The dirham is not freely convertible. To allow non-residents and Moroccans living abroad to invest in Morocco without locking their capital in, the foreign exchange rules created a special regime: the convertible dirham account.
Its principle fits in one sentence: funds that come in as foreign currency, properly traced, can go out again as foreign currency. What comes in as ordinary dirhams carries no guarantee of ever leaving.
That is the most important rule on this page, and the one that costs the most when it is discovered too late.
Documents required
- Passport or CNIEIn date
- Proof of residence abroadResidence permit, resident card, consular registration
- Proof of address abroadA recent utility bill
- Foreign currency transfer advicesTo be kept indefinitely - they are the proof of your right to transfer money out
The procedure, step by step
- Open the right account from the start
Tell the bank explicitly that you want a convertible dirham account. Do not assume it is automatic because you are an MRE.
- Fund it in foreign currency only
A transfer from abroad, or the exchange of currency brought in and declared. A cash deposit in dirhams loses the benefit of the regime.
- File every transaction
Transfer advices, exchange slips, statements. Without traceability, there is no transfer out.
- Invest from this account
A property purchase, a subscription to a company’s capital: payment must leave the convertible account for the investment to inherit the regime.
- Transfer the money out when the time comes
Sale proceeds, rent, dividends: the bank processes the application on the basis of your evidence of the origin of the funds.
Pitfalls to avoid
- Funding the convertible account with cash in dirhams: the operation changes its nature.
- Paying part of a purchase from an ordinary account - that share loses the benefit of the regime.
- Throwing away transfer advices after a few years. They are needed fifteen or twenty years later, at resale.
- Confusing a convertible account with a foreign currency account: the first is denominated in dirhams, the second keeps your euros or dollars. The exchange rate risk is not the same.
Frequently asked questions
What is the difference from a foreign currency account?
A foreign currency account keeps your euros or dollars: no exchange rate risk, but no direct use in Morocco. A convertible dirham account converts on the way in, which exposes you to exchange rate risk but lets you pay locally while keeping the right to transfer money out.
Can rent from a property bought in foreign currency be transferred out?
Income from an investment made in foreign currency and properly declared benefits from a right of transfer, on the terms set by the foreign exchange rules. The bank processes each application on the evidence provided.
Can an ordinary account be converted into a convertible one?
No. It is the origin of the funds that determines the regime, not the name of the account. Capital built up in ordinary dirhams stays subject to the ordinary rules.
Does this regime also apply to foreign nationals?
Yes, non-resident foreign nationals investing in Morocco come under comparable logic: an investment in foreign currency, properly declared, and a right to transfer the proceeds.
Last updated: January 2026 · Indicative estimate - check with the relevant administration.