Are you looking for the best banks in Morocco? Morocco’s banking sector is dominated by three major local banks: Attijariwafa Bank, Credit Populaire du Maroc, and Banque Marocaine du Commerce Exterieur.
Banks in Morocco
In the country, there were 76 financial institutions, including 16 commercial banks, 37 financing firms, 6 offshore banks, and 14 microfinance associations. Around 64 percent of the country’s total assets are held by the country’s three largest banks.
The Bank Al-Maghrib is the Moroccan government’s central bank. It was established in 1959 to replace the “Banque d’Etat du Maroc.” In 2008, Bank Al-Maghrib maintained foreign currency reserves of an estimated US$36 billion.
Attijariwafa Bank, situated in Rabat, Morocco, is a Moroccan multinational commercial bank and financial services corporation. It is Morocco’s premier bank and the country’s largest commercial bank, and it is owned by Morocco’s Alaouite Dynasty’s holding company, SNI.
Morocco’s Banque Centrale Populaire is an important financial institution. Germany, England, Canada, Spain, France, Gibraltar, the Netherlands, and Belgium are among the bank’s international locations. BCP is the abbreviation for the bank’s name. In 2012, the bank had a market share of 27.9% in Moroccan customer deposits.
Make sure to choose a bank that is close to your home while choosing a bank. You won’t be able to get account documentation or make changes in another branch, but you will be able to make deposits and withdrawals. Moroccan citizens go through a different process than residents, and it varies even from bank to bank.
You will receive a credit card once you open an account and deposit a minimum quantity of money. This card can be used at ATMs and everywhere in Morocco (and sometimes a free checkbook as well). You can also have your company direct deposit your salary into your account, and you can pay your rent using your bank account or online. Remember that the majority of retailers and eateries only accept cash. In Morocco, debit cards are not uncommon; to obtain one, simply go to the branch and request one; you will most likely be charged a fee.
Can foreigners open a bank account in Morocco?
You don’t have to be a Moroccan resident to open a bank account, but you won’t be able to open one in dirhams if you aren’t. After you’ve finished the application, you’ll need to schedule an appointment with the branch manager to sign your bank contract.
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