MAD currency


#1

Thanks a lot for adding a MAD currency wallet! It’s very useful for those traveling a lot to Morocco .

Next step would be to allow outgoing bank transfers from Revolut in MAD. Do you know if this is planned?

Thanks!


#2

+1

Interested in outgoing MAD transfers too but I assume it will never happen considering the special status of this currency. I’m actually surprised you can even hold MAD in Revolut, always thought it was not legal outside Morocco.

By the way, the FX rate in Revolut for MAD is much lower than what XE.com shows. There has to be some fees charged by an intermediary somewhere… Even my Bank in morocco charges me less when I transfer them EUR or USD.

Would you mind looking into it please @AndreasK?

Thanks


#3

I don’t think that your bank in Morocco can beat the MAD exchange rate in Revolut (Excluding Revolut’s rate in the weekend). Revolut’s MAD exchange rate is close to the one in XE.com most of the days during the week, however the rate is sometimes very bad even during the week, therefore always check the current rate in Revolut before doing a MAD transaction.

Regarding MAD outside Morocco, not it’s not illegal for large banking institutions to hold MAD ( see this as an example: https://www.monito.com/send-money/ireland/morocco/eur/mad/5000 , Moneycorp and currency solutions will send MAD from a UK bank account).


#4

Thanks for the clarification re MAD holding.

Regarding the rate, i checked the history in Revolut as well as current rate against EUR and against USD. In both cases it is lower than xe.com. As of my bank in morocco, i confirm that you can get negotiated rates with my bank that are better than what i’ve been monitoring on Revolut for the past days (reason why i still havent converted any MAD in Revolut yet)

I think there is something wrong with the rate in Revolut, today is monday, shouldnt have any markup.

As i speak, revolut gives 10,97 mad per euro when xe.com shows 11,15 mad. This is a 1.6% difference or so. I’ve negotiated fees lower than 0.5% with my MAD bank in the past for large transfers.


#5

I agree that the rate is currently bad ( This is an example when the rate is bad). I just exchanged EUR to MAD this morning when the rate in xe.com was 11.15 and got 11.12 from Revolut.

I will contact you in private to learn more on how to negotiate MAD exchange rates with a local bank if you don’t mind.

Thanks!


#6

Sure, already answered you.

Looking forward to here from @AndreasK re the rate so we can take better advantage of the MAD currency.


#7

@arnaud - I think you’re confusing fees with markups. Your Moroccan bank will give you an FX rate that includes a markup on its wholesale FX rate, and it will charge you fees as well. You need to take both into account.


#8

Revolut EUR to MAD exchange rate is now 11.1150. I’m not sure what cause these significant drop in the exchange rate outside the weekend.


#9

My MAD bank charges a flat fee for incoming transfers (200MAD which is roughly 19€).

The % I indicated is total cost of converting. It includes both the FX markup and the transfer charge.


#10

@arnaud - How do you know how much the markup is? Does the bank disclose its wholesale rate to you?


#11

Hi @Anouar, of course I can take a look into it. Are you able to reach me via a direct message?


#12

@AndreasK Sure. Will DM you now.


#13

Yes they do, we negotiate the rate over the phone.


#14

@arnaud do you notice that Revolut MAD transactions in Moroccan shops get recorded as USD transaction until a couple of days later when the USD account get exchanged again in MAD? This doesn’t happen when using ATMs


#15

No, i havent used Revolut in Morocco yet due to the fx rate. I transfer EUR from Revolut to my moroccan MAD account and use my local debit card.
I see you PMed me to share that it’s repaired for you but for me it still shows 11.1185 for 1€ when XE.com shows 11.1481


#16

This is the best rate that Revolut appear to offer for MAD as I never seen them offering the exact same rate as in xe.com (Although I would love to see Revolut offering the same rate as Xe.com). Current rate is 0.26% worse than XE.com which can’t be beaten by any bank imo.

Regarding EUR transfer from Revolut to Morocco, did you notice any intermediary bank fees ? Does your bank in Morocco receive the full amount that you transfer from Revolut?

When I used to send EUR from my bank in Ireland to my MAD account in Morocco, an intermediary bank in the Netherlands used to always take 20 Euros from the amount I sent.


#17

No intermediary fee when i transfer EUR from Revolut to my MAD bank. But I have intermediary fees when I transfer from my main bank to my local MAD bank. But either way, i get a charge from local MAD bank for incoing transfers (200MAD which is close to your 20€)

As I cant transfer out MAD from Revolut anyways, no choice but to transfer EUR or USD there and let local bank do the conversion.


#18

Great to know that Revolut is not using any intermediary banks for EUR transfers to Morocco.

btw, for incoming transfers from Revolut, your bank will most likely apply the exchange rate set by Bank Almaghrib which is currently 1 Eur - 11.122 MAD (Unless you’re negotiating the exchange rate with your bank).


#19

I’m posting here the reply I got from Andreas regarding the fluctuation in MAD exchange rate and also the reason for not being able to get the interbank rate.


#20

Hi @AndreasK

I just discovered that there is a probably a bug in Revolut rather than issue with the intebank rate for MAD:

The current EUR to MAD rate offered in Revolut today has been between 10.99 MAD and 11.02 MAD, while the interbank rate was over 11.15 the whole day.

When I looked at the EUR - MAD chart in revolut I found the following:

As you can see from the chart, the lowest rate for the day in Revolut should have been 11.1428 while Revolut was nowhere near this rate today as explained above.

Also when I highlighted the rate at 14:00 , it was showing that the rate is 11.1725 while Revolut was offering 11.0039 instead. Also there is a discrapency in the chart as you can see, it’s saying that the lowest rate during the whole day is 11.1428 while the currently offered rate is 11.0039.

Please investigate this.

Thanks!