally more expensive than British equivalents. It is a good idea to shop around the British banks as some will lend for property in Morocco.
Typical Rate
5.8%
Loan purpose
Residential
Maximum loan
70% of valuation
Term
15 years
Maximum age
65 yo
Repayment
Capital and interest
Currency
Dirhams
Fixed rates
For 5 years or full duration of mortgage
Note: 6 months mortgage installments may be required to be held in the bank account.
Many Moroccan banks have cash point machines enabling you to draw foreign currency while you stay in Morocco.
If you open a bank account in one of Morocco's banks, you are advised to compare commission rates for money transfer to and from Morocco as these can differ according to bank. In most of the banks in Morocco you will find a few English speaking employees, the best chance is in the foreign exchange section of the bank.
Although Morocco is predominantly a cash economy, the use of debit and credit cards is increasing. The development of services for consumers, such as debit cards, started within the last couple of years, while personal cheques are almost unknown and unused as a method of payment for locals. Payment by debit cards is accepted in some of the retail chains and petrol stations and is gaining increasing popularity. Cheques and credit cards are used mainly by foreigners.
The Association of Commerce Banks is a body which represents all recognized financial institutions in Morocco, and as such acts as a bond of reputability. The full list of Moroccan ACB member banks is as below:
* 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
Banking In Morocco 
Banking In Morocco 
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