Banking
Currency Convertible Account
It is essential for foreigners in Morocco to open a “currency convertible” bank account. For its friendly service and minimum of requirements, we highly recommend the Boujloud branch of the Attijariwafa Bank. Once you open your account, be sure to order checks because banks require authorization for this. It usually takes three weeks for your checkbook to arrive. Once you have found a house to purchase and are preparing your transfer from abroad, be sure to specify that it is “For Investment Purposes”.
Transfers
Even before making a down payment, we recommend an initial transfer of at least 5,000 Euros (or the equivalent). This will ensure that the funds will be in place to secure an agreed-upon price for your property. Please note that transfers typically take between ten days to one month for arrival at your Fes account. Although this is the average lead time to allow, transfers may also arrive in as little as three to four days when they have been specified as a rushed transfer.
Purchase
Once you have purchased your dar or riad with the help of Fes Properties, the Adoul – or traditional notary who operates according to Islamic law – will give you the “rasm” for your property and your ownership of the property begins. While some of our properties are already titled, Fes Properties is available to help title those which are not.
It will be important to make sure that
Bank: Attijariwafa Bank
Address:
Agence Fes Boujloud
Rue Serrajine
Fes, Maroc
Phone: (212) 535. 63.34.80/81
Fax: (212) 535. 63.75.48
Manager: Mr. Azzeddine Jamai