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Morocco is a fascinating destination, but it’s essential to understand how to manage your finances there to make the most of your trip. Here’s everything you need to know about exchanging your money for Moroccan dirhams, the local currency.
1. Exchanging Currency in Morocco: Should You Use an ATM or Exchange Office?
Yes, withdrawing Moroccan dirhams from an ATM in Morocco is easy. ATMs are widely available in major cities and tourist areas, and most accept international bank cards, such as Visa and Mastercard.
Advantages:
Convenient and fast.
Available 24/7.
Disadvantages:
Moroccan banks often apply fixed fees (typically between 20 and 40 MAD per withdrawal).
Your bank may also charge fees for international transactions.
Withdrawals are often limited to around 2,000 MAD (approximately 180 €) per transaction, depending on your bank.
To minimize fees, it's advisable to make fewer withdrawals but for larger amounts.
2. Is It Better to Exchange Money at a Currency Exchange Office?
For better exchange rates, currency exchange offices are often a more advantageous option than withdrawing money from ATMs or exchanging at hotels. In Marrakech, for example, you’ll find many exchange offices in the medina or near Jemaa el-Fna square.
Advantages:
Better rates compared to banks or hotels.
No additional fees or commissions.
Tips:
Compare rates between different exchange offices before exchanging your money.
Always check the amount you receive and count your money on the spot.
Avoid airport exchange offices, as their rates are often less competitive.
3. Bringing Foreign Currency: A Practical Option
Bringing foreign currency such as euros or US dollars to Morocco is possible, as they are widely accepted and easily exchanged. However, there are a few essential things to keep in mind:
Legal limit: You can bring up to an amount equivalent to 100,000 dirhams (around 9,000 €).
Dirhams export/import restriction: It is prohibited to import or export dirhams outside Morocco, as it is a non-convertible currency. Therefore, you must exchange your money once you arrive in the country.
4. Tips to Optimize Your Budget in Morocco
Notify your bank: Ensure your bank card is activated for international transactions before travelling.
Carry cash: Small businesses and taxis often only accept cash. It's advisable to keep small denominations handy.
Check exchange rates: Use an app or website to check the real-time exchange rate to ensure you get a fair deal.
Use ATMs during the day: For security reasons, withdraw money in well-populated areas and during daylight hours.
5. What Is the Best Option?
The best solution depends on your needs:
If you want to avoid bank fees, prefer currency exchange offices.
ATMs are an excellent alternative if you need cash quickly or don’t want to carry large amounts.
In any case, compare the available options on-site and plan your withdrawals or exchanges to avoid any surprises.
In Summary
Exchanging your currency for Moroccan dirhams is a simple and accessible process. Whether you choose an exchange office or an ATM, check the rates, minimize fees, and always have some cash on hand to enjoy your trip thoroughly.
Have a great trip, and enjoy your Moroccan adventure!
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