Best way to send money to Morocco- from Europe, with love!
TEMPO Money Transfer takes pride in bringing fair and convenient money transfer services to senders all over Europe. In this post the TEMPO team brings to you the best ways to send money to Morocco.
Let’s start with a brief introduction on Morocco’s currency, the Moroccan Dirham.
Morocco or the Kingdom of Morocco is a nation characterized by a rich history of culture and beautiful endowments of nature. The formation of the first Moroccan state is traced to 789 A.D. followed by a series of strong rulers who fiercely protected the independence of Morocco.
The Bank Al-Maghrib which is the Central Bank of Morocco issues the Moroccon Dirham (ISO 4217 code MAD) which is divided into 100 santimat. The Central Bank of Morocco is located in Casablanca and holds approximately Euro 36 billion in foreign currency. The bank wields substantial power in the economy of Morocco as well as the North African region and heavily controls the outflow of Moroccan currency.
However, the inward remittances by diaspora are encouraged and contribute to the economy of Morocco. Moroccan diaspora sent USD 6.4 billion in 2015 which increased by 3.4% to USD 6.6 billion in 2016. Morocco is the third largest beneficiary of remittances from diaspora in the Middle East and North Africa (MENA) region. This amount is a staggering 7% of the country’s GDP.
As an expat in Europe, you can use several conventional methods to send money to Morocco which are:
1. Bank to bank transfers- If you hold a French bank account you can transfer money to a counterpart in Morocco with the following details available with you
Personal details: Basic information about the sender, like name and address
Bank code: This is a 3 digit number
Account number: This is a 14 digit number
Branch code: This is a 5 digit number
RIB Key: This is a 2 digit number
The pitfall of this method is that banks still charge very high fees and the regular remitters are left with a big hole in the pockets because of these heavy service charges.
2. Transfers through an agency
Remitters with cash or bank accounts in Europe can send money for cash collection in Morocco using popular chains of money transfers. This transfer can be made physically by visiting one of the transfer agencies.
TEMPO Money Transfer offers cash collection in Morocco ( 3 leading local banks and financial institutions, Poste Maroc, BMCE Bank and Al Barid Bank, with 2342 payout locations in association with DIRHAM Express) through over 220 agents in France and Germany. Our headquarter is conveniently located at 89, Boulevard Du Magenta in Gare Du Nord, Paris, France.
Within 30 minutes you can transfer money to your friends, family or business partners from one of these agents or our head office in a very safe way since all transactions are under the aegis and approval of the Banque de France.
A very popular and convenient method of sending money from the comfort of your home, within a few clicks, is using TEMPO’s online transfer facility.
Visit our website and take advantage of the best rates and lowest exchange fees. TEMPO also offers you a first free transfer and frequent promos that helps you send more MAD for every hard-earned Euro.
Online transfers for cash collection in Morocco are the easiest option for remitters sending Euros to family in Morocco, from Europe. This method not only reduces paper work and physical effort for the remitter, it is very fast and the beneficiary can collect funds within few minutes of the transfer.
Contact us on support@tempo.eu.com, if you are looking for the best deals to send money to Morocco!
