Morocco FX Analytics · FX access cost
How much does foreign exchange cost? At the counter: banknote premium and buy-sell spread. At the bank: FX margin on international transfers.
Retail (cash) rates · buy / sell · frozen at the selected date
(banknote sell rate − reference rate) / reference rate · in %
as % of the rate · the wider the spread, the more expensive cash exchange is
As of November 2, 2026, the BAM buy-sell spread on banknotes stands at 15.00% for EUR, 15.00% for USD and 14.99% for GBP.
The FX margin is the spread between the rate charged by an intermediary (bank or payment institution) and the reference rate set daily by Bank Al-Maghrib (BAM). It reflects the cost of foreign exchange for the end customer. A wider margin means a higher cost; a tighter margin means more competition. Two channels are compared: banknotes (cash exchange, wider margins) and transfers (interbank, tighter margins). The margin is computed as: (bank mid − BAM mid) / BAM mid × 100.
Latest available rates by currency · margin = bank mid spread vs BAM mid
Margin difference between banks on banknotes. Indicative amount on a 10,000-unit transaction.
The spread is real but modest in absolute value. On EUR 10,000 exchanged, the difference between the two banks amounts to a few dozen dirhams — a cost that may matter for frequent travelers or businesses, but is marginal on a one-off transaction.
Banknotes — spread = (sell − buy) / buy. Comparison between banks.
As of October 29, 2026, EUR banknote spreads are around 5.9% for the 2 covered banks. Wire transfer spreads narrow to 3.2–3.3%.
The wider the spread, the higher the bank's margin on that currency.
Bank mid (transfers) vs BAM reference rate · one line per bank
As of October 29, 2026, the median EUR wire transfer rate at banks deviates by −0.47 to −0.01% from the BAM fixing (11.0044 MAD).
Margin = (bank transfer mid − BAM mid) / BAM mid × 100. A positive figure means the bank sells higher / buys lower than the official rate. The margin varies by currency and over time.
As of November 2, 2026, banknotes cost on average 6.51% more than wire transfers for EUR and 6.67% for USD.
Year on year, down 38.33%.
Below the average 2022–2026 (8.16).