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Morocco

If you are buying a holiday home or investing in property, transferring money to Morocco at the best exchange rate can make thousands of pounds difference.

Typically, properties may be priced either in Moroccan Dirhams (MAD) or in Euros. A reputable currency broker in the UK will be able to help you with either requirement, and save you money on the exchange rate compared to using your bank.

In addition, they will be happy to monitor the markets for you and inform you when there are opportune moments to buy at a good rate.

When sending money to Morocco, make sure your solicitor registers your transfer with the Moroccan Exchange Control Office. This will ensure you are able to transfer money back to the UK if you need to in the future, and should reduce any tax liability.

For any currency transaction, your bank is unlikely to offer you the best available deal. Checking with a specialist currency company is quick and easy and could get you a rate up to 4% better. If you are moving a large amount, the extra money is better off in your pocket – and even on relatively small transactions the saving could still be significant. Generally, if you are sending more than £3,000 abroad, it is normally worth using a currency company.