The Unofficial Alcudia Smir Forum

Hello

I'm from the UK and do not yet have a bank account in Morocco. Can anyone in similar circumatances advise if they have set a bank account in morocco? a dirham account only to be able to lodge the rental income.

Could anyone provide a contact in order that i can set one up.

Many thanks

Hello Snippy

Please note that as a non resident of Morocco as I assume you are, you can only open a "Convertible" Dirham account which means that you cannot pay "Normal" Dirham into it.

If you open an account this is the situation:

1. Funds can only be paid in from abroad or another convertible Dirham account in Morocco from another non resident.

2. You cannot pay in cheques or receive transfers from residents or Moroccan nationals.

3. You cannot pay in cash.

This is due to exchange control regulations in Morocco ie the country limits the amounts that can be exported. When I say limit I mean that you have to justify the reason to the Central Bank and rent from another resident or Moroccan national is not considered justifiable.

It is very important therefore that all your original purchase documents are in order that is to say that you bought your apartment or whatever with funds from abroad. If this is so when you do sell your property you can repatriate those funds together with any profits made from the sale.

This is a very common problem that foreigners face when they sell their properties and find that they cannot take their money back home.

Pepe