The currency has been pretty strong over the past few years.
Its not that volotile as currencies goas its pegged to the Euro and not the dollar.
Morocco officially uses the DIRHAM as the local currency.
1 dirham is divided into 100 centimes.
The DIRHAM is managed closely against the US dollar/Euro.
It is prohibited to take dirhams into or out of Morocco, you wont be able to buy Dirhams in advance.
Travellers cheques and small amounts of cash should be taken in US dollars or Sterling or Euro's .
ATM's are pretty frequent in most cities but dont bank of them being in English most will do French/Spanish.
There is usually Foreign exchange offices at Airports and Ports given competitive exchange rates which are set by the bank of Morocco currently.
For current rates of the MAD official Bank Al Magrib below and also a yahoo site showing the same
http://www.bkam.gov.ma/Anglais/Menu/Anex.asp
http://finance.yahoo.com/q?s=GBPMAD=X
All property transaction will be in the Moroccan Dirham (MAD), you will need to either buy euro'/sterling/dollars and open a convertable bank account in Morocco.
To pay your deposit you will most likely to have to buy Euro's at some time, again this is an area your should do some research as your local high street bank will be able to do it but at a price, as much as 5%.
I bought euros from a currency broker and they transacted this to the solicitor in Spain without charges.
I calculated I saved 4% on the rate the developer quoted me in sterling and around £1500 less that the high street bank.
The people I used were
James Smerdon
Foreign Currency Exchange Ltd.
Tel: + 44 (0) 207 989 00 00 Fax: +44 (0) 207 989 99 99
www.fcexchange.co.uk
Email jrs@fcexchange.co.uk
Please mention to James where you saw his details.
The market leader is https://www.currenciesdirect.com (use them to compare rates) these people offer a free email service as its a good idea to understand what drives rates and when to buy
1 dirham is divided into 100 centimes.
The DIRHAM is managed closely against the US dollar/Euro.
It is prohibited to take dirhams into or out of Morocco, you wont be able to buy Dirhams in advance.
Travellers cheques and small amounts of cash should be taken in US dollars or Sterling or Euro's .
ATM's are pretty frequent in most cities but dont bank of them being in English most will do French/Spanish.
There is usually Foreign exchange offices at Airports and Ports given competitive exchange rates which are set by the bank of Morocco currently.
For current rates of the MAD official Bank Al Magrib below and also a yahoo site showing the same
http://www.bkam.gov.ma/Anglais/Menu/Anex.asp
http://finance.yahoo.com/q?s=GBPMAD=X
All property transaction will be in the Moroccan Dirham (MAD), you will need to either buy euro'/sterling/dollars and open a convertable bank account in Morocco.
To pay your deposit you will most likely to have to buy Euro's at some time, again this is an area your should do some research as your local high street bank will be able to do it but at a price, as much as 5%.
I bought euros from a currency broker and they transacted this to the solicitor in Spain without charges.
I calculated I saved 4% on the rate the developer quoted me in sterling and around £1500 less that the high street bank.
The people I used were
James Smerdon
Foreign Currency Exchange Ltd.
Tel: + 44 (0) 207 989 00 00 Fax: +44 (0) 207 989 99 99
www.fcexchange.co.uk
Email jrs@fcexchange.co.uk
Please mention to James where you saw his details.
The market leader is https://www.currenciesdirect.com (use them to compare rates) these people offer a free email service as its a good idea to understand what drives rates and when to buy