Morocco, a country located in North Africa, has a well-established banking system. In this article, we will explore the main local banks, international banks, accounts and services for expats, typical bank opening hours, areas of concern, and the process for opening a bank account in Morocco.
Local Banks in Morocco
The main local banks in Morocco are:
- Attijariwafa Bank – Attijariwafa Bank is the largest bank in Morocco, with over 4,000 branches worldwide. They offer a range of services, including personal banking, corporate banking, and investment banking.
- Banque Populaire – Banque Populaire is a cooperative bank in Morocco, with over 1,000 branches in the country. They offer a range of services, including personal banking, corporate banking, and investment banking.
- BMCE Bank – BMCE Bank is a Moroccan bank with international presence in Europe, Africa and Asia. They offer a range of services, including personal banking, corporate banking, and investment banking.
- Credit Agricole du Maroc
- Societe Generale Maroc
https://www.creditagricole.ma
International Banks in Morocco
In addition to the local banks in Morocco, there are also a number of international banks with a presence in the country. These include:
- Citibank – Citibank is a multinational bank with a presence in over 160 countries worldwide. They offer a range of services, including personal banking, corporate banking, and investment banking.
- HSBC – HSBC is a British multinational bank with a presence in over 60 countries worldwide. They offer a range of services, including personal banking, corporate banking, and investment banking.
- Standard Chartered Bank – Standard Chartered Bank is a British multinational bank with a presence in over 60 countries worldwide. They offer a range of services, including personal banking, corporate banking, and investment banking.
Accounts and Services for Expats
Many banks in Morocco offer accounts and services specifically aimed at expats. These include:
- Foreign currency accounts
- International money transfers
- International credit cards
- Multilingual customer service
Expats should check with their chosen bank to see what specific accounts and services they offer.
Typical Bank Opening Hours in Morocco
The typical bank opening hours in Morocco are:
- Monday to Friday: 8:30 AM to 3:30 PM
- Saturday: 8:30 AM to 12:30 PM
- Sunday: Closed
Areas of Concern
One area of concern for expats in Morocco is the high cost of living. Banks in Morocco may also have high fees and charges for their services, so it’s important to compare different options before choosing a bank.
Opening a Bank Account
To open a bank account in Morocco as an expat, follow these steps:
- Choose a bank that meets your needs and make an appointment with them.
- Bring the necessary documents, which may include your passport, proof of address, and proof of income.
- Complete the application form provided by the bank.
- Provide any additional information or documents requested by the bank.
- Wait for the bank to process your application.
It’s important to note that opening a bank account in Morocco may require a significant initial deposit, and the bank may require you to maintain a minimum balance in your account. Additionally, some banks may require you to provide references or undergo a credit check before opening an account.