Exchanging Money in Morocco: Everything You Need to Know

I’ve lived in Morocco as a digital nomad since January of 2023. Currently, I’m not a resident. Therefore, I do not have a Moroccan bank account and need to worry about exchanging money in Morocco ALL THE TIME.

Thankfully, it’s pretty simple to do if you know where to exchange money in Morocco. Personally, I wouldn’t bother withdrawing tons of local currency before entering the country.

Instead, I would just bring a debit card with no foreign transaction fees (like Wise or Charles Schwab or Revolut) and use a local ATM to withdraw money in Morocco upon arrival.

I like to use Attijariwafa Bank since they have high withdrawal limits and you can withdraw up to 8,000 Dirhams ($800.00) at a time.

This way you don’t have to pay for withdrawing Dirhams in Morocco. Just make sure that you withdraw your money from a reputable bank and not a private ATM.

I have heard horror stories about withdrawing money from private ATMs since it can be a scam and the ATM might just be in place to steal your personal information.

Now, while that is my favorite way to exchange money in Morocco, you can also bring local currency and exchange it at a money exchange office.

I don’t do this because I hate carrying large sums of cash and find the exchange rates at those places (even airports) to be pretty bad.

Ultimately, though, the choice is up to you. Do whatever works best for you. However, before you go off exchanging all your money, let’s look at some local tips that you can use when learning how to exchange money in Morocco.

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What Currency Does Morocco Use?

The Moroccan dirham is the official currency of Morocco and all cities in Morocco. The most common denominations are 200 Dirham bills, 100 Dirham bills, 50 Dirham bills, and 20 Dirham bills.

You also have 10 Dirham coins as well as 5 Dirham coins and 1 Dirham coin. Please note, that these are not all the denominations used but just the most common.

Local Tip: Remember that Morocco has a CLOSED CURRENCY. This means that Moroccan Dirhams are not sold on the international market. Therefore, you cannot get Moroccan Dirhams outside the country and must get them upon arrival.

This is done to protect the Moroccan economy from the volatile ups and downs of the global world market.

That being said, I have heard some people say that you can get them in some parts of the UK and in Spain. I am from the US and so do not have experience with this. I have heard the exchange rate can be poor in other countries that do have it.

So, I think it’s best to get Dirhams upon arrival. This way you have money when you meet your Morocco tour group.

Tips for Exchanging Money in Morocco

1. You Cannot Get Moroccan Dirhams Outside of Morocco

I know I literally JUST said this but I am repeating this because many people do not know this and it is really important.

Morocco has a CLOSED Currency. This means that you CANNOT freely buy and sell Dirhams outside of Morocco. Instead, you HAVE to get Dirhams once you arrive in Morocco.

You also should not take more than 2,000 Moroccan Dirhams outside of the country. If you take a smaller amount out of the country no one will do anything (like arrest you) and you won’t get in trouble.

But. since no one buys and sells Moroccan Dirhams, it’s pretty pointless to leave with them since you can’t exchange them anywhere. So, use that money to pick up cool Marrakech souvenirs before you leave.

FWIW, there are big restrictions on how much money can leave Morocco at one time. For example, my Moroccan partner had a huge problem taking his Moroccan Dirhams (from his bank account) and transferring them to USD in his American bank account.

This is because Morocco doesn’t want Dirhams leaving the country. So, residents are only allowed to transfer up to $1,000 USD out of the country at any given time.

Local Tip: Again, I am from the USA. So, this is based on my personal experience. I have heard that some people have been able to get Moroccan Dirhams in Spain and in the UK.

However, many people have told me that the exchange rate tends not to be great. So, you may want to get Dirhams upon arrival anyway.

I also heard the amount you can bring out of the country varies by country. But I have never heard of anyone getting into real trouble for bringing Moroccan Dirhams out of the country.

Just be sure to get cash before you get a Moroccan SIM card since some kiosks at the airport only accept cash.

2. I Like to Get Moroccan Dirhams from a Bank ATM

Many people talk about getting large amounts of cash and exchanging them for Dirhams at a currency exchange center. I never do this because I hate carrying around large amounts of cash.

I mean, what if I lose my cash or it is stolen? Then I will be really screwed. Morocco is safe and Marrakech is safe, but theft is always something to think about.

Additionally, the exchange rates at these places are notoriously terrible. Therefore, you will typically lose a decent amount of money whenever you exchange money from one currency to Moroccan Dirhams.

Instead, I use my debit card to withdraw money from local bank ATMs. I use Charles Schwab and Wise since there are no foreign transaction fees. This way, withdrawing Moroccan Dirhams from a local ATM is free.

Now, if you use another type of debit card then I would withdraw as much money as possible at one time. This is because the fewer times you withdraw money, the less fees you’ll have to pay.

Yeah, with these types of debit cards, you’ll get charged a nominal fee (between $2.00 and $5.00) each time you withdraw from a foreign ATM. So fewer withdrawals = less fees.

I would then carry only the cash you need for the day and put everything else inside the safe at your hotel.

Please note, that I ONLY withdraw money from reputable bank ATMs and never private ATMs. This is because you don’t know who is operating private ATMs and they could be trying to steal your account information.

Additionally, I always carry two debit cards with me whenever I travel. This way if something happens to one (like the ATM machine eats it) then I can always use another one to withdraw cash.

Local Tip: I have compared withdrawing money from ATMs and exchanging cash and the rates for withdrawing from ATMs are usually MUCH better. At least this way true the last time I was in Marrakech in February.

3. Always Carry Cash

Morocco is a very cash-based society and I always recommend carrying cash with you wherever you go.

Yes, hotels and restaurants in bigger cities (Tangier, Marrakech, Casablanca, Rabat, Agadir, and Essaouira) will usually accept credit cards, but some don’t. Taxi drivers also don’t accept credit cards, except if you are using the In Drive app.

So, if you are wondering how to get to Essaouira and want to use a group taxi, you will definitely need cash.

Additionally, most major attractions also don’t accept credit cards, unless you can pre-book tickets online with a credit card.

So, it’s always important to carry at least some cash. This way you will have a way to pay your bill, even if the internet goes down and the card reader stops working.

This becomes even more important in rural areas where cash is king and basically the only acceptable form of payment for any type of bill.

4. Withdraw Cash Before Visiting REALLY Small Villages

I recently went to M’hamid to ride camels, explore the desert, and marvel at the dunes of Erg Chigaga.

It was awesome and easily one of the most beautiful places in Morocco – except for the fact that the town only had one ATM and I was out of money.

So, I went to the ATM and what do you know? My card didn’t work. I asked the bank teller if there was a problem with the ATM and he insisted the issue was with my card and that the ATM was working just fine.

I then called my bank and they informed me that there was no issue with my card but an issue with the security of the ATM (or lack thereof).

Therefore, I highly recommend withdrawing money in Morocco BEFORE traveling to a really small town. This way if there is an issue with the local ATM, you still have money that you can use.

Thankfully, I was carrying a €50.00 bill and my hotel was able to exchange that into Dirhams for me so that I could buy a few things until I returned to Zagora.

5. Learn How to Use Moroccan ATMs

Moroccan ATMs are super easy to use and very readily available. So, you should have no problem finding a bank ATM to withdraw money from.

I usually do it in the safest cities in Morocco. This way I don’t have to freak out about someone stealing my cash after I leave the ATM.

All you need to do is insert your debit card (make sure they accept your brand of card i.e. Visa, Mastercard, etc.) and select English as your preferred language.

The ATM will then offer to do the currency conversion for you. I usually decline since my debit card has a much better exchange rate.

Next, you’ll want to select “Current Account” since this is the Moroccan equivalent of a checking account. Finally, the total amount of money you can withdraw at one time varies from bank to bank.

However, I have found that Attijariwafa Bank has the highest withdrawal limits and allows you to withdraw up to 8,000 Dirhams ($800.00) at one time.

This way you can buy cool souvenirs in Morocco and some good food in Morocco too.

Remember, you will be charged a fee to withdraw money. It is usually pretty minimal and is anywhere between $2.00 and $5.00 per transaction ($3.00 is most common).

But, if you use Poste Maroc – Al Barid Bank then there is no transaction fee.

Local Tip: Some banks require a travel notification before you can use your debit card to withdraw money from a foreign ATM.

So, be sure to do this if your bank requires it since the bank could put a stop on your card if you don’t inform them of your travel plans. Yeah, I forgot and this is very much what not to do in Marrakech.

Conclusion

That wraps up this guide on everything you need to know about exchanging money in Morocco. I hope you found this guide helpful and now understand that you’ll probably get a better rate from an ATM than a money exchange place.

I would also highly recommend getting a debit card with zero foreign transaction fees, whether it’s Wise, Charles Schwab, or some other bank you love. Do this and money exchange in Morocco will get a lot easier.

Just always be sure to have cash handy since Morocco still has a very cash-based society.

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