How to Open an Overseas Banking Account in Morocco?21 min read

How to Open an Overseas Banking Account in Morocco?21 min read

By opening a banking account in Morocco you can manage your financial transactions remotely from any location outside the country. 

With an overseas Moroccan bank account you can manage payments, income reception and fund investments while remaining outside of Morocco.

This article will provide a detailed guide on the process for foreigners and non-residents to open an overseas bank account in Morocco. 

You will learn about eligibility requirements and necessary documentation. You will gain comprehensive knowledge about establishing an offshore Moroccan bank account from abroad by the conclusion of this article.

Opening international bank accounts appears difficult but becomes simple when you receive appropriate guidance.

Summary ⇒ This article will guide you through transferring funds internationally as well as discuss foreign account options, transaction limits and fees along with advice on choosing the best bank for overseas banking services. The final outcome will give you a complete understanding of maximizing Morocco’s financial system when you are abroad.

How to Do Overseas Banking in Morocco?

Several overseas banking options exist in Morocco which differ based on your specific needs and where you live.

Large Moroccan banks operate branches in major cities which non-residents can visit to open an account in person. However, this requires traveling to Morocco.

Digital banking platforms in Morocco continue to expand their services by focusing solely on customers residing outside the country. Customers can set up and handle their accounts entirely through online platforms without needing to visit any physical branch locations.

Moroccan banks have developed mobile banking applications which enable their current customers to manage their accounts and execute transactions while they are outside of Morocco. 

Establishing any new bank account necessitates submission of an application through either an in-person visit or an online process.

An online-only bank provides the best solution for remote overseas banking services without requiring travel. We need to investigate which individuals qualify to open an account and what the process entails with one of Morocco’s digital offshore banks.

Who Can Open an Overseas Banking Account in Morocco?

Your ability to open an overseas Moroccan bank account is determined by your residency status together with your nationality.

The following can open an overseas bank account in Morocco:

• Moroccan passport holders who live outside the country are eligible to open non-resident accounts with online banks from abroad.
• Citizens from foreign countries are permitted to establish offshore accounts upon successful verification of their identity and address. A valid passport represents a fundamental requirement.
• Moroccan nationals who live outside of Morocco on a full-time basis qualify for offshore banking solutions designed for non-residents.
• Students from overseas who have Moroccan family connections or who plan to work in Morocco after finishing their studies can open student accounts through some banks.
• International corporations as well as businesses run by foreign nationals can establish corporate bank accounts in Morocco from outside the country.

Digital banks serving international markets will allow remote bank account openings for Morocco when customers demonstrate a legitimate banking need and supply standard KYC information.

What are the Requirements to Open an Overseas Banking Account in Morocco?

Different banks may request slightly different documentation but most require these standard documents and information.

Requirements for an overseas bank account in Morocco

• This document functions as the essential proof of identity. A clear scanned copy or hard copy must be submitted.
• You need to provide a recent utility bill or bank statement as well as a lease or alternative document that shows your current residential address.
• Banks require a source of funds declaration to establish where your incoming money comes from to meet anti-money laundering laws.
• A bank reference is optional but including your existing account contact details can strengthen your application.
• Pay stubs along with tax records and business registration documents that show your income serve as evidence to validate your financial status.
• Your application form must contain your date of birth information along with your nationality and occupation details.

Online banks such as The Kingdom Bank offer streamlined application processes by enabling electronic document uploads. 

Qualified people can establish their Moroccan bank account completely through digital means without requiring any physical verification.

Can Non-Residents Open a Bank Account in Morocco?

Moroccan offshore bank accounts are accessible to non-residents who don’t reside permanently in Morocco when they fulfill the necessary eligibility conditions. 

The Kingdom Bank provides digital banking services designed specifically to meet the requirements of international clients who live outside their home country.

Through The Kingdom Bank’s digital platform non-resident Moroccans overseas together with foreign nationals connected to Morocco students studying abroad and offshore businesses can establish international Moroccan bank accounts without physical presence in the country.

Non-resident account holders benefit from remote financial management capabilities, competitive cross-border fund transfer rates and remote investment options in Moroccan markets. 

Digital banks deliver the ultimate hassle-free experience for foreign banking operations.

What Documents are Needed to Open an Overseas Banking Account in Morocco?

Opening an online account with The Kingdom Bank as an overseas client requires submission of standard documentation.

• A scanned digital image of either your passport or ID card will meet the verification requirements.
• Proof of address requires a recent utility bill or bank statement along with any official document that indicates your current residential address.
• The source of wealth statement requires you to provide a brief explanatory paragraph detailing how you obtained your funds because it is a necessary part of regulatory requirements.
• You can enhance your application by sharing your existing bank’s contact details which is optional yet beneficial.
• You can prove your earnings through pay stubs, tax filings or business registration documents whether you work for someone else or run your own business.

Users can submit all necessary information for their application online without using any physical paperwork. The bank processes your information automatically once you upload your documents to verify your identity and evaluate your suitability. 

Upon receiving approval you can begin using your newly opened international Moroccan bank account immediately!

Opening an overseas bank account in Morocco enables individuals to manage their finances conveniently from overseas. 

Digital banks streamline the application process which enables qualified individuals and corporations to open international Moroccan bank accounts entirely through digital means.

Non-resident Moroccan citizens along with foreign nationals, international students and offshore businesses have the ability to open these accounts. Digital submission of proof of identity, proof of address and proof of source funds is required for basic account setup. 

Online banks such as The Kingdom Bank provide specialized services to international clients who want to access Moroccan banking facilities remotely from their overseas locations.

Explore the available digital banking solutions if you want to remotely control Moroccan financial transactions and investments. 

Begin your journey today through The Kingdom Bank’s website to discover our banking services and how to apply for a Moroccan bank account online from any global location.

How Can I Transfer Money Internationally from My Moroccan Overseas Banking Account?

Opening overseas accounts allows users to easily move money across international borders. A Moroccan account provides multiple simple ways to send and receive money from abroad.

Wire transfers stand as the leading method for international money transfers. A wire transfer allows you to electronically direct your overseas bank to move money to your Moroccan account or vice versa. 

The typical charge for banks when sending electronic funds through wire transfers ranges from $25 to $50 USD. 

Wire transfers take 1-3 business days to arrive but select banks provide same-day delivery services for extra charges.

Direct debits provide a convenient method for setting up recurring payments. It gives individuals and companies the ability to schedule automatic withdrawals from your Moroccan account on your chosen dates for payments like rent or utility bills. 

Ensure you have enough money in your account on the scheduled debit dates.

What Types of Accounts Can Foreigners Open in Moroccan Banks?

Foreigners looking to open a bank account in Morocco will find multiple account types available to meet their specific requirements. 

The following account options represent the most frequent choices available to customers.

• A Savings Account functions as an interest-earning bank account for storing cash. The minimum deposit requirement for these accounts typically stands at about $500 USD. The interest you earn could be subject to local withholding taxes.
• The Checking Account enables customers to write checks and use a debit card for everyday purchases. Minimum deposits are usually $1000-2000 USD. Banks eliminate monthly maintenance fees when customers keep their account above a specified balance level.
• Time Deposit Account is a fixed-term savings option similar to a CD which offers higher interest rates when you lock funds for 1-5 years. Early withdrawal penalties may apply. Minimum deposits are $2500 USD or more.
• Open an account with a Moroccan resident partner to manage finances together. Both parties maintain complete control and obligation regarding the account funds.
• Foreign students receive reduced or waived fees on their Student Account. Customers may receive cashback on purchases and enjoy free home wire transfers as special account benefits. Photo ID and enrollment verification required.

Moroccan banks like The Kingdom Bank offer various account types that meet both personal and corporate banking requirements.

Are There Any Restrictions on International Transactions for Overseas Accounts in Morocco?

Morocco has grown more accepting of non-resident banking but maintains certain transaction restrictions to safeguard its financial system while meeting international regulatory standards. 

These essential details explain the limitations placed on overseas accounts in Morocco.

• The Moroccan dirham (MAD) functions as a currency with limited convertibility. Accounts are permitted to hold MAD while substantial exchange controls restrict the conversion between MAD and foreign currencies.
• International wire transfers can be subjected to monthly or yearly transaction caps which vary according to both the type of account and the level of account verification. New basic savings accounts are restricted to $2000 per month for wire transfers.
• Financial institutions report cash transactions involving amounts greater than $10,000 USD to authorities in order to prevent money laundering activities. Verification of fund sources is essential for regulatory compliance.
• The central bank allows Moroccan citizens living abroad to make one annual tax/inheritance wire transfer within a capped amount without any fees.

The Kingdom Bank overseas accounts offer transaction limits that compete well against others throughout Morocco. 

The digital banking platform of this institution makes regulatory processes more efficient which allows law-abiding clients to execute significant transfer volumes without problems.

What are the Fees Associated with Opening and Maintaining an Overseas Banking Account in Morocco?

A financial institution requires fees to maintain its service operations. The fees charged by Moroccan banks show significant variation across different institutions. 

Customers should consider shopping around because The Kingdom Bank charges fees that are among the lowest in the Moroccan banking market. 

Customers benefit from free wire transfers and unlimited ATM withdrawals with no international fees.

Which Bank is the Best to Do Overseas Banking in Morocco?

Choosing the most suitable bank for international requirements becomes challenging when faced with a wide range of options. 

The Kingdom Bank emerges as our top recommendation for international banking services in Morocco based on its multiple benefits.

• Cutting-edge online and mobile platforms allow customers to manage their accounts from any location.
• The international banking license which this institution holds is widely recognized for offering financial stability and legal security.
• Customers can benefit from unlimited transaction amounts and no fees when transferring funds or withdrawing cash from ATMs around the world.
• Clients receive protection from fraud and cybercrime through multiple security layers combined with data encryption.
• The entire onboarding procedure takes place online remotely so clients do not need to travel to Morocco. Accepts non-residents worldwide.
• Customers can access outstanding live support through phone calls, emails or chat sessions which provide swift responses in English.
• The bank leads the industry with its innovative banking services including cryptocurrency support and IBAN accounts.

You can create a The Kingdom Bank account in only 15 minutes through our online platform.

Users can access global banking services immediately after submitting basic KYC documents upon registration and enjoy one of the top affordable banking solutions available to international clients.

Opening an overseas banking relationship with The Kingdom Bank offers a secure and accessible entry point to Morocco’s expanding financial market for foreign clients. 

The streamlined digital platform combined with competitive fees helps non-residents overcome traditional barriers to international banking. 

Proper guidance enables seamless management of funds and global money transfers. Contact The Kingdom Bank today to begin the process since you might establish your new foreign account in just one hour.