When you first find that you need to send money to Morocco it can be confusing figuring out where to start. But take some time to research your options and you will find that you will save money in the long-term.
If you need to set up a regular system to send money to Morocco, perhaps to remit wages, pay mortgage instalments or send a pension, it can be particularly important to make sure you find an option that won't charge you for every transaction.
You might have spotted a Money Sending Bureau on the high street or in a shopping mall and thought that this could offer a convenient way to send money to Morocco. However, these establishments tend to be poorly regulated and, on top of a poor currency exchange rate, they are can charge a high fee of between ten and 15 per cent per transfer.
Alternatively, you could enquire with your local bank about options to send money to Morocco. This should be a convenient solution, allowing you to establish the transfer process with one visit or phone call. But once again, you are likely to face high fees if you choose to transfer money to banks in Morocco, such as the Banque Populaire du Maroc or the Societe Generale Maroc.
To avoid this problem, and access some of the most competitive currency exchange rates on the market, you can turn to a currency exchange broker like RationalFX.
RationalFX can allow you to compare currency exchange rates available on sending money to Morocco. To take a look at the exchange rates available today, why not open an online account for free with RationalFX?