| Re: Easy to open bank account?
Hi moneyman,
The banking system in morocco is very similar to the uk in certain respects. But its always advisable to go out to Morocco and open an account rather than doing it from abroad. It's easy to open an account in morocco. Societe General and Banque Populaire seem to be the stable and popular banks. Some pointers:
a) Try and open the account in a branch in your town or area where you live. Its weird, but you can only withdraw money from the branch that you open an account in!!! Strange, but true!
b) You cant open the account in local currency if you are a foreigner. You have to open it in a foreign currency like Sterling or Dollar. However, the amount you deposit is quite nominal - I think something like £100 or so (not too sure!)
c) No interest is payable on the account, so if youre going to use the account for large sums for a long period of time, its advisable to leave the funds in your own country until you really need to transfer.
d) ATM cards are available, although the country is still predominantly cash driven.
Finally, make sure you take all relevant documentation when going to open the account and if possible, have a local notary or some local person with you just in case you encounter staff that don't speak english.
Good luck!! |