Sending Money to Morocco: The Best Money Transfer Options

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Top Money Transfer Services to Morocco

1. Wise – Best all-round transfer service to bank accounts

Wise is an online-only international money transfer service and it’s our go-to method of choice. Here’s why:

Pros:

• Low Fees and Transparent Pricing: Wise costs less than some better-known transfer services such as PayPal.  Wise is also renowned for its transparent pricing structure.  We like the clarity of knowing upfront how fees are applied.
• Real Exchange Rate: Wise uses the real, mid-market exchange rate for conversions, potentially saving you a significant amount compared to traditional banks.
• Fast and Reliable: Transfers to some countries are completed within one business day.  In the case of transfers to Morocco, it takes a few days. Every transfer we made through Wise has arrived at its destination bank account by the date they promised.
• Convenient: Easy online setup. We like the flexibility of using their phone app or their website. In both cases, the interface is clear and easy to use. You can pay the sum to transfer (plus fees) using your bank card.

Limitations:

• Limits on Large Transfers: For very large amounts, there might be cheaper alternatives due to Wise’s fee structure.
• Requires Bank Accounts: Both sender and receiver need a bank account.

To find out more about Wise and to see how much your money transfer will cost, go directly to their website here.

2. Online-Only Alternatives to Wise for Money Transfers

Here is a list of alternatives to Wise which each have special features (we haven’t tried any of these money transfer services ourselves so can’t personally comment on the ease of use or reliability):

• Revolut – Includes additional financial services like budgeting tools and cryptocurrency exchange.
• TransferGo – Allows for the scheduling of transfers, which can be handy for regular payments.  Also the receiver doesn’t need a bank account.
• Remitly – Often runs promotions for new users, such as discounted or free first transfers.
• Xoom (A PayPal Service) – Provides options for cash pickup and bill payments in addition to transfers to bank accounts. (Service not available for PayPal business accounts)

3. Bank Transfers – Best for security

Pros:

• Secure: Banks offer a high level of security for international transfers.
• Direct Transfer: Money goes directly into the recipient’s bank account.

Cons:

• High Fees and Margins on Exchange Rates: Banks often charge high fees and add a significant margin on the exchange rate.  Check your bank’s exchange rates and fees.
• Slower: Transfers can take several days to complete.
• Not as reliable as Wise in our experience: Some years ago, we tried to send money from our French bank account to a UK bank account to pay for our wedding caterer. The money didn’t arrive in the receiving bank account and we had to pay 30€ to get the money traced and returned.

4. Money Transfer Services with Physical Offices (e.g. Western Union, MoneyGram) – Best for cash pick-up

Pros:

• Widespread Availability: With numerous physical locations, these services are accessible to people without bank accounts or to those who prefer not to use online services.
• Cash Pickup: Recipients can collect cash without needing a bank account.  We have collected cash from Western Union in Morocco and found the process simple and straight forward for the receiver who only needs the code and their ID.

Cons:

• Higher Fees: We once sent money to Morocco from one of the Western Union agencies in France and found the fees very high (much higher than you would pay online).  Fees can also be especially high for rapid transfers. 
• Variable Exchange Rates: Exchange rates may not always be competitive.  It’s best to compare rates with online-only platforms.

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Have you tried any of the methods described above or know of other services that should be included in our list?  Tell us about your experience in the comments below.