New York - Sending money to Morocco to pay for overseas property can be very expensive, especially when you consider the high fees that some banks and remittance companies charge. But, if you do your research after reading this article, you will understand very well how to send currency abroad for cheap, making this a much more pleasant affair.
New York – Sending money to Morocco to pay for overseas property can be very expensive, especially when you consider the high fees that some banks and remittance companies charge. But, if you do your research after reading this article, you will understand very well how to send currency abroad for cheap, making this a much more pleasant affair.
Interested in learning more? Check out the following breakdown of the different international payment providers to make it easier for you to decide which option is best for your needs.
Important Considerations When Transferring Money To Morocco
Before we delve deeper in the subject, it is important to note that you have two basic options when it comes to sending money to Morocco:
International money transfer services
Mainstream financial institution
Making the final decision between the two will be dependent on your specific need. Several factors that you should consider include:
Exchange rates: In other words, how much money is needed to convert to the appropriate amount of Moroccan Dirham (MAD)? The exchange rate is not static i.e. they vary wildly based on the actual rate itself and the international payment provider or financial institution that is used. To get a more accurate picture, the applicable corporate FX rate is found on the specific provider or bank’s website.
Collection: This is an important consideration for both the receiver and the sender. There are some providers that will give the sender the opportunity to deposit the money directly into an international bank account, some that send the funds to a local merchant for the recipient to pick up, and some that offer both options. The sender must also consider how the recipient will get the money that’s been sent i.e. will the recipient need more than one form of ID or will a simple pass code be enough?
Transfer Time: How long will it take to for the recipient to gain access to the funds?
Minimum Transfer Amount: What’s the minimum amount of money that you can send to Morocco? There are some providers who don’t have a minimum transfer limit while others may say you have to send at least $500. There are others still who don’t have a minimum transfer amount but will charge you if it isn’t deemed high enough to meet their requirements.
Customer Service: When in a rush, many of us just want to make sure the task gets done and we don’t care about the level of customer service. In the interest of speed, this might be a good rule of thumb, but what about when things go wrong? You’ll be wishing that their customer service team is available whenever you need them and will offer friendly and helpful support.
Charges and Fees: After adding all the fees, how much money will it really cost to send the funds to Morocco? Most places charge a fee for transferring money to Morocco, but they also tack on extra charges for receiving it as well. There are also others who waive these charges, but don’t be fooled – they typically make their money back through inflated exchange rates. It is also important to note that corporate FX rates and other charges can be minimized by using a currency broker, who can help you get rates that are much closer to market.
5 International Payment Providers
There are many international transfer services that allow individuals to send money to Morocco. Some of these include:
OzForex: This provider has a minimum transfer amount as well as a flat fee that is charged for all transfers under a certain amount. Also, it takes about two business days for the recipient to gain access to the funds
TorFX: This service doesn’t charge a minimum transfer amount, but they do charge a fee for transactions that are less than a certain amount. Like OzForex, it takes two days for the funds to clear and the recipients to collect.
Travelex: There’s no charge for sending money to Morocco, but there is one for senders who are making debit or credit card payments
Moneygram: For a low fee, the recipient can get their money within ten minutes.
Western Union: This international money transfer provider gives senders the option to send money to a mobile phone, bank account, and a corresponding merchant. They charge a low service fee and it takes three days for the recipient to receive the funds
Paypal: This method is generally quick and is free for the sender, but the fees that the recipient has to pay make this option unworthy of consideration. For instance, Paypal automatically takes a portion of every dollar sent through its service for business purposes. Plus, when sending money overseas, Paypal charges additional fees for currency conversion.
TransferWise: This service charges 1.5% (or 30 MAD for under 2000 MAD) and it will take approximately 1-2 business days (after payout) for the recipient to gain access to the funds.
If two days is too long and there’s a need to send money to Morocco quickly, it’s possible to send a wire transfer with a cash pickup option. These immediate money transfers are offered by international payment providers like Western Union, WorldRemit, and Moneygram, but they charge extra fees for this convenience.
Necessary Information When Sending Money to a Moroccan Bank Account
When done through a bank, Moroccan money transfers take about 1-2 business days to complete. Typically, banks charge about $30 to do a transfer, but they also make up to 4% by manipulating the exchange rate for the transaction. There may also be a small fee charged by the receiving bank to process and credit the payment to the Moroccan bank account and/or the routing bank used as an intermediary of the international banking network.
If you choose to use this option, you will need the following information when sending money to a bank account:
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
Also, there are some providers who will require the sender to open up an account in their institution before transferring the funds. If so, senders will need to provide their personal details as well as verify their main bank account information. The provider will advise the sender of their specific requirements before providing a quote of how much it will cost to send funds to Morocco. When the transfer is complete, the sender will be given a receipt or invoice as proof of the funds being sent.