Moroccans in Diaspora Sent Home Over $7 Billion in 2020

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Moroccans in the diaspora sent home 67.99 billion Moroccan dirham ($7.54 billion) in 2020, according to Foreign Exchange Office. The number of Moroccans living in the diaspora is estimated to be over 5 million. The majority of Moroccans abroad live in France, Spain, Italy, Belgium and others in the US, Latin America, the Arab World and West Africa.

According to Mohamed Benchaaboun, Minister of Economy, Finance, and Administrative Reform, 10% of money transfers from Moroccan expats are directed to investments in property and real estate, 15% goes to savings. The major part of remittances is sent to support family and friends. World Bank’s data shows that remittances from Moroccans in the diaspora contributed to Morocco’s Gross Domestic Product (GDP) by 6.2% in 2018.

Best Ways to Send Money to Morocco

There are many options for Moroccans living abroad to send money back home. Some of the best money transfer services to Morroco are WorldRemit, Azimo, Remitly, Juba Express, Dahabshiil, and TalkRemit. You can also use bitcoin to send money to Morroco. Tempo is one of crypto-based money transfer services supporting Morocco.