The best exchange rate for converting Moroccan dirhams is obtained by always paying with a card, as it is by far the most economical option. And for carrying some cash, the best option is to withdraw money from an ATM.
In other words, the best strategy to save money to the maximum would be to always pay with a card (as we will see later, in 2024 the Wise card offers the best exchange rates and the lowest costs in the market) and only withdraw the amount of cash from an ATM that we are going to need.
Certainly, this technique to save the maximum amount of money on your vacations may surprise you, since after all if you go to any currency exchange or bank, you will see how it is advertised loudly that “there are no commissions,” and therefore one could simply think that the logical thing would be to exchange dirhams for the exchange rate at that time and that’s it, right? Well, no! Everything has a cost, even paying with a card has a cost, although they don’t tell you or you don’t see it at first glance.
I’m going to tell you a secret: this website has been created by a group of friends who have worked for several years in currency exchange offices, and frankly, changing cash is by far the worst option. Moreover, to give you an idea of the magnitude of this bad alternative, you should know that most currency exchange operators or bank employees have discounts to exchange currencies compared to the exchange rates offered to customers. Even with that, we never exchange cash. At most, depending on the trip, only a small amount for certain payments or if it is necessary to enter the country.
So, it is clear: always pay with a card and only withdraw dirhams in cash from an ATM that we are going to need. Now let’s see how to pay the lowest possible cost in both cases:
What is the best card for paying abroad?
Based on the study we have conducted of all the cards available on the market for this year 2024, for payments in any foreign country, travel cards have a lower cost than bank cards, and among travel cards, the one that provides the lowest costs is the Wise card.
These results are valid not only in terms of the costs of payments in international stores in foreign currency (Wise would offer the best conditions, other travel cards would be on average about 4 times more expensive, and bank cards on average about 10 times more expensive); but also in the costs of withdrawing cash in foreign currencies from ATMs outside your country (Wise would again offer the lowest expenses, other travel cards would be on average about 4 times more expensive, and bank cards on average about 20 times more expensive).
Also, if you want to know exactly the cost and functionalities differences between the different cards you can find on the market in 2024, don’t miss our comparative study at this link. As you will see, this comprehensive study analyzes all types of cards (debit, credit, and prepaid) and all types of providers (banks, fintech, financial companies, etc.).
Do I need to take cards from my country abroad?
As we have mentioned, it is preferable to use the Wise card rather than a conventional bank card or other travel cards, as you will save a significant amount of money when paying in foreign stores and when withdrawing money from international ATMs by paying the lowest possible fees.
In this way, in principle, it would not be necessary to take any other card, but keep in mind that if you are going to make payments such as renting a car, you will need a credit card, since most car rental companies will retain an amount as a deposit and will only accept credit cards.
If, on the other hand, you are not going to carry out these types of operations, it is advisable to leave your bank cards with higher balances at home and only for security, it would be advisable to carry an extra debit card with a little balance in case of emergencies (imagine that your other card gets damaged or stolen and you also lose your mobile phone, so you would not have anything to pay with).
Keep in mind that in case of theft, you run the risk of fraudulent operations being carried out with your cards within their limits, while with the Wise card we recommend, your balance will never go negative, so only the balance deposited in it could be spent.
In addition, you can instantly block your Wise card from your mobile phone, while with your bank cards, you may need to call your bank to cancel them, running the risk that they may not provide service at that time as it might be a holiday or outside of customer service hours.
Therefore, when traveling, it is always much better to carry a debit card like the Wise one with the amount of money you will need. If you need more, you can always reload it instantly through the mobile app, and if you want to block it for loss or theft, you can do it instantly through the app as well. This way, you will have full access to your money at all times, without paying commissions for it, and minimizing the risk of theft.
As you can see, this card has numerous features through the mobile phone, so it is important that you make sure to always have your phone battery fully charged. To do this, remember that in many countries the plugs are different. Therefore, it would be a very good idea to purchase a universal plug adapter for traveling, as it could be useful for any trip you are going to make in the future. In this link, for a very affordable price, we show you a universal plug adapter, as well as other ideal and necessary products for traveling.
Finally, it is important to know that if you are going to take your credit bank card to be able to pay deposits in operations such as renting vehicles, before traveling it is advisable to notify your bank that you are going to travel abroad and the limits you will need. Keep in mind that all cards have daily, weekly, and monthly limits, and that when traveling you will spend more than usual, so, in case of having somewhat low limits, without knowing it you could reach your limit and find yourself in serious trouble.
What to do if my card runs out of balance abroad?
If your debit card runs out of balance abroad, you can always get money very easily:
- If you have a bank card, you must contact a family member or friend who is a customer of the same bank, so that they can make a transfer to your account. Between accounts of the same entity, the money arrives immediately, so once the transfer is completed, your card will be able to consume the new balance from your account. Another option would be to make an “immediate transfer” between accounts of different banks, as it is also done immediately.
- If you have a prepaid card like the Wise one, you can top up through the App (or someone can do it for you) and receive the money instantly.
What if all my cards are stolen abroad?
If all your cards are stolen abroad, these would be your alternatives to get by:
- Use dirhams that you have withdrawn from the ATM: You can pay with cash in foreign currency in case you have made a withdrawal at the international ATM.
- Exchange your currency into cash: It is always advisable to carry some cash in the currency of your country in case of emergency, as you could change it to dirhams at exchange establishments if necessary.
- Pay with your mobile phone: If your mobile phone has NFC technology and your bank offers mobile payment service, you should link your mobile phone to your card, and even if it is canceled or blocked due to theft, you can continue paying with your mobile phone without any problem.
- Have someone pay you what you need from your country: If you simply need to purchase a plane, train, or boat ticket, any contact you have in your country could pay for it online and send you the boarding pass by mobile phone (or you could download it through the company’s application).
- Receive money through money transfer agencies: In most tourist cities, there are many of these types of agencies. In them, any contact you have could make a transfer from your country for you to receive the money abroad.
- Sell your jewelry at a gold buying store: In most major cities around the world, there are numerous gold buying establishments where they will easily buy any gold jewelry from you without any problem.
- Sell your higher-value assets at a second-hand buying store: The most coveted and easiest-to-sell assets would be technological products such as mobile phones or laptops, as well as clothing of certain quality and watches.
- Ask for money: The easiest way to get what you need would be to ask fellow citizens of your country who can trust you. If you need a small amount, the perfect place to ask is next to vending machines, as everyone receives change from them and when asking, it is very easy for people to give you something.
- Go to your Embassy or Consulate: As a last resort, the representatives of your country can always provide assistance.
Where to find the best exchange rate for Moroccan dirhams in cash?
As we said before, the cheapest way to get dirhams in cash is by withdrawing money from ATMs.
In any case, if you wanted to exchange cash dirhams at a currency exchange office or bank, an exchange rate of less than 5% margin compared to the official exchange rate would be a good exchange rate. Between a 5%-10% margin would be an acceptable exchange rate; between a 10%-15%, would be a bad exchange rate, and beyond 15%, would be usury.
The official exchange rate of the Moroccan dirham against your currency can be easily found on Google. By subtracting what they offer you and dividing the difference between them by the official exchange rate, we will obtain the percentage of margin that they would be applying to you.
Normally, highly trafficked areas of tourist sites are the worst places to exchange currencies, as they apply higher margins on exchange rates. Therefore, it is best to search online beforehand for the location of a good exchange establishment instead of going to the first one you see.
In any case, if it were a matter of changing a small amount of money, it would not matter much where to change in case of need and urgency, since it would be about assuming a small extra cost in the worst case scenario.
How much cash is enough for traveling?
Exchanging cash has only two functions:
- It serves as an emergency in case your card and mobile phone are stolen, so you can at least get by: eat something, make a call, travel to the embassy if you need to request a duplicate passport, and get to the airport to leave the country.
- It serves in case we need to make cash payments: in some street shops, some vending machines, and to pay for some services, such as laundries, phone booths, shopping carts that require coins, etc.
Thus, depending on the number of days you are going to be there and what you plan to spend in cash, you can calculate more or less what you need, which in any case should not be a large amount.
Is it possible to know if in the future the exchange rate of dirhams will be better or worse?
The official quotations of all currencies work like any other financial market, such as the stock market. Obviously, there are analysts and financial gurus who make their predictions, but like predictions about stocks, with the data at hand there is no evidence that anyone is able to predict future prices.
Generally, foreign exchange market quotations tend to be fairly stable, and over the course of a month, they do not vary much more than 5%, unless an unexpected economic or political event occurs, such as the unexpected victory of an opposition party with a groundbreaking economic program.