USD to MAD for business payments
A foreign business paying a Moroccan supplier usually pays in a foreign currency such as US dollars or euros, because Morocco's exchange control rules require exporters to repatriate their earnings through a Moroccan bank within set periods and let them keep only part in foreign currency. The dirham itself moves within a band around a central rate set against a basket of 60% euro and 40% dollar.
- Bank Al-Maghrib (BAM) states that since 9 March 2020 the dirham fluctuates within a band of plus or minus 5% around a central rate it sets, based on a basket of 60% euro and 40% US dollar.
- Morocco began a voluntary and gradual transition from a fixed to a more flexible exchange rate regime on 15 January 2018, when the band was widened from plus or minus 0.3% to plus or minus 2.5%.
- Exchange control is run by the Office des Changes through its Instruction Générale des Opérations de Change (IGOC); goods export earnings must be repatriated within 150 days of the customs declaration and services earnings within 90 days of the service.
- Exporters may keep up to 70% of repatriated earnings in foreign currency or convertible dirham accounts, or 85% for operators categorized by the Office des Changes, according to Upsilon Consulting's summary of the IGOC 2026.
- A convertible dirham account is a dirham account whose balance can be converted back into foreign currency, unlike an ordinary dirham account.
The Moroccan dirham at a glance
The Moroccan dirham (MAD) is issued by Bank Al-Maghrib (BAM), the central bank. BAM describes the regime it has built since 2018. On 15 January 2018 Morocco began a voluntary and gradual transition from a fixed to a more flexible exchange rate regime, widening the dirham's fluctuation band from plus or minus 0.3% to plus or minus 2.5% around a central rate set by BAM, based on a basket of the euro and the US dollar weighted 60% and 40%. On 9 March 2020 the band was widened again, to plus or minus 5%, around a central rate based on the same basket. BAM publishes the band's minimum and maximum dollar prices each day.
Because the basket is mostly euro, the dirham's rate against the dollar moves with the euro to dollar rate as well as within the band.
| Item | Moroccan dirham |
|---|---|
| Currency code | MAD |
| Issuer | Bank Al-Maghrib |
| Exchange rate regime (BAM wording) | Fluctuation band of plus or minus 5% around a central rate, since 9 March 2020 |
| Basket | 60% euro, 40% US dollar |
| Exchange control authority | Office des Changes, through the IGOC |
| Repatriation | Goods: 150 days from the customs declaration. Services: 90 days from the service |
| Large-value system | Moroccan Gross Settlement System (SRBM) |
Sources: BAM, Implementation of the exchange rate regime reform; BAM, Fluctuation band; Upsilon Consulting, IGOC 2026 export rules. Checked on 29 October 2026.
Moroccan exchange control that affects your payment
Morocco keeps a full exchange control system, set by the Office des Changes in its Instruction Générale des Opérations de Change (IGOC). Bank Al-Maghrib supervises the banks that apply it. The IGOC gives each person a status under the exchange rules, and that status decides which accounts it may hold. For a buyer abroad, these points matter:
- Repatriation periods. Goods export earnings must be repatriated within 150 days from the date the customs declaration is registered, and services earnings within 90 days from completion of the service. Agree payment terms that let you pay well inside those periods.
- Written contracts for services. The IGOC requires a written contract stating the service, the amount, the invoicing currency, the terms and the payment schedule, which the exporter presents to its bank to collect the earnings.
- Limited retention. Exporters may keep up to 70% of repatriated earnings, net of price reductions and export commissions, in foreign currency or convertible dirham accounts, or 85% for operators categorized by the Office des Changes and registered aerospace companies. The rest is sold for dirhams.
- Keep the file complete. The IGOC requires the contract, invoices, customs declaration and bank repatriation forms to be kept for inspection, so quote the invoice number on every payment.
These rules are summarized from Upsilon Consulting's published notes on the IGOC 2026; the supplier's bank or the Office des Changes confirms the current text.
How a payment reaches a Moroccan supplier
A payment from abroad reaches a Moroccan bank by SWIFT and is recorded against the supplier's export file. Inside Morocco, Bank Al-Maghrib lists the Moroccan Gross Settlement System (SRBM) and Moroccan Interbank Remote Clearing among the payment infrastructures it oversees.
| You send | Supplier receives | What happens next |
|---|---|---|
| USD or EUR by SWIFT, quoting the invoice | Foreign currency, recorded as repatriated earnings | Up to 70% (85% for categorized operators) kept in foreign currency or convertible dirham accounts; the rest sold for dirhams |
| USD to an ordinary dirham account | MAD, converted by the bank | Repatriation recorded; no retained share in foreign currency |
| MAD, converted before sending | MAD | Ask the supplier first whether its bank can match a dirham payout to the export file |
Sources: Upsilon Consulting, IGOC 2026 summaries; BAM, Moroccan Gross Settlement System. Checked on 29 October 2026.
Collect the supplier's registered name, its bank account details and the bank's SWIFT code, and check the code with our SWIFT code lookup.
What converting USD to MAD costs
A dollar to dirham conversion costs the market rate, plus the margin a bank or provider adds, plus the payment fee. BAM publishes the band's daily minimum and maximum prices for the dollar, which show the range in which the interbank rate can trade, but not the rate you will be given. Because the central rate is 60% euro, a supplier that also buys inputs in euros may prefer to be paid in euros; ask which currency suits it. When you pay in foreign currency, the conversion of the non-retained share happens at the supplier's bank, at its rate.
Helm is a financial technology company, not a bank. Its US dollar account services are provided by Bridge Building, Inc. (NMLS ID 2450917), a licensed money transmitter, with customer funds held at Lead Bank. A Helm account holds dollars in your company's own name and sends international payments to suppliers by SWIFT, or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before you send. Helm cannot currently provide USD account details to companies based in Morocco; the account described here is for the foreign business that pays the Moroccan supplier.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
Pay a Moroccan supplier in USD, EUR or MAD?
- Pay USD or EUR for exports. The repatriation and retention rules are built around foreign currency arriving through a Moroccan bank against the export file.
- Consider euros. The dirham's basket is 60% euro, so a euro invoice may match the supplier's own costs more closely.
- Pay MAD only for local costs or when the supplier confirms its bank can match a dirham payout to the export.
- Pay on time. Late payment pushes the supplier toward its 150-day or 90-day limit.
Moroccan companies on the other side of the trade can read our guides to receiving USD in Morocco and paying Chinese suppliers from Morocco.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Is the Moroccan dirham pegged?
Not fixed. Bank Al-Maghrib states that since 9 March 2020 the dirham moves within a band of plus or minus 5% around a central rate it sets, based on a basket of 60% euro and 40% US dollar.
How long does a Moroccan exporter have to repatriate payment?
Under the Office des Changes IGOC, goods export earnings must be repatriated within 150 days from the customs declaration and services earnings within 90 days from completion of the service.
Can a Moroccan supplier keep my dollars?
Partly. Exporters may keep up to 70% of repatriated earnings in foreign currency or convertible dirham accounts, or 85% for operators categorized by the Office des Changes; the rest is sold for dirhams.
What is a convertible dirham account?
It is a dirham account whose balance can be converted back into foreign currency, unlike an ordinary dirham account.
Should I pay a Moroccan supplier in USD, EUR or MAD?
Pay exports in the foreign currency on the invoice, through the supplier's Moroccan bank. Because the dirham basket is 60% euro, a euro invoice may match the supplier's own costs; ask which it prefers.
Can Helm pay a supplier in Morocco?
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. Helm cannot currently provide USD account details to companies based in Morocco.
References
- Bank Al-Maghrib: Implementation of the reform of the exchange rate regime
- Bank Al-Maghrib: Fluctuation band
- Bank Al-Maghrib: Moroccan Gross Settlement System (SRBM)
- Upsilon Consulting: Exchange status in Morocco under the IGOC 2026
- Upsilon Consulting: Export of goods and services, exchange obligations in Morocco (IGOC 2026)
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.