daysmoroccotours@gmail.com     +212 644 070 504
daysmoroccotours@gmail.com     +212 644 070 504

Moroccan Currency

Moroccan Currency, Moroccan dirham

The Moroccan currency dirham (MAD) is the country’s legal currency. There are 100 centimes in a Moroccan dirham. While coins exist in values of 1, 2, 5, and 10 dirhams as well as 10, 20, and 50 centimes, banknotes are available in quantities of 20, 50, 100, and 200 dirhams. It is crucial to exchange any remaining dirhams before leaving Morocco since the Currency of Morocco is a closed currency that cannot be exchanged outside of Morocco.

Change in Value

Depending on the state of the market, the Moroccan dirham’s (MAD) conversion rate to euros or US dollars (USD) might fluctuate. The currency rates are approximate: as of June 1st, 2023.

– 1 Moroccan dirham (MAD) is equivalent to 0.09 euro (EUR).
– One Moroccan dirham (MAD) is equal to one US dollar (USD).

Please be aware that depending on the source you choose for currency conversion, these exchange rates might fluctuate. Before engaging in any currency trades, it is wise to verify the current exchange rates.

Which currencies are available for exchange in Morocco

You may exchange a wide range of popular currencies in Morocco, including:

USD: US dollar
The euro (EUR).
– The pound sterling (GBP)
– The Canadian dollar
– The Swiss franc (CHF).
– JPY, the Japanese yen
AUD: Australian dollar

Banks, exchange bureaus, and some bigger hotels in Morocco all provide these currency conversion services. Avoid exchanging money on the street or with unregistered currency traders and browse around for the best exchange rates. Furthermore, keep in mind that certain locations may not take specific currencies, so it’s a good idea to have some Moroccan Moroccan currency dirhams for modest transactions.

the use of credit cards in Morocco

Credit cards are often accepted in Morocco’s main cities and tourist sites, while smaller stores and certain local businesses are less likely to do so. Smaller establishments, particularly those in more rural or suburban locations, could only take cash. Therefore, it is advised to have some Moroccan currency cash on hand while making purchases at Morocco’s tiny shops or marketplaces. Additionally, it is simple to withdraw cash as required since ATMs are extensively distributed in most cities and villages.

The Moroccan currency is the dirham.

It all depends on the location you wish to visit when deciding when to go to Morocco. The ideal season to visit the nation is often April when the sceneries are at their most beautiful and the trees are in flower.

The currency of Morocco is the dirham, and all pricing will display its acronym adjacent to the numerical value, often after that number. There are two methods to display that acronym:

DH or DH?

– MAD, which stands for Moroccan Dirham and is the currency’s ISO code.

The initials DH or dh are often used to indicate goods pricing on a daily basis, but the acronym MAD typically has a more global connotation when discussing currencies or when the text is written in English. On the other hand, bear in mind that, particularly in the souks, you will often encounter the price in Morocco without the abbreviation in letters (neither DH nor MAD). The Moroccan custom of haggling, which is described below and on the Customs and Traditions page, suggests that the worth of products is left “open,” and this is primarily to blame for it.

The Moroccan dirham is divided and grouped into coins and banknotes.

Similar to almost all other currencies, the dirham in Morocco is split into smaller fractions, in this instance, cents, to more accurately reflect the cost of products and services. Additionally, dirhams are divided into coins and notes of various denominations above the unit to make handling the money simpler.

You can hold the following dirhams and cents in your hand:

– Money notes:

– 20 DH

– 50 DH

– 100 DH

– 200 DH

– Coins:

– 1 cent

– 5 cents

– 10 cents

– 20 cents

– Half a DH (dirham).

– 1 DH

– 2 DH

– 5 DH

– 10 DH

Equivalence of the Moroccan currency, the DH

This is an important issue since your ability to spend money in Morocco will rely on how the Moroccan dirham compares to the currency of your home country.

As one may expect, the Moroccan dirham’s equivalent differs depending on the foreign currency. And as is customary in the currency market, it changes every day. So that you may have the most precise information possible, we advise that you verify the Moroccan currency’s equivalent to the currency of your nation before leaving.

We can provide you with the following figures, which were accurate as of the day this information was written (end of August 2022), as a general guide:

– This is what 1 dirham is worth.

– 0.09 US cents

– 0.095 Euro

Mexican pesos 1.92

Argentine pesos 13.15

84,49 Chilean pesos

(Colombian Pesos) 418.77

Uruguayan Pesos 3.84

654.31 guarantee units

Brazilian Reals 0.49

– 0.36 soles of Peru

0.66 bolivianos.

– 0.74 bolivars de Venezuela

– 0.082 British pounds

– Alternately, you might say:

– 10.55 Dhs are needed to buy 1 USD.

– 1 EUR = 10.53 DH.

– One Mexican peso is equal to 0.52 Dutch guilders.

– The value of 1 Argentine peso in DH is 0.076.

– One Chilean peso equals 0.012 DH.

– One Colombian peso is equal to 0.0024 Dutch guilders.

– One Uruguayan peso is equal to 0.26 Dutch guilders.

– One guarani equals 0.0015 DH.

– One Brazilian real is equal to 2.06 Danish crowns.

– One Peruvian sol is equal to 2.75 Dutch guilders.

– 1.53 DH are equivalent to 1 boliviano.

– 1.35 DH are equal to 1 bolivar in Venezuela.

– 12.26 DH is equivalent to 1 pound sterling.

 

In Morocco, where can I exchange currency? Bank offices and branches

The greatest place to exchange money is in the nation where you were born. You may accomplish this by visiting your bank and making the request a few days or weeks in advance. We suggest you to verify the policy of the bank where you wish to execute this service in advance as it can be limited to clients of that bank. Additionally, you may visit any exchange office in your city.

The easiest option to get dirhams in Moroccan banknotes and coins is to go to a bank if you still need to exchange money while travelling. Typically, banks provide this service to visitors from other countries, and it is a simple process for both sides. Exchange rates differ from bank to bank, therefore we advise you to compare before choosing.

Except for holidays, which you may verify on this website, bank offices are typically open from Monday through Friday. Except for during Ramadan, when opening hours may be altered or decreased, the regular operating hours are 8.30 a.m. to 3.30 p.m. You may exchange traveler’s checks in addition to foreign money at these bank branches.

In our experience, the Banque Marocaine du Commerce Extérieur (BMCE), which is today a member of the Bank of Africa group, is the organization that often provides this service at more favorable terms. Please be aware that there can be an extra fee for credit card advances.

A variable rate above or below the exchange rate provided by the banks is also available for this service at bureaux de change. In tourist locations, exchange offices are strategically placed, mainly in city centers, airports, border crossings, and seaports. Some hotels may also have their own bureau de change, particularly if they have expansive amenities like resorts. One benefit of bureaux de change is that they may be open on weekends and have extended hours compared to bank offices.

In any event, you may examine the Office des Changes page (in French, English, Arabic, and Amazigh), which is the Moroccan exchange agency, or go to the website of the Central Bank of Morocco for information on the rules and exchange policy.

 

Finally, you should be aware that a lot of regional businesses accept payments made in different currencies. The Euro is the one that is most widely used. You should be aware that in this situation, the price to be paid to the merchant may be somewhat more than the equivalent in the local currency since they will have to pay the associated fees to convert your euros to dirhams later.

Using ATMs to withdraw money in Morocco

Another even simpler but certainly more costly option is to use your bank card to make a straight cash withdrawal using the currency of Moroccan from one of the ATMs located around the nation. Almost any ATM will allow you to accomplish this using a Visa or MasterCard, both of which are recognized by Moroccan banks.

And the reason we say it is more costly is because, in addition to the conversion rate that is applied in this fashion, there will also be a fee that the banks charge those who use their network but are not clients of theirs, particularly when this occurs overseas. Due to this, we offer you two crucial pieces of advice:

– Since the fee of each cash withdrawal varies, be fully informed about it. This indicates that instead of frequenting the ATM several times to withdraw little amounts of cash each time, you may choose to withdraw more money in fewer transactions.

– If at all possible, carry out this activity within that bank branch’s regular business hours. In this manner, you will have access to the branch employees for any situation.

In Morocco, using credit cards for payment

Paying using a credit or debit card is an even more practical option to avoiding currency exchange. The transaction will be automatically paid in dirhams in this manner, so you won’t need to have any on hand. Furthermore, because you won’t need to carry about as much cash in your pocket, it is a safer method of managing money. However, how common is the usage of credit cards in Morocco, and are dataphones and other forms of payment often available in stores?

This kind of payment has long been prevalent at upscale hotels as well as in specific types of shops and eateries. But these days, their usage has also extended widely, particularly at supermarkets, gas stations, and general retail establishments. However, it is less often used in traditional shops in the medina, booths in souks and marketplaces, and shops in rural regions. This is due to the fact that using POS terminals requires an investment or charges in the form of commissions that many retailers cannot assume. These retailers likely use the excuse that their equipment is now faulty to get out of paying these costs. As a result, in these situations, we advise you to be prepared with cash to make the payment.

It is true that everyone may become a victim of fraud, as it does in any other nation on earth. Due to this, we offer you the following succinct advice:

 

– Refuse to allow the merchant to bring your card to the POS or take it to another place to enter. The responsibility for entering, approaching, or inputting the code into the device should always be yours.

– When you are going to input the code, cover the POS keys with your other hand or an item (a piece of paper, a hat, etc.).

– Request the transaction ticket at all times.

– Verify that the charge was as anticipated and that there were no further erroneous charges by checking your bank account.

– Report any suspect credit card activity to your bank.

 

How are Moroccan prices?

When asked how much it costs to live in Morocco, a Moroccan is likely to respond, “Very expensive” given their income. And he might be correct. How it compares to the cost of living in your own country is very different. The likelihood that it will be smaller in such a situation means that you will be able to get by on a budget that is more modest.

Of course, you should remember that indulgences, like a drink, cost money. This is due to the fact that it is seen as an item that is prohibited by Islam due to its alcoholic nature, and the expensive cost of it in Morocco further discourages usage.

Of fact, costs in Morocco vary significantly depending on the location, the city, and even the neighbourhood. Therefore, it is helpful to turn to specific indicators or international comparators that display typical pricing for particular items and activities in order to gain an understanding of this.

In this regard, we provide you with a selection of traveller-relevant costs converted to US dollars at the time of writing this article (August 2022). Due to the stark differences in living expenses between the two locations we selected as sample, we also included the anticipated average price for those goods and services throughout the whole nation:

– Marrakech: Despite not being the nation’s capital or its most populous city, Marrakech has the largest tourist draw, which is reflected in its relatively high pricing, particularly in sectors primarily focused on tourism, such the hotel business. In any case, it falls short of other major cities throughout the globe. For instance, it is predicted to be about 41% less expensive than Barcelona.

– A multi-course dinner for two persons at a mid-range restaurant costs 350 DH ($33.17).

– A McDonald’s basic meal costs 57.50 DH ($5.45).

– A 33 ml. bottle of imported beer costs 50 DH (4.74 $).

– The cost of a cappuccino is 17.50 DH (1.66 $).

– A single local transportation ticket costs 4 DH (0.38 $).

– Taxi cost for one km: 5 DH (0.47 $)

– A liter of gasoline costs 14.03 DH ($1.33).

– A pair of average-quality or comparable jeans costs 325.64 DH ($30.87).

– The average monthly wage (net) is 3,829.97 DH (363.02 $).

 

– Ouarzazate: regarded as the entrance to the desert. Its cost of living is substantially cheaper than that of other cities due to its position south of the Atlas and relative distance from major towns. In any event, since it has a larger population than most small towns in the countryside, its costs are greater than those elsewhere.

– A multi-course meal for two persons in a mid-range restaurant costs 100 DH ($9.48).

– A McDonald’s basic menu costs 40 Dhs ($3.79 Dhs).

– A single (30 ml) imported beer costs 37.50 DH (3.55 $).

– The cost of a cappuccino is 13.33 DH (1.26 $).

– A single local transportation ticket costs 6 DH (0.57 $).

– Taxi cost for one km: 5 DH (0.47 $)

– One liter of fuel costs ten dinars ($0.95)

– Jeans of average quality or comparable: 200 DH ($18.96)

– The average wage is 3,000 DH ($284.35).

– In general, Morocco’s cost of living is thought to be around 40% cheaper than that of Spain, the country’s nearest neighbor in Europe.

– A multi-course meal for two persons at a mid-range restaurant: 200 DH ($18.96)

– A McDonald’s basic meal costs 55 DH ($5.21)

30 cl. of imported beer costs 300 DH ($2.84).

– The cost of a cappuccino is 15.61 DH (1.48 $).

– A single local transportation ticket costs 5 DH (0.47 $).

– Taxi cost for one km: 7 DH ($0.66)

1.18 DH ($1.22) equals one liter of gasoline.

– Jeans of average quality or comparable: 282.85 DH ($26.81)

– The average annual wage is 3,990.78 DH ($378.26).

 

Morocco’s guidelines for tipping

While giving tips is entirely optional in Morocco, they are sometimes more or less required by customers. Particularly at the higher class establishments, a tip of 10% to 15% of the bill is customarily included. On the other hand, Morocco may consider leaving a little gratuity acceptable in modest shops or for low-value services.

Certain services, such those provided by tour guides, bath cleaners, or hammam guards, depend heavily on gratuities to support their livelihood. And in other circumstances, as when valet parking is provided, the gratuity is really their sole source of income.

How Moroccans engage in negotiations

Due to the significance of bargaining in Moroccan culture, a significant portion of the Customs and Traditions page has been devoted to it. There, you may get advice on when to utilize it, under what circumstances, and other helpful pointers to use at that time.

Leave a Reply

Contact Days Morocco Tours

Email: daysmoroccotours@gmail.com

whatsapp:

+212 (0) 644070504

+212 (0) 699339131

contact us

error: Content is protected !!