19 Sep 2023
Is your heart set on your Moroccan roots, but your mind is dreading the money transfer maze? Do you wish to learn a hassle-free way to send money to Morocco for your family awaiting financial help? The recent earthquake impacted Morocco badly, with thousands embracing death and countless left homeless. Such circumstances demand quick financial aid, which remittances can significantly assist with.
This blog explores the easiest method to send remittances to your loved ones in Morocco from abroad.
Morocco, situated at the convergence of the African and Eurasian tectonic plates, has historically been susceptible to seismic activities. When earthquakes strike, they leave in their wake not just a trail of physical destruction—collapsed buildings, damaged infrastructure, and disrupted communities—but also deep economic scars.
The economic repercussions of these natural calamities can be particularly dire for a developing country like Morocco, where a significant portion of the population relies on agriculture and lacks comprehensive insurance coverage. Amidst the challenges, there's a silver lining: remittances.
With a vast Moroccan diaspora spread across Europe, North America, and other parts of the world, remittances have become an essential lifeline for many families back home. In the aftermath of an earthquake, these financial contributions from overseas can play a pivotal role. They provide immediate relief to affected families, enabling them to rebuild homes, start anew, and procure essential commodities.
Furthermore, remittances can bolster the local economy, as they stimulate demand for local goods and services, creating employment opportunities in the process. For a nation grappling with the aftermath of an earthquake, this influx of foreign currency can also strengthen its balance of payments, stabilising the local currency and attracting foreign investment.
In essence, while the repercussions of earthquakes in Morocco are profound, remittances from its diaspora can offer a cushion, helping the nation to bounce back with resilience and hope.
One of the greatest recipients of remittances in the Arab world has traditionally been Morocco. According to a report by the Arab Union of Bank, Morocco continues to be the second-largest beneficiary of remittances in the Arab world. Remittances are rising as more and more people leave the nation in search of better prospects overseas. In 2022, it received remittances of 11.2 billion USD. This amount represents 6.6% of the nation's annual GDP.
The majority of Moroccan families are very reliant on these transfers. Remittances are used to pay for living, healthcare, education, and other costs. Morocco lacks financial capital; therefore, remittances fill the gap and spur economic expansion in the country. Hence, every single money transfer to Morocco creates a huge impact on the lifestyle of locals.
Money transfers to African nations are infamously pricy and complex. The underdeveloped state of Africa has inadequate banking facilities. Most impoverished regions have low rates of financial inclusion and restricted access to banking services. Due to this, remittance transactions and wire transfers are far more expensive in Africa if compared to other regions.
Moroccan expats should avoid using the traditional slow and expensive techniques if they have to send money to Morocco for their loved ones on a routine basis. Instead, use modern methods like money transfers through FinTech companies. Online money transfers are far more practical and transparent than conventional wire transfers. Making the appropriate decision when selecting a provider is crucial to keeping your money secure.
ACE Money Transfer expedites, simplifies, increases transparency, and lowers the cost of international money transfers. The company offers the lowest transfer fees yet at competitive exchange rates, making remittance transactions highly cost-effective and streamlined.
ACE Money Transfer is an FCA-regulated “Authorised Payment Institution (API)” that ensures fast, secure, convenient, and economic remittance solutions with strict compliance and anti-money laundering policies. It provides competitive exchange rates, affordable transfer costs, and quick and safe delivery. Every online money transfer to Morocco made through ACE has a transparent cost structure with no additional charges.
One of the best methods to quickly transfer money to Morocco includes the usage of the internet. ACE Money Transfer makes it simple to send money to friends and relatives. Here are the 5 easy steps to send remittances through ACE.
After all the above-mentioned steps are done, your money will reach the recipient within a day.
With its safe and easy money transfer process, ACE Money Transfer has millions of users worldwide.
ACE Money Transfer uses several security measures so you can send money home with confidence. Through fraud monitoring and encryption, your personal information is safeguarded.
You won't need to worry about where the money is because you and your beneficiaries can follow the transfers in real time. ACE provides support 24/7if you have any questions during the procedure. You can relax knowing that your money is protected and will reach its destination in no time.
If you are struggling with the expensive banking procedures to send remittances, leave your worries behind and use ACE Money Transfer, which has workable solutions for your monetary needs. ACE is an industry leader with years of expertise in secure global remittance transfers. The company has waived off transfer costs during the time of crisis that Moroccans are facing after the earthquake. You can send money to Morocco online from overseas at absolutely no costs involved throughout the month of September 2023. So join ACE and ensure timely financial aid to your family from across borders.
Is it possible to send remittances to Morocco through crypto?
While some platforms offer cryptocurrency options, not all remittance services support this method for transfers to Morocco.
Are there any specific regulations that I need to follow to send a large sum of money to Morocco?
Yes, transactions above a certain threshold may require additional documentation and compliance with anti-money laundering regulations.
How long would it take for my money to reach Morocco?
With ACE, you can rest assured that your money will reach your loved ones within the same day.
Can I send money to Morocco using my mobile phone?
Yes, The ACE mobile app allows you to use the service on your phone.
What's the best time to transfer money to Morocco for favourable exchange rates?
The forex market fluctuates constantly, so it is advisable to monitor trends. However, you can also consult with currency experts to find opportune moments.