About Morocco: Money
The Moroccan Dirham
Dirham (Dh) is the Moroccan currency. Its international ISO-standard abbreviation is MAD. However, all the prices in Morocco are written with "Dh".
1 Dirham = 100 centimes.
There are four Moroccan dirham banknotes: 20 Dh, 50 Dh, 100 Dh and 200 Dh.
Banks and ATMs
The main banks in Morocco are:
- Attijariwafa bank (the biggest bank in the whole Maghreb)
- BMCE bank (Banque Marocaine du Commerce Extérieur)
- BMCI bank (Banque Marocaine pour le Commerce et l'Industrie, part of the French BNP Paribas group)
- Société Générale Marocaine (Moroccan franchise of the French Groupe Société Générale bank)
- Groupe Banques Populaires
The banks in Morocco have switched to western-style working hours and most are open from 8.30am to 4pm. This is very useful, because nearly all the other institutions and private companies have retained the Moroccan working hours schedule (meaning there is a lunch break from 12am to 3pm). This gives you the opportunity to do any transaction you need without having to wait in long queues. Visit the bank of your choice around 1pm or 2pm.
Also, you must be aware that waiting in queue isn't respected in Morocco. People just walk up to the teller as they please. This is also the reason why you'll have no privacy. Other persons will just look at you doing your money transactions, because they are impatient and can't wait to finish their business with the bank. This can be puzzling and uncomfortable, but you'll have to get used to it.
ATMs in Morocco are somewhat unreliable. Your international debit/credit card will be accepted by most ATMs. However, there are times when the ATM will tell you that you have received your money, while none of it went out of the machine. You can file a complaint with the bank in question, wait a month or so to be told that the transaction was valid, because their records show it to be so. To err on the safe side, it is best to withdraw money directly at the bank teller. If you want to use an ATM, know that BMCE bank's machines have proven to be more reliable than those of other banks.
Currency Exchange
Generally, foreign currency can be exchanged in Morocco in banks only. If you see a money exchange office, it is very likely operated by a bank. There are no private companies that offer money exchange services. Which is fine, because the banks offer you a reliable exchange ratio.
Always count your money! Some bank clerks can be "forgetful" while giving you dirhams for your foreign currency. Also, when exchanging larger sums of foreign currency, the bank clerk will just pass the banknotes thorugh a money counting machine and will not verify the sum by doing a hand count.
It is also good to know that in medinas, when buying the cratfsmanship products and souvenirs, foreign currency is accepted (euros and dollars). Even some restaurants accept foreign currency (not officialy). Of course, you should always have dirhams with you, as the main currency and method of payment.
For more details on foreign currency and border formalities, please read about money and Moroccan customs.