Ultimate Guide To The Currency of The Kingdom of Morocco
Moroccan Dirham (MAD)
Before further discussing Morocco, one must know the currency and payment in Morocco, which one should note while planning for the trip to Morocco.
Whenever done in Marrakech souks or while sunbathing on the shores of Agadir, a proper understanding of the Moroccan monetary system shall assist you in making the right spending decisions.
In this guide, you will learn more about the history of Moroccan currency, the Moroccan Dirham (MAD), payment options, and some practical advice on how to make your money go further in Morocco.
History of Currency Morocco (MAD)
This paper provides detailed information about Moroccan currency, including its history, which is as colorful as the history of Morocco itself.
The Moroccan Dirham has its roots in ancient history, and the word “dirham” is derived from the Greek “Drachma,” a currency used throughout the Mediterranean in the 5th century BC.
Through the years, Morocco adopted different types of money aside from its own Dirham; it used the Spanish dollar and European coins due to the country’s history of trading and colonization.
The Moroccan Dirham became the national currency in 1960, replacing the Moroccan franc. This change was a sign of Morocco’s economic emancipation after its independence from France in 1956.
The Dirham was intended to appear distinct from any other currency in the world and to highlight Moroccan icons on its banknotes and coins.
What currency is used in Morocco?
Morocco’s monetary unit is the Moroccan Dirham, symbolized by MAD. It is controlled and issued by the central bank, Bank Al-Maghrib. Known by its currency code of MAD and symbol as د.م (DH), the Moroccan Dirham is used for all transactions in Morocco.
Key Facts About the Moroccan Dirham:
- Currency Code: MAD
- Symbol: د.م (DH)
- Subunits: There are 1 dirham = 100 centimes (or santimat)
- Exchange Rate: Exchange Rate = 1 Euro = 10.82 MAD (This is not fixed)
Morocco’s official currency is the Moroccan Dirham, which all citizens and travelers use.
Moroccan Currency: Coins & Banknotes
The Moroccan currency is available in both coins and banknotes, catering to various transaction needs:
Coins:
- 1 dirham
- 5 dirhams
- 10 dirhams
- 20 dirhams
- Centimes (1, 5) — less commonly used in daily transactions
Banknotes:
- 20 dirhams
- 50 dirhams
- 100 dirhams
- 200 dirhams
Moroccan banknotes feature iconic imagery, including historical figures, cultural symbols, and landmarks, representing the country’s rich heritage.
How Can I Pay in Morocco?
Credit cards and other modes of payment are accepted in Moroccan dinars for the comfort of these travelers with the necessary value for money. Here’s an overview:
Cash
Finally, the check method showed a result of 10%, while Cash dominated the market to an extent of 90%.
That is why markets, small shops, restaurants, and even street vendors can be cash-only businesses by default.
Having dirhams with you is especially important when it comes to small shopping and purchases or services such as taxis.
Credit and Debit Cards
Credit and debit cards, particularly Visa and Mastercard, are more prevalent in the urban environment and extensive facilities, including hotels, chauffeured car service, restaurants, and larger shops and supermarkets.
However, international transactions attract charges; therefore, check on the charges with your bank before going on the journey.
Mobile Payments
Inwi Money, Orange Money, and similar applications are quickly becoming popular in Morocco.
Still, their utility remains limited, and such cards are more popular among residents than tourists.
Bank Transfers
Bank transfers are commonly employed in web and miscellaneous or significant payment transactions but are inefficient in everyday shopping.
Can I Pay in Euros, Pounds, or Dollars?
While the Euro (EUR), British Pound (GBP), and US Dollar (USD) are sometimes accepted in tourist-centric areas, they are not official currencies.
Here are some points to consider:
- Change is usually given in Moroccan dirhams.
- Merchant exchange rates are often less favorable than those at banks or currency exchange offices.
- To avoid additional costs, dirhams are best for all transactions.
Where Can I Withdraw Money in Morocco?
Withdrawing dirhams in Morocco is straightforward, thanks to the availability of ATMs nationwide.
Significant cities like Marrakech, Casablanca, and Rabat have ATMs located in:
- Banks
- Airports
- Hotels
- Tourist areas
Tips for ATM Withdrawals:
- Check with your bank about international fees and daily withdrawal limits.
- Withdraw from ATMs in secure locations to avoid potential skimming devices.
- Plan your withdrawals, as Moroccan dirhams cannot be taken out of the country due to currency restrictions.
Moroccan Dirham (MAD): Exchange Rates
Exchange rates fluctuate daily, so staying updated is crucial for accurate conversions. As of recent rates:
The exchange offices and ATMs in Morocco have relatively good rates of foreign currencies, so it is easy and fast to convert to dirhams.
Money and Exchange Currency in Marrakech
Marrakech, an active traveler destination, offers many banks with money exchange facilities, especially in Medina, Gueliz, and favorable hotels.
These offices and ATMs provide a comfortable means of getting dirhams when needed.
- Do not swap money at the airport because the rates are not so good.
- Ask always your private driver for recommendations on the best and most reliable places to exchange money in Marrakesh.
- Exchange money in one place and try to check the available exchange rates online or by downloading currency applications.
- Spend only what is necessary, as the exchange of dirhams is unlawful and cannot be taken out of the country.
Essential Money Tips for Morocco
Carry Coins & Notes
Taxis, tips, and numerous street vendors require small notes and coins.
Be Aware of Fees
Check with your bank about withdrawals at ATMs and charges for transactions made with your card.
Use Cash Strategically
Although the cards are taken in the urban centers, Cash is required for the rural areas and local markets.
Monitor Exchange Rates
Always revise the current rate to get the most out of the exchange.
Conclusion about Currency Morocco (MAD)
Therefore, information on the Moroccan Dirham or MAD is essential to avoid any stress in finding it.
Despite the Dirham as the official currency, people accept several foreign currencies, such as the Euro and the US Dollar, with little ease in certain situations.
You may know the estimated cost of the trip depending on the exchange rate.
Be mindful of the times you’ll be making a withdrawal and apply the correct payment type to ensure that you use the money for the exquisite Moroccan experience, and we do mean expertise.
Whether haggling in the souks of Marrakech or eating pancakes with Moroccan mint tea at a café along the coast, having adequate knowledge of Moroccan foreign exchange will allow you to concentrate on forming those wonderful memories.
To save you time and convenience, many local tour services and private car rentals can provide directions to the proper money exchange offices so you can get the best for your bucks.