After the publication of the instruction of foreign exchange operations for 2022, the Director-General of the Changes Office has sent a letter to the Professional Group of banks in Morocco (GPBM) explaining the new provisions for foreign residents’ monetary exchanges and transfers.
The new provisions for foreign transfers are now applied by Morocco’s banks. From now on, the only entry point for a foreign resident wishing to make transfers is a bank.
It is no longer possible to use transfer companies to send money abroad. And as for travel allowance, it is no longer automatically granted to residents. Its use will now be limited to specific cases.
Travel allowance will now be granted if the foreign resident has income, and they open an account in convertible MAD or in foreign currency with their bank.
This account allows them to travel and make payments abroad. An international card can be attributed to it.
If the individual has no income, they can obtain a travel allowance of up to MAD 100,000 per year from their bank, after signing a declaration on honor specifying that the applicant has no income, or availability on an account in foreign currency or convertible MAD.
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