If you are planning to visit Morocco, it is important to be familiar with the currencies and financial system there. Currencies are an integral part of the travel experience, and by understanding the Moroccan monetary system, you can easily manage your expenses and enjoy your trip without financial hassles. In this article, we will provide a detailed explanation of Moroccan money, its types, and how to deal with it during your visit.
Official currency of Morocco: Moroccan Dirham (MAD)
- Symbol: MAD
- Basic unit: Dirham
- Smaller units: The dirham is divided into 100 centimes.
- Circulation: The Moroccan dirham is the official currency throughout Morocco, and is used in all daily transactions.
- History of the Moroccan dirham
- The dirham was adopted as the official currency of Morocco in 1959, replacing the Moroccan franc that was used during the French protectorate.
- The name "dirham" is derived from the Greek currency "drachma", and reflects the influence of Islamic and Arab history on Morocco.
Moroccan currency forms
1. Banknotes:
Moroccan banknotes feature attractive designs that bear images that reflect Moroccan culture and history.
Circulating denominations :
- 20 dirhams.
- 50 dirhams.
- 100 dirhams.
- 200 dirhams.
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| 20 dirhams |
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| 50 dirhams |
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| 100 dirhams |
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| 200 dirhams |
Banknote Design:
The banknotes contain images of national symbols such as King Mohammed VI, and historical and cultural landmarks such as the Hassan II Mosque.
2. Coins:
Coins are smaller in value but very common in everyday transactions.
Current denominations:
1 cent, 5 cents, 10 cents, 20 cents, 50 cents.
1 dirham, 2 dirhams, 5 dirhams, 10 dirhams.
Coin Design:
The coins bear various designs that reflect Moroccan culture, such as traditional engravings and symbols of national unity.
Value of the Moroccan Dirham against other currencies
The value of the Moroccan Dirham varies according to the exchange rate, which changes daily. Before you travel, check the exchange rate against your local currency.
- Example: 1 US Dollar is equal to approximately 10 Moroccan Dirhams (this number may vary depending on the market).
- Places that offer currency exchange services:
- Banks.
- Exchange offices.
- Hotels (often offer less competitive exchange rates).
Where can Moroccan money be used?
1. Traditional Markets (Souks):
Traditional markets such as the Jemaa el-Fnaa market in Marrakech rely heavily on cash. Coins and small notes such as 20 and 50 dirhams are useful here.
2. Shops and Restaurants:
In larger cities such as Casablanca and Rabat, many shops and restaurants accept credit cards, but it is always a good idea to carry cash for places that only accept cash.
3. Public Transport:
- Taxis and buses often require cash.
- Transport fares are usually small, so keep small denominations of coins handy.
How to get Moroccan money?
1. Automated Teller Machines (ATM):
- They are spread throughout major cities and tourist areas.
- They accept international credit cards such as Visa and MasterCard.
- The ATMs provide cash in Moroccan Dirhams directly.
2 . Exchange offices:
They are located in airports, hotels, and markets.
- Be sure to compare exchange rates before exchanging.
3 . Banks:
- Banks offer currency exchange services at competitive rates.
- You need your passport to complete the exchange process.
4 . Electronic payment:
Some tourist places offer electronic payment services, but they are not widespread everywhere.
Tips for using cash in Morocco
Carry small bills:
Small bills are very useful in markets, taxis, and for tips.
Beware of counterfeiting:
Always make sure to get your cash from trusted sources such as banks or official exchange offices.
Keep your exchange receipts:
You may need them when you leave Morocco if you want to exchange unused currency.
Use digital wallets with caution:
In tourist areas, digital wallets can be a safe way to pay, but make sure the place accepts this type of payment.
Financial culture in Morocco
Tipping:
Tipping is a common practice in Morocco, especially in restaurants and hotels. It is customary to leave around 5-10% of the bill as a tip.
Bargaining:
Bargaining is part of Moroccan culture in traditional markets. Make sure to use small denominations when bargaining.
Things to consider when dealing with cash in Morocco
Safety:
- Keep cash in a safe place such as a money bag or an inside pocket.
Keep coins:
- Coins are valuable in small transactions.
Check prices:
- Before buying anything, make sure you know the price and make sure you are paying the correct amount.
Tips for Foreign Visitors
- Check exchange rates before transferring to avoid extra fees.
- Avoid carrying large amounts of cash, and use a credit card as a safe alternative.
- Always ask about extra fees when using a bank card or paying in a foreign currency.
Using Foreign Currencies in Morocco
- It is preferable to use the Moroccan Dirham in all transactions.
- Euros or dollars may be accepted in some major tourist areas, but the price may be higher.