Easy to open bank account?

moneyman

Hey guys

Just wondering - is it normally easy to setup a bank account in Morocco for property purchases.......?? im not following the traditional route to purchasing through a UK agent as im buying a resale property. so i wont have anyone helping me set it up!

Anyone have any experience in this area? and what do banks generally ask for???

Thanks in advance

tootsie

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!!

moroccomania

nice post tootsie! but just a small correction. as far as im aware, you CAN actually withdraw money from other branches of the bank using an ATM card. yes, if you're going into a bank, then i think you have to go to your own branch.

I hope the bankers will realise this problem and correct it soon.

MM

moneyman

Thanks for the info guys. Certainly helpful. My wife and I are planning a trip out to Marrakech again in 2 weeks, so will make sure we take all paperwork with us.

Hope to come back with a bank account in our name.....if all goes well.

thanks once again!

moneyman

moroccobound

To open a dirham convertable bank account, all you will need to present is your passport and around 10 pounds to deposit into the account. The whole process should take 10 minutes at most.

Financing in principle does work here, it is a totally foreign concept. Obtaining credit is fairly easy as long as you put down a min 30 to 40% and of course the property is worth the price indicted in the selling agreement. You have to remember that most selling agreements (unless you buy a new build from a developer and even then) do not state the actual price paid, but is understated by up to usually 30% (the amount of which you will pay in cash). The loan will be based on the stated price, not on the actual price. The banking system is very similar to the French banking sector.

The actual time you will need from application to actually getting the money into the notary's account is about 4 to 6 weeks.