USD business account in Morocco
A Moroccan company holds US dollars mainly as an exporter: under the Office des Changes rules, exporters may keep up to 70% of repatriated export proceeds in foreign currency or convertible dirham accounts at Moroccan banks, and surrender the rest. Other resident companies hold foreign currency accounts only on an exceptional basis, and investing abroad needs prior authorization. This guide covers the rules, the deadlines, foreign providers that state they serve Morocco, documents and the status of crypto under draft Bill 42.25.
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- Exchange control in Morocco is run by the Office des Changes through its General Instruction on Foreign Exchange Operations (IGOC), which sets the rules for exporters, importers and accounts.
- Proceeds from exports of goods must be repatriated within 150 days of the customs declaration, and proceeds from services within 90 days of performing the service.
- Exporters may keep up to 70% of repatriated proceeds in foreign currency or convertible dirham accounts, or 85% for operators categorized by the Office des Changes and registered aeronautics and space companies; the balance is sold on the foreign exchange market.
- WorldFirst states that its Africa offering, including a USD account, is available in Morocco, while Wise and Airwallex do not list Morocco.
- Morocco banned crypto trading in 2017, and draft Bill No. 42.25, published in November 2025 to license crypto assets including stablecoins, was still under review in July 2026.
- Helm does not currently provide USD account details to companies based in Morocco, and its USDC and USDT features are available only where local law allows.
USD business account options in Morocco: the short answer
A Moroccan business can hold US dollars in three main ways: an exporter's foreign currency or convertible dirham account at a Moroccan bank, a USD account with a foreign provider that accepts Moroccan companies and operates within the exchange rules, or a US company with its own US account. For most resident companies the first is the only route that fits easily within Morocco's exchange control rules.
Those rules are set by the Office des Changes, Morocco's foreign exchange authority, in its General Instruction on Foreign Exchange Operations (Instruction Générale des Opérations de Change, or IGOC). The IGOC applies to every resident company: it sets how quickly export proceeds must come home, how much of them can stay in foreign currency, and when a resident needs prior authorization for an operation abroad. Bank Al-Maghrib, the central bank, supervises the banks that apply these rules.
This guide covers the IGOC rules for exporters, the accounts available in Morocco, foreign providers' own statements, the US company route, documents and the status of crypto and stablecoins. Helm does not currently provide USD account details to companies based in Morocco; the final section explains what that means.
The options compared
The table compares the option types. It is not a ranking: which option a company can use depends first on whether it exports and on its exchange status.
| Option | Who can use it | How US payers pay it | Main rules and limits |
|---|---|---|---|
| Exporter's foreign currency or convertible dirham account | Resident exporters, at a Moroccan bank | International wire (SWIFT) through the bank's correspondent | Up to 70% of repatriated export proceeds (85% for categorized operators); balance surrendered |
| Dirham account receiving dollars | Any resident company | SWIFT wire in USD, converted to dirhams | Conversion at the bank's rate; no dollar balance kept |
| Foreign currency account for other residents | Residents in exceptional cases | SWIFT wire | Allowed only on an exceptional basis |
| USD account with a foreign provider | Depends on the provider and the IGOC | ACH, Fedwire or SWIFT, depending on the provider | Export proceeds must still be repatriated to Morocco within the deadlines |
| US company with a US account | A new US company | ACH and Fedwire as a US business | Investing abroad needs prior authorization beyond the annual allowance |
Sources: Upsilon Consulting summaries of the IGOC 2026 (export rules, published 1 June 2026, and exchange status). As published on 29 October 2026.
SWIFT is the international network banks use to send cross-border payments, identified by an 8 or 11 character bank code. ACH is the low-cost US domestic bank transfer system, and Fedwire is the Federal Reserve's same-day system for large US dollar payments. A convertible dirham account is a dirham account whose balance can be converted back into foreign currency, as opposed to an ordinary dirham account.
How to choose: an exporter of goods or services keeps its retained share in a foreign currency or convertible dirham account, which also lets it pay foreign suppliers without buying currency each time. A company that does not export receives dollars into its dirham account and buys foreign currency from its bank against documents when it pays a supplier.
Timing matters as much as the account. Because the deadlines run from the customs declaration for goods and from performance for services, a Moroccan exporter should agree payment terms that let the buyer pay well inside 150 or 90 days, and ask the buyer to quote the invoice number on every wire. A payment that arrives late, or cannot be matched to an export file, is the one the bank will question. Exporters that sell on longer terms should discuss the timetable with their bank before signing the contract.
Office des Changes rules for export proceeds
The IGOC sets deadlines and retention limits for every export. Upsilon Consulting summarizes the 2026 edition as follows, citing Articles 86 to 105 and 229.
| Topic | Rule under the IGOC 2026 (as summarized) |
|---|---|
| Goods: repatriation deadline | Within 150 days of the registration date of the customs declaration |
| Services: repatriation deadline | In full within 90 days of performing the service |
| Retention in foreign currency or convertible dirham accounts | Up to 70% of repatriated proceeds, net of price reductions and export commissions |
| Higher retention | 85% for operators categorized by the Office des Changes and registered aeronautics and space companies |
| Balance | Surrendered on the foreign exchange market |
| Crediting after surrender | Currency already surrendered may be credited to the account, within the limits, for one year after surrender |
| Commissions to foreign agents | Up to 10% of the invoiced amount may be deducted |
| Price reductions to customers | Up to 5% of the invoiced amount (10% for aeronautics and space), with a customer document |
| Domiciliation | Not required for exports of goods or services |
| Documents | Commercial contract, invoices, customs declaration and bank repatriation forms, kept for inspection |
Source: Upsilon Consulting, Export in Morocco: currency repatriation and exchange obligations (IGOC 2026; published 1 June 2026, updated 5 October 2026). As published on 29 October 2026. Confirm current rules with your bank or the Office des Changes.
Surrender means selling the foreign currency to a bank for dirhams. For services, the IGOC requires a written contract that states the service, amount, invoicing currency, payment terms and schedule, which the exporter presents to its bank to collect and repatriate the proceeds. Exporters that fail to justify non-recovery of proceeds face proceedings for breach of the exchange regulations.
Which accounts residents and non-residents can hold
The IGOC assigns every person an exchange status, and the status decides which accounts are available. The table shows the main categories.
| Exchange status | Accounts available in Morocco |
|---|---|
| Moroccan residents | Dirham current and savings accounts; foreign currency accounts only on an exceptional basis |
| Resident exporters | Foreign currency or convertible dirham accounts for the retained share of export proceeds |
| Foreign residents | Dirham accounts; a foreign currency account for funds originating abroad, with limited convertibility |
| Moroccans resident abroad (MRE) | Ordinary dirham, convertible dirham and foreign currency accounts funded from abroad |
| Foreign non-residents | Convertible dirham and foreign currency accounts, freely funded from abroad |
| Non-resident company investing in Morocco | Capital contribution made through a convertible dirham account |
Source: Upsilon Consulting, Exchange status in Morocco under the IGOC 2026. As published on 29 October 2026.
Two further rules matter for a company considering an account abroad. Investing abroad requires prior authorization from the Office des Changes, except within the annual investment allowance set by circular. Residents must also declare assets held abroad where the rules require it. A Moroccan company should therefore treat any account outside Morocco as an exchange control question first, and check it with its bank or the Office des Changes before applying.
Foreign USD account providers and Morocco
Many Moroccan exporters and service firms look for US account details so that US clients can pay by ACH. Eligibility is set by each provider. The table records what each provider states on its own pages.
| Provider | What its own pages state |
|---|---|
| WorldFirst | Its Africa offering is available across Nigeria, Ghana, Kenya and Morocco, with a World Account that has local receiving accounts in 15+ currencies including USD, EUR and GBP |
| Wise | Morocco is not on its list of countries where customers can hold money |
| Airwallex | Morocco is not on its list of supported registration locations; unlisted locations cannot be processed |
| Mercury | Accepts only companies formed and registered in the United States or a US territory |
| Helm | Does not currently provide USD account details to companies based in Morocco |
Sources: the providers' own pages, linked below; Helm eligibility. As published on 29 October 2026.
WorldFirst's Africa page states zero fees for the monthly fee, account opening, receiving payments and holding currencies, and refers to in-portal pricing for sending payments and conversion. Whatever provider a Moroccan exporter uses, the IGOC deadlines still apply: goods proceeds must be repatriated to Morocco within 150 days and service proceeds within 90 days, so plan how funds move from the provider to the Moroccan bank.
Provider pages used: WorldFirst Africa, Wise country list, Airwallex eligible countries and Mercury eligibility.
The US company route
Some Moroccan founders form a US company, usually a limited liability company (LLC) or a Delaware corporation, and open a US account in its name. Mercury, for example, requires the company to be formed and registered in the United States or a US territory, with existing or planned US operations, and states that founders do not need to be US citizens or residents. It also publishes a list of countries where founders cannot be supported, so check it before forming the company.
The US company needs an Employer Identification Number (EIN), the US federal tax number for a business. The IRS instructions for Form SS-4 state that applicants with no legal residence, principal place of business or principal office in the US may call 267-941-1099, from 6:00 a.m. to 11:00 p.m. Eastern Time, Monday to Friday. Applicants outside the US can also fax Form SS-4 to 304-707-9471.
On the Moroccan side, setting up and funding a US company is an investment abroad. It needs prior authorization from the Office des Changes unless it falls within the annual investment allowance set by circular. Exports from Morocco remain subject to the IGOC repatriation deadlines whichever entity invoices the buyer, so a US company cannot be used to keep Moroccan export proceeds abroad. Take Moroccan and US legal and tax advice before choosing this route.
Documents you need
Banks and providers ask for a similar company file. The table is a typical checklist; each bank sets its own.
| Document | Bank in Morocco | Foreign provider (typical) |
|---|---|---|
| Extract from the trade register (registre de commerce) | Yes | Yes |
| Articles of association (statuts) | Yes | Usually |
| Common company identifier (ICE) and tax identifier (IF) | Yes | Often |
| Resolution or powers naming signatories | Yes | Usually |
| National ID card (CNIE) or passport of directors and signatories | Yes | Yes |
| Details of beneficial owners | Yes | Yes |
| Proof of business address | Yes | Yes |
| Export contracts, invoices and customs declarations | Yes, for each export receipt | Often, for the first large payments |
Typical requirements compiled by the Helm Editorial Team; requirements vary by bank and provider. As published on 29 October 2026.
The ICE is the single identifier every Moroccan company uses on invoices and filings, and the IF is its tax identification number. Keep export files complete: the IGOC requires the contract, invoices, customs declaration and bank repatriation forms to be kept for inspection, and banks ask for them when crediting the retained share to a foreign currency account.
Stablecoins in Morocco: the 2017 ban and Bill 42.25
Stablecoins are digital tokens designed to hold a steady value against a currency such as the US dollar; USDC and USDT are the most widely used. Morocco's position is a ban that is being replaced by a licensing law, but the law is not yet adopted.
- The 2017 ban. Morocco banned crypto ownership and trading in 2017. The Office des Changes was among the authorities that enforced it, on the basis that virtual currencies breach the exchange rules, as reported by Morocco World News.
- Draft Bill No. 42.25. Published in November 2025 and prepared by the Ministry of Economy and Finance, Bank Al-Maghrib and the AMMC, the capital markets authority, the bill defines crypto assets, including tokenized securities and stablecoins, and proposes prior approval, capital, risk control and governance standards for firms.
- Status in 2026. Bank Al-Maghrib's banking supervision report, presented in Casablanca in July 2026, said work on finalizing the bill has continued since 2025. It remained under review, with no date given for submission to parliament.
| Question | What the sources say |
|---|---|
| Is crypto trading permitted today? | A ban has applied since 2017; the replacement law is not yet adopted |
| Who will supervise? | The AMMC and Bank Al-Maghrib, with Bank Al-Maghrib covering stablecoins, their reserves and redemption |
| Does the bill cover stablecoins? | Yes, as asset-referenced tokens pegged to an official currency or basket of assets |
| What is excluded? | Central bank digital currencies, NFTs and crypto mining |
Source: Morocco World News, report on Bank Al-Maghrib's 22nd banking supervision report (22 July 2026). As published on 29 October 2026.
For a Moroccan company, the practical position is to receive foreign payments by bank transfer and not to accept or hold stablecoins until Bill 42.25 is in force and a licensed route exists. Export proceeds must in any case be repatriated through a bank within the IGOC deadlines.
Where Helm fits, and where it does not
Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm does not currently provide USD account details to companies based in Morocco. A Moroccan company that needs to hold dollars should use an exporter's foreign currency or convertible dirham account at a Moroccan bank, or a provider that states it serves Morocco and operates within the IGOC.
Helm accounts can receive and send USDC and USDT and convert them to USD only where local law allows. While the 2017 position stands and Bill 42.25 is not in force, that rules these features out for companies based in Morocco. General rules are on the eligibility page, and current eligibility questions can go through Helm's contact page.
Helm is relevant on the other side of the trade. A US or other foreign buyer with a Helm account can send international payments to Moroccan suppliers by SWIFT, with the rate, fee and expected arrival shown before sending. Our guide on receiving USD from overseas buyers sets out the details a Moroccan exporter should put on its invoices.
Freelancers and sole traders
Moroccan residents hold dirham accounts, with foreign currency accounts available only on an exceptional basis. A freelancer who exports services is subject to the same IGOC rule as a company: proceeds are repatriated within 90 days of performing the service. Check each online platform's own country list before giving a client your details, because Wise and Airwallex do not list Morocco.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Can a Moroccan company open a USD account?
Yes, mainly as an exporter. Under the IGOC, exporters may keep up to 70% of repatriated export proceeds in foreign currency or convertible dirham accounts at Moroccan banks, or 85% for categorized operators. Other resident companies hold foreign currency accounts only on an exceptional basis.
How long do Moroccan exporters have to repatriate proceeds?
Proceeds from exports of goods must be repatriated within 150 days of the registration date of the customs declaration. Proceeds from exports of services must be repatriated in full within 90 days of performing the service.
What is a convertible dirham account?
It is a dirham account whose balance can be converted back into foreign currency. Exporters may use one for the retained share of export proceeds, and non-residents use one to bring capital into Morocco.
What is the IGOC?
The Instruction Générale des Opérations de Change is the general instruction on foreign exchange operations issued by the Office des Changes. It sets the rules for exports, imports, accounts, investments abroad and other operations, and was overhauled in 2026.
Can a Moroccan business open a Wise account?
Morocco is not on Wise's list of countries where customers can hold money. WorldFirst states that its Africa offering, including a USD account, is available in Morocco.
Can a Moroccan company hold a bank account abroad?
Investing abroad requires prior authorization from the Office des Changes, except within the annual investment allowance set by circular, and residents must declare assets held abroad where required. Export proceeds must in any case be repatriated within the IGOC deadlines.
Is crypto legal in Morocco?
Morocco banned crypto ownership and trading in 2017. Draft Bill No. 42.25, published in November 2025, would create a licensing regime covering crypto assets and stablecoins, but it was still under review in July 2026.
Does Helm offer USD accounts to Moroccan companies?
Helm does not currently provide USD account details to companies based in Morocco. Its USDC and USDT features are available only where local law allows, which rules them out in Morocco while Bill 42.25 is not in force.
Can a US company pay a Moroccan supplier in dollars?
Yes. A US buyer can wire dollars to the supplier's Moroccan bank by SWIFT, and the supplier repatriates and retains or surrenders the proceeds under the IGOC rules. The supplier's bank provides the account and SWIFT details to put on the invoice.
References
- Upsilon Consulting: Export in Morocco, currency repatriation and exchange obligations (IGOC 2026)
- Upsilon Consulting: Exchange status in Morocco, resident, non-resident, MRE, foreign (IGOC 2026)
- Morocco World News: Bank Al-Maghrib confirms progress on crypto law (22 July 2026)
- WorldFirst: USD accounts in Africa
- Wise: Where do I need to live to hold money with Wise?
- Airwallex: Eligible countries and territories
- Internal Revenue Service: Instructions for Form SS-4
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.