Moroccan Currency and Banking

TEFL Trainees / ESL Teachers

The currency of Morocco is known as Moroccan Dirham or MAD/Dh. Dirhams are divided in 100 centimes. Currency in Morocco is issued by the Bank of Al- Maghrib. The students coming for the TESOL course in Morocco can exchange their money at the hotels, airports or at the banks. One Euro is about 11 Dirhams.

The big hotels and shops accept major credit cards like Visa, Master card and American Express. Maestro or other cards are not widely accepted. It is not possible to exchange Travelers cheques in Morocco.

Moroccan Banks works similarly as the European banks. The banks in Morocco are connected to the SWIFT global payment system allowing them quick execution of foreign currency transfers world-wide. Non residents can also open accounts with the banks with foreign currency. ESL teachers in Morocco who plan to stay long term can open their accounts here. Some of the major banks in Morocco are:

  • Bulbank
  • Biochim
  • Societe Generale
  • Eurobank
  • Demirbank
  • Economic & Investment Bank
  • Procredit Bank
  • United Moroccan Bank
  • ING bank

The banks in Morocco follow their own timing, which the foreigners might not be used to. Summer hours are different in the banks than rest of the year.