Spending in Morocco

tightasafish

We are going to Morocco in September for 10 days and have been thinking about the best way to organise our cash. The Dirham is a closed currency, hence you are not supposed to take cash in or out of the country. I have a Halifax Clarity card which I understand is the most efficient way of making purchases, paying for meals etc, but with regard to cash I was wondering if I could put money into my credit card account before travelling, then use it to withdraw cash at ATMs??? Would I then avoid interest charges for cash withdrawals?? Is there a better way??
Many thanks............

reclusive46

tightasafish wrote: »

We are going to Morocco in September for 10 days and have been thinking about the best way to organise our cash. The Dirham is a closed currency, hence you are not supposed to take cash in or out of the country. I have a Halifax Clarity card which I understand is the most efficient way of making purchases, paying for meals etc, but with regard to cash I was wondering if I could put money into my credit card account before travelling, then use it to withdraw cash at ATMs??? Would I then avoid interest charges for cash withdrawals?? Is there a better way??
Many thanks............

Your not allowed to put your credit card in credit.

You can withdraw money cheaply but you will pay interest but it works out at about £1 per £100 per month but if you do a bank transfer on the internet after the withdrawal (Once the withdrawal has posted) you can minimise interest to about 1p.

You could also set up a post dated transfer, so if you know your going to be withdrawing cash on a certain date you can set the withdrawal up.

tightasafish

Sounds like a cunning plan!! :beer:

purplebutterfly

Be aware that Morocco is a predominantly cash-based society and you will probably find yourself using your card very little as a payment method.

That's not to say you can't use your card, depending on where you are, just that cash is a lot more common than here in the UK. If you are travelling deep into the countryside, you might find yourself pretty far from any banks or cash machines so always have enough cash on you to cover emergencies.

A prepaid credit card such as FairFX Anywhere or Caxton Global can be a good choice if you want a good exchange rate plus added security.

Or, some people choose to take most of their cash into the country in sterling and then exchange it once there - plenty of Bureau de Changes and you can obviously exchange money at the banks as well.

I suggest you check out the Tripadvisor Morocco forums for more information on cash etc. Morocco is an incredible country as long as you are prepared for it!

tightasafish

Thanks for that purplebutterfly - would you recommend a prepaid card or sterling exchange in favour of reclusive46's suggestion of getting cash via my clarity card and setting up a post dated transfer??

purplebutterfly

I use a mixture of sterling and a FairFx card but I don't have a standard credit card so I've never explored that option.

You'd have to look into what was best for you in terms of exchange rates/loading fees and also which is less faffing about

Once you're in Morocco, exchange rates for sterling cash are fixed and only vary by minute amounts (some places take a very small commission). I know my FairFX Anywhere card always gives me the closest exchange rate to the official international trade rate as you can get and then there is a small fee for making a withdrawal at an ATM or using it POS. No loading fees though.

You need to see what your credit card will charge for use abroad - I'm pretty sure that Halifax clarity will work in ATMs but you'd need to ask your bank. Again it depends whether you are going to be in a city or up in the mountains!

Have you using the http://travelmoney.moneysavingexpert.com/ MSE travel calculator?

[Deleted User]

We were in Morocco earlier this year and found it very difficult to pay by card in most places - cash was often the only payment method accepted.

Be aware of where you change cash too, avoid street vendors and back street places. We found the airport exchange desk had far preferable rates to the hotels in town.

HTH,

D9

purplebutterfly

Again I would suggest that the OP does their research and visits the TA forums in advance of their trip in order to avoid the problems that Domino9 seems to have encountered.

reclusive46

purplebutterfly wrote: »

I use a mixture of sterling and a FairFx card but I don't have a standard credit card so I've never explored that option.

You'd have to look into what was best for you in terms of exchange rates/loading fees and also which is less faffing about

Once you're in Morocco, exchange rates for sterling cash are fixed and only vary by minute amounts (some places take a very small commission). I know my FairFX Anywhere card always gives me the closest exchange rate to the official international trade rate as you can get and then there is a small fee for making a withdrawal at an ATM or using it POS. No loading fees though.

You need to see what your credit card will charge for use abroad - I'm pretty sure that Halifax clarity will work in ATMs but you'd need to ask your bank. Again it depends whether you are going to be in a city or up in the mountains!

Have you using the http://travelmoney.moneysavingexpert.com/ MSE travel calculator?

The Halifax Clarity does charge now fees. Its the best way to get travel money in the UK.

FairFx usually gives a rubbish rate compared to the standard MasterCard rate. If you've got the Clarity, I wouldn't waste your time with them. There are tons of ATMs in Morroco (All next to the foreign exchange booths).

purplebutterfly

reclusive46 wrote: »

FairFx usually gives a rubbish rate compared to the standard MasterCard rate.

Does it? Do you mean including the fee for making a withdrawal - because the actual exchange rate I've had in Morocco has always been the same rate as at the bank.

As I say, I don't have a credit card so I wouldn't know about that. I do know that FairFX beats my RBS debit card hands down though and means I don't need to worry as much about losing the card.