When you send money to Morocco, getting the best exchange rate can make a significant difference in how much your recipient actually receives. With providers like Western Union offering services for over 150 years and options to transfer up to £25,000 without additional ID verification, understanding how exchange rates work is essential.
Whether you’re choosing between cash pickup locations across Morocco or opting for a bank deposit, finding the best way to send money to Morocco requires comparing different providers. Some services like Wise boast that 70% of their transfers arrive in under 20 seconds, while others offer exclusive promotions such as £0 fees on your first transfer. Additionally, with MoneyGram providing thousands of convenient locations in Morocco, you have multiple options to consider.
In this guide, we’ll explain how exchange rates are calculated, why they fluctuate, and share practical tips to help you get the most value when transferring funds internationally. By the end, you’ll have the knowledge needed to make informed decisions about your Morocco transfers.
What are exchange rates and why they matter
Exchange rates represent the value of one currency expressed in terms of another. These relative prices fundamentally impact how much money your recipients receive during international transfers. In the foreign exchange market (forex), nearly $10 trillion changes hands daily, making it the largest and most liquid financial market in the world.
How exchange rates affect international transfers
Exchange rates directly determine the amount received when sending money overseas. If you transfer $1,000 to Morocco, fluctuations in the USD/MAD (Moroccan Dirham) rate can significantly alter how many dirhams your recipient gets. Furthermore, these rates affect the fees you pay since providers typically add margins to the interbank exchange rate.
Timing your transfers strategically matters too, especially for specific routes like when you need to send money from England to Morocco. Events like elections, policy changes, and economic announcements can cause sudden shifts in currency values. For instance, dollar purchases by non-US residents typically increase by 24 percentage points following sharp spikes in financial uncertainty.
The role of currency pairs in exchange rates
Currency pairs form the foundation of exchange rates. Each pair consists of a base currency and a quote currency, showing how much of the second currency is needed to purchase one unit of the first. For example, if the EUR/USD rate is 1.25, one euro equals 1.25 US dollars.
The most traded pairs, called “the Majors,” constitute about 85% of the forex market and exhibit high liquidity. These include EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF, and USD/CAD.
Why rates vary between providers
Not all money transfer companies offer the same exchange rates. Each provider sets their own price for converting your currency, similar to how grocery stores charge different prices for identical items. Banks typically charge higher markups than specialized services because currency exchange isn’t their main focus.
Several factors influence these differences:
- Operating costs: Companies with physical locations have higher overhead than online-only providers
- Business model: Some providers make money primarily through exchange rate markups rather than explicit fees
- Market timing: Providers update their rates at different intervals, causing variations even when checking at the same time
- Currency risk management: Smaller providers often charge higher margins as insurance against market fluctuations
Consequently, comparing providers before sending money to Morocco can potentially save you significant amounts, especially for larger transfers.
How exchange rates are calculated
Understanding the mechanics behind currency conversions helps you make informed decisions when sending money internationally. The calculation of exchange rates involves several interconnected factors that work together to determine how much your recipient gets.
1. Mid-market rate explained
The mid-market rate represents the midpoint between buying and selling prices for a currency pair. This rate is what banks use when trading with each other and serves as the most accurate reflection of a currency’s actual value. It’s calculated by taking the median between bid (buying) and ask (selling) rates. I find this rate particularly important as it provides a benchmark against which to measure the rates offered by money transfer providers. Whenever I check rates on Google or financial news sites, I’m seeing this mid-market reference point.
2. Supply and demand in currency markets
Currency values ultimately rise or fall based on basic economic principles. When more people want to buy a particular currency, its value increases; conversely, when more sell it, the value decreases. This balance shifts constantly due to various factors. Trade balances play a crucial role countries that export more than they import typically see stronger currencies over time. Investor sentiment likewise influences this equilibrium, particularly during economic uncertainty when “safe-haven” currencies like the US dollar tend to strengthen.
3. Central bank influence
Central banks wield tremendous power over exchange rates through their monetary policies. By adjusting interest rates, these institutions indirectly impact currency values higher rates generally attract foreign investors seeking better returns, thereby strengthening the currency. Moreover, central banks occasionally intervene directly in foreign exchange markets by buying or selling currencies from their reserves to stabilize rates. Their communications about future policy directions can immediately trigger market movements.
4. Role of forex markets
The foreign exchange market facilitates currency conversions worldwide, with daily trading reaching an astounding $9.60 trillion in April 2025. This massive market operates 24 hours a day, five days a week, with the United Kingdom (primarily London) accounting for 37.8% of all trading. Major participants include:
- Central banks managing monetary policy
- Commercial banks serving clients
- Investment funds seeking returns
- Corporations handling international trade
5. Provider markups and fees
When sending money to Morocco or elsewhere, most providers add a markup to the mid-market rate essentially a hidden fee built into the exchange rate itself. These markups typically range from 1% to 5% and represent how providers generate profit. Banks often charge higher markups than specialized transfer services because currency exchange isn’t their primary business. Therefore, comparing rates across multiple providers before initiating any transfer remains vital for maximizing the amount your recipient receives.
8 tips to get the best value on your transfer
Getting smart about your international transfers can put more money in your recipient’s pocket. After understanding how rates work, let’s explore practical ways to maximize value.
1. Compare providers before sending
Fee structures vary widely some charge flat fees, others use percentage-based pricing. Calculate total costs including exchange rate margins to find the most cost-effective option for your specific transfer amount.
2. Use mid-market rate tools
Currency converter tools from companies like Wise show real-time mid-market rates. This gives you a benchmark to identify hidden markups when providers quote their rates.
3. Avoid weekend transfers
Markets close on weekends, often resulting in less favorable rates. Additionally, many banks use cutoff times to determine when your wire will reach recipients.
4. Choose the right payment method
Paying via bank transfer or ACH is typically cheaper than using credit cards, which may incur additional processing fees. Credit card transfers can also trigger interest and cash advance fees.
5. Send larger amounts when possible
Combining multiple transactions into one reduces per-transfer fees. Many wire transfers come with hefty fixed fees regardless of amount.
6. Use apps with rate alerts
Services like Xe allow you to set notifications for when your desired exchange rate is reached. This helps you transfer at the most favorable time without constant monitoring.
7. Lock in rates when favorable
Forward contracts let you secure today’s rate for future transfers ideal for purchases scheduled months ahead. This protects against unfavorable market movements.
8. Watch out for hidden fees
Look beyond advertised “zero fees.” Many providers hide costs in exchange rate markups. Intermediary banks may also charge fees even when your bank claims “USD 0.00” to receive.
Applying this knowledge when sending money to Morocco
Now that we’ve covered exchange rate fundamentals, let’s apply this knowledge specifically to Morocco transfers. With various options available, finding the right service requires balancing speed, cost, and convenience.
Best way to send money to Morocco
The ideal method depends on your priorities. Wise typically offers the cheapest option by using the mid-market exchange rate, with 70% of transfers arriving in under 20 seconds. For cash needs, Western Union provides access to over 11,000 agent locations across Morocco. Indeed, most major providers offer multiple delivery methods:
- Bank deposit: Direct to Moroccan banks like BMCE, Societe Generale, Credit Agricole
- Mobile wallet: Services like Orange Money for digital convenience
- Cash pickup: Through networks like Wafacash or Cash Plus
How to check exchange rates for MAD
Initially, use dedicated currency tools from providers like XE or Wise to track the mid-market rate. As of recent data, 1 USD equals approximately 9.11-9.13 MAD. Many services allow you to:
- Set rate alerts when your desired exchange rate is reached
- Track transfers in real-time via email or app notifications
- Compare historical rate performance to spot trends
Tips for choosing the right provider for Morocco
Primarily, verify the provider is properly licensed and regulated. Subsequently, compare total costs including both stated fees and exchange rate markups. For U.S. customers sending to Morocco, Remitly charges $3.99 for Express transfers, whereas Wise often has lower overall costs despite visible fees.
Ultimately, plan your transfers strategically send larger amounts less frequently, avoid weekends when rates may drop, and maintain digital records of all transactions for tracking purposes.
Conclusion
Understanding exchange rates proves essential when sending money to Morocco or any international destination. Throughout this guide, we’ve examined how these rates work, why they fluctuate, and practical strategies to maximize your transfer value.
Exchange rates fundamentally impact the amount your recipients get, with even small percentage differences making substantial impacts on larger transfers. Accordingly, comparing providers before initiating any transaction can save you significant money, especially since banks typically charge higher markups than specialized services.
The mid-market rate serves as your benchmark, while factors like supply and demand, central bank policies, and forex market dynamics continuously influence currency values. Therefore, timing your transfers strategically during weekdays and setting rate alerts for favorable conditions can yield better results.
When specifically sending money to Morocco, you’ll find multiple options ranging from bank deposits to cash pickup locations. Nevertheless, each provider calculates their rates differently, making comparison shopping worthwhile. Additionally, considering payment methods matters since credit card transfers often trigger higher fees than bank transfers.
Armed with this knowledge, you can now make informed decisions about your international money transfers. After all, getting the best exchange rate isn’t just about saving money it’s about ensuring your recipient gets the maximum value from your generosity. Whether supporting family, paying for services, or handling business transactions in Morocco, these strategies will help you navigate currency exchanges confidently and efficiently.
