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Wise: The Best Way to Send Money To Morocco

sending money to morocco best way

If you’re going to live in Morocco, you’ll need a convinient and cost efficient way to covert and send money.

Whether you’re trying to convert your home country’s money to Moroccan dirhams to start your new life, or just have a reliable service to convert your online earnings – I have a solution for you:

Signing for a Wise account!

As someone who move between countries often, I know how important it is to have a reliable and cost-effective way to exchange currencies.

In the past, services like Western Union were the go-to option for many of us. But let’s face it. The transfer fees were hefty, and the process was not always convenient.

That’s when Wise (Formerly TransferWise) came into the picture, and it has been a game-changer ever since. My family and I have been using Wise for years, and we absolutely LOVE it!

In this blog post, I want to share with you everything you need to know about Wise, including its pros and cons, how it works, and how to sign up for an account.

Believe me, once you start using Wise, you’ll wonder how you ever managed to exchange currencies without it. So, let’s dive in!

What is Wise?

Wise, formerly known as TransferWise, is a convenient and cost-effective money transfer service that allows users to send, receive, and convert money across different currencies.

It was founded in 2011 by Taavet Hinrikus and Kristo Käärmann as a response to the dissatisfaction with high fees and unfavourable exchange rates offered by traditional banks and money transfer services.

7 Benefits of using Wise

Let’s have a closer look why we love Wise and how it can benefit you and your family.

#1 Cost-effective

Wise offers competitive exchange rates with minimal fees, making it a cost-effective choice for transferring money internationally.

Unlike traditional banks and money transfer services, Wise provides the real exchange rate without hidden markups, resulting in significant savings.

#2 Transparency

I love the transparency in pricing Wise offers!

Before you initiate transfer, you can see the exact amount that will be received by the recipient, along with the fees involved. This level of transparency ensures no surprises during the transfer process.

Nonetheless, it’s worth noting that for certain currencies, such as Emirate dirhams, Wise provides precise information on the amount the recipient will get.

However, in the case of Moroccan dirhams, due to the fluctuating nature of its exchange rates, Wise provides an estimate and informs you that the final amount may vary slightly.

#3 Speedy transfer

Wise operates on a peer-to-peer system, using local accounts in different countries to facilitate transfers. This method allows for faster transactions compared to traditional methods, which may take several days.

When using Wise, I’ve observed that adding a new recipient can sometimes result in a slight delay.

For example, during my first money transfer to a UAE bank, the transaction took approximately 2-3 days to complete.

However, I was pleased to find that the second transfer to the same recipient was much faster, processing within just one day.

#4 Multi-currency accounts

Wise offers multi-currency accounts, allowing users to hold money in different currencies. This feature is beneficial for individuals and businesses with international financial needs, enabling them to manage and convert currencies efficiently.

It’s super useful if you think a certain currency’s value might drop (remember Brexit?). You can quickly switch to a more stable currency and protect your finances.

#5 Trustworthy and secure

With millions of satisfied customers worldwide, Wise has earned a reputation for reliability and security. The platform is regulated by financial authorities in various countries, ensuring the safety of your funds and personal information.

If you suspect someone has access to your card, you can freeze it to avoid money taken out.

When my brother first sent me money to my Wise account, they double checked and made sure it was a legit transaction before releasing the money.

If I was a scammer I’d have trouble getting the transfer.

#6 Excellent customer service

I once forgot to unsubscribe from a subscription on Google Playstore, and they charged me for a whole year’s subscription. My heart almost dropped!

Even though their policy allowed for a refund if canceled within 48 hours, Google Play refused.

Feeling helpless, I turned to the wise folks at Wise (pun intended), and they were amazing! Despite some delays between Google and Visa, Wise provided great support.

Eventually, I successfully got my full refund after a month (phew!).

#7 User friendly interface

One brilliant thing about using Wise is its user-friendly interface, both on the website and the app. It’s dead easy to use and doesn’t baffle you with loads of stuff.

When you visit the website, you’ll see a clean and modern design, with everything nicely organised. You won’t get lost trying to find what you need. Creating a new transfer, managing your account, or getting support is a breeze.

And if you’re on the go, the Wise app is just as simple to use. It works a treat on your phone, so you can do your transactions or check your finances wherever you are.

Some drawbacks you might face with Wise

After exploring the benefits of Wise, let’s dive some drawbacks with using Wise.

Now, I wouldn’t exactly call it drawbacks, as I always tend to find some ways around it.

However, I thought I’d mention them so you’re not met with unpleasant surprises.

#1 Unavailablity of certain currencies

It’s worth noting that Wise doesn’t cover ALL currencies. I recently found out that Wise currently doesn’t have Saudi Arabia currency. I’m able to send money to UAE and Moroccan banks, but not Saudi.

That being said, it seems that Wise is working to cover as many countries and currencies possible.

But, I guess if you often deal with countries that Wise doesn’t support at the moment, you might have to find another alternative for those specific transactions.

However, most of my visitors come from Europe, UK, Canada, US, etc. and besides those countries, you can send money to 155+ countries.

#2 Wise don’t deliver cards to Morocco and certain countries

When I was in the UAE, I couldn’t get Wise card delivered to me. So I had my card delivered to my friend who lives in the UK, and she brought it with her when she came to visit.

If you’re not in Morocco yet, make sure to get your card delivered, assuming you’re in one of those countries that Wise delivers to. The fee for a Wise card is small: 5 GBP / 7 USD / 6 EUROS.

Alternatives besides Wise

If you’re having problems with Wise for whatever reason, here are some alternatives:

  1. Revolut: Offers multi-currency accounts, global money transfers, and a physical debit card for spending in different currencies (perhaps Wise’s main competitor).
  2. Skrill: Enables money transfers and payments in multiple currencies, making it convenient for global transactions.
  3. Payoneer: Provides international money transfers, multi-currency accounts, and a prepaid Mastercard for spending.
  4. WorldRemit: Specialises in fast and secure money transfers to various countries around the world.
  5. OFX: Ideal for larger transfers, OFX provides competitive exchange rates and low fees for international transactions.
  6. Western Union: Known for its extensive global network, allowing recipients to receive cash in various locations.
  7. Xoom: A PayPal service that focuses on quick and secure international money transfers.
  8. Revolut Business: Designed specifically for businesses, providing various financial services and international payments.

Besides Wise, the only other three I’ve used in this list are Payoneer, Western Union and Revolut Business.

I had to create a Payoneer account to get my money from freelancing platform, Fiverr. But besides that, I don’t use it for anything else. Before Wise was a thing, Payoneer used to be the 1st choice for many freelancers working with international clients.

I opened Revolut Business to try it out in case it offered stuff Wise lacked, but I haven’t had any reason to explore it (Wise’s user interface is much better).

Lastly, Western Union is the only service we used to send money to Morocco (besides Wise). This option is convinient if the person you’re sending money to don’t have a Moroccan bank account yet.

When my husband sent me money from UAE, I just had to give him the details of the closest bank to me. And then all I had to bring was the receipt and my ID.

step-by-step guide setting up a wise account

Signing up for a Wise account is a straightforward process that will have you ready to send money abroad in no time. Follow these simple steps to create your account and unlock the convenience of Wise:

  1. Visit the Wise Website: Head over to my affiliate sign up link. You can access the site from your computer or mobile device, making it easy to sign up from wherever you are.
  2. Sign Up with Your Email: Click on the “Sign up” button and provide your email address. You’ll receive a verification email to confirm your account.
  3. Choose Your Country and Currency: Select your country of residence and the currency you’ll be using most frequently for your transactions. This ensures that you receive information tailored to your specific location.
  4. Complete the Verification Process: Follow the link in the verification email to finalize your account setup. This step helps ensure the security of your account and information.
  5. Add Your Personal Details: Enter your essential personal details, such as your name, date of birth, and address. Wise is committed to privacy and complies with all necessary regulations to protect your data.
  6. Verify Your Identity: To comply with regulations and ensure security, Wise may require you to upload a copy of your identification document. This verification process is usually quick and straightforward.
  7. Set Up Your Transfer: Once your account is verified, you can start setting up your transfer. Simply enter the recipient’s details, choose the desired currency, and review the transparent fee breakdown before confirming the transfer.
  8. Add Payment Method: To fund your transfer, you’ll need to link a payment method to your Wise account. You can use a bank transfer or a debit/credit card, depending on your preference and availability in your country.
  9. Complete the Transfer: After adding your payment method, you’re all set to complete the transfer. Review the details one last time, and with just a click, your money will be on its way to its destination.

Opening a personal account is free, but the business account costs £45 (one off fee).

Using Wise for transferring money from abroad to Morocco

All of my adult male relatives have been loyal users of Wise for years. They find it incredibly useful for regularly sending money to their Moroccan bank accounts and to their families.

We use it mainly to convert our GBP earnings to Moroccan dirhams for every day expenses.

Apart from exchanging currencies, I use Wise for business, too. I find it convinient when dealing with international clients.

Read: 3 Proven Ways You Can Make Money in Morocco

We’ve explored other options, but nothing seems to match the convenience and reliability of Wise. Unless we come across something truly exceptional, there’s no reason for us to stop using Wise anytime soon!

2 thoughts on “Wise: The Best Way to Send Money To Morocco”

  1. Thanks for sharing this information sister.
    I’ve wasted so much money on transfer fees from Western Union so this information is really a blessing for those of us on the Hijrah.

    1. You’re welcome, sister. Honestly, sending money abroad before was a challenging process. But I also want to try out Wise’s competitors and see if they have anything Wise might lack.

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