There aren’t as many banks as you would find in other parts of Africa, but there isn’t a shortage of current accounts in Morocco either.
Of the few banks available, it’s possible to pick out the top 5 performers with excellent services and stability to trust them with your money.
Banque Populaire du Maroc
As one of the largest banks in Morocco, you should expect the best from Banque Populaire. Locals can open an accout in Dirhams and enjoy automatic Chaabi Tasdid levy which includes the management of your account and payment of invoices for various bills. There is also compensation from a fund paid flooring and tax exemption due to the interest served. At the end of it all, there are still the basic services you would expect including a chequebook, ATM card and free statements of account in your language of choosing.
The 3rd largest bank in Africa, based in Casablanca and with offices across West Africa, Eurpe and Asia, Attijariwafa is a good bank for individuals and companies alike. The bank offers plenty of options for banking to favour citizens as well as foreigners, and have a great online banking system. Members enjoy the flexibility of numerous branches and ATM machines around the country, plus lots more.
Arab Bank Morocco
You will be able to open a bank account in any of the major currencies and operate it as such. In which case the minimum opening balance would be $1,000 or its equivalent in another currency while for local currency accounts, the minimum is 1,000 MAD. Every account holder gets a chequebook and ATM card with which they can withdraw money, shop and manage their accounts at the ATM machines.
Opening an account with BNP Paribas Morocco may be a safe bet for local Algerians and foreign investors alike because of the many benefits. For foreigners, the ability to operate your account with any of the 26 major currencies and reduced foreign exchange rates will be a plus. Citizens will also enjoy free bank transactions at the ATM as well as the normal goodies which include the ATM card itself and cheques.
The minimum opening balance for current accounts in Morocco at BMCE may vary depending on the type of account, and the currency in which you open the account. However, you still get the same benefits as with the rest of the banks including an ATM card and a chequebook, if you request one.
This is one of the leading Banks in Morocco, with 500 branches in Morocco alone and large revenues.