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Banking Without Boundaries: Key Insights for Moroccan Expat Workers

18 Sep 2023


Do you know why Moroccan migrants still want to send money to Morocco to offer financial support to their families back home from abroad?

You might think about this question before answering and pause for a moment. Why would someone still send money across borders through banks in the presence of several online money transfer companies? You might counter-ask!

Well, these are complex questions and require detailed answers containing explanations.
 

Read on to ascertain the details.
 

A Brief Background About the Preceding Questions

From offering basic financial services locally to becoming platforms for global money transfers to offering services without geographical limitations, banks have played a major role in holistically offering financial services.

It is one of the reasons why a majority of expatriates still prefer banks for sending money overseas. Apart from offering basic financial services to reaching new heights in service delivery, banks have proved their utility beyond doubt.
 

Nothing testifies to it more than when you go to a foreign country for jobs or education. Opening a bank account in developed countries is essential. Because the trend of dealing in cash is vanishing faster than anticipated. People in developed countries mostly deal in virtual cash, which is to pay or receive money digitally and electronically.

Therefore, having a bank account is considered essential when you travel to a foreign country. And even you need a bank account during your preparations for going abroad.
 

A report published by Morocco World News said that about 5 million Moroccans live in foreign countries. They make up about 15% of the country’s total population.
 

These Moroccan expatriates live abroad to earn a living so that they can support their families back home through a money transfer to Morocco from overseas. Their financial contribution to the country’s economy is significant, as a World Bank report said that the inward remittances to Morocco in 2022 amounted to $11.17 billion.
 

Depending on their choice, they can either choose a bank or another mode to transfer funds back home.

But you know, all of this, in no way, means that banks and bank accounts are the answer to all your financial questions. Because there are several risks involved in the services of banks. Take a look at some big risks banks face along with their solutions. Their importance, however, cannot be ignored.
 

Let’s look at some of the common bank account types before learning about the advantages of having a bank account.
 

Common Bank Account Types

Bank accounts are of several types, but the most common types are discussed briefly below.
 

Checking Account

It is a type of deposit account that you can open at a physical branch of a bank or a credit union. A checking account is where you can keep your funds and easily process them through ATMs or cheques.

  • It holds funds that you plan to spend to pay bills
  • It comes with a debit card to withdraw cash or make purchases
  • It also comes with a paper chequebook
  • It can be linked to other account types, such as savings account

Savings Account

As the title suggests, a savings account is used to keep funds that you do not want to spend any time soon. Rather, in a savings account, you keep funds for a long time and do not make withdrawals as you do in a checking account.
 

  • This account type offers you an Annual Percentage Yield (APY)
  • You will not get a debit card with this account type
  • The interest rate will be applied and added to the deposited amount
  • Money withdrawal is a little complicated

Money Market Account (MMA)

You can consider a money market account as a baby of a checking account and a savings account because this account type offers you combined services that are unique to the other two accounts separately.
 

  • You can withdraw money easily
  • You get a debit card and a paper chequebook with it
  • You can choose to earn a profit on the amount deposited
  • You can either keep your money safe or use it for routine tasks

Certificate of Deposit Account (CDA)

These are time deposits. It means that you will have to leave your money for a fixed time before the expiry, of which you will not be able to access your funds. In the meantime, however, interest will be added to the amount as profit.

  • This account type does not come with a debit card or chequebook
  • You are disallowed from accessing your funds for a fixed time
  • At the term expiry, you can either roll over into a new CD or get cash
  • A CDA can be opened for at least 28 days or 10 years or more

Of these account types, you can use a savings account for your online money transfer to Morocco.
 

Prime Advantages of Having a Bank Account

Here is where you will find the answer to the questions we asked in the beginning. Following are the reasons you still prefer banks for your financial matters.
 

Savings

Having a bank account enables you to save money because several bank accounts are made to serve this purpose. You are likely to waste your money if you do not have a bank account.
 

Liquidity

Maintaining the liquidity of funds without actually having funds at hand is made possible only by bank accounts. You can have access to your funds anytime from your bank account without actually having cash at hand.
 

Transparency

Bank accounts offer financial transparency. Since every transaction is recorded and maintained by the banks, transparency is high. Furthermore, you can also check the records at your end and ensure clarity.
 

Safekeeping

It is only possible through a bank account that your funds remain safe. And not only do your funds stay safe in a bank account, but you can also have ready and easy access to your funds.
 

Convenience

It is easy for you to make payments, such as payment of bills, utilities, and so on, through a bank account. Also, through bank accounts, you can have funds deposited directly into your account.

These are some of the advantages you can have of having a bank account, but remember that it does not mean banks are a financial panacea.
 

Wrapping Up the Discussion

Although banks offer financial services, including remittance transfers, they are not a perfect fit for remittance services due to several challenges. You must choose a financial institution to send money to Morocco online that specialises in these services, such as ACE Money Transfer, to enjoy swift delivery, safety, live and competitive exchange rates and much more in exchange for a low fee from one window. Besides, when you join the firm as a new customer, it offers a welcome bonus Fee-Free first money transfer across borders. So, why wait? Start benefitting from your hard-earned money abroad the most by using ACE Money Transfer.
 

FAQs

What benefits do I get from having a bank account?

The benefits you get from having a bank account include safety, the ability to save money, easy access to funds, financial transparency, liquidity, and convenience in paying bills and utilities, and also getting funds deposited easily.
 

What are the common types of bank accounts?

Common bank account types include a savings account, a checking account, a money market account (MMA), and a certificate of deposit (CDA). All of these account types serve different purposes, as explained above. 


Are banks a good option for an online money transfer?

No. Banks are not a good option for transferring funds across borders, particularly when the purpose is to send financial aid to your family back home from overseas.
 

What problems do I face in transferring funds through banks?

The problems you face include extended time to deliver funds, high service charges, static and uncompetitive currency rates, commuting hazards, a lot of paperwork, and the service availability within a strict schedule beyond which banks remain closed. 
 

How do you send money to Morocco if not through banks?

Find a financial institution to send money to Morocco that specialises in remittance transfer services such as ACE Money Transfer because these specialised APIs offer you speed, safety, live and market-competitive currency exchange rates, and charge a low fee with a 24/7 service availability.

Resources


 

  • Moroccan diaspora

(The Moroccan Diaspora: A Factor to Consider in Governmental Policy Making (moroccoworldnews.com)

  • Inward remittances

(Personal remittances, received (current US$) - Morocco | Data (worldbank.org)


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