We noticed that you're using an unsupported browser. The TripAdvisor website may not display properly.
We support the following browsers:
Windows: Internet Explorer, Mozilla Firefox, Google Chrome. Mac: Safari.

Commission charges to change cash

Which Marrakech hotels are on sale?
mm/dd/yyyy mm/dd/yyyy
See hotels
Middlesbrough...
posts: 58
reviews: 17
Commission charges to change cash

Hi,

I travel in May and have been reading up as much as I can.

If I use the ATM machine my bank will charge 3% how does this compare to the commission charged if I just bring English Pounds and change it in a Bureau De Exchange?

Cardiff, United...
posts: 934
reviews: 32
1. Re: Commission charges to change cash

There are no commission charges to pay when you exchange your money at the Bureau de Change, the rate does vary a little (but not massively) depending on where you change you money (best rates are in the banks (even at the airport), worst rates in the small exchange booths around the square and some of the hotels), but no charges are made when you exchange Pounds to Dirhams.

Edited: 5:17 pm, April 16, 2013
Castril De La Pena...
Destination Expert
for Morocco
posts: 6,301
reviews: 40
2. Re: Commission charges to change cash

Why will your bank charge you 3%? My bank charges £1.50 per withdrawal irrespective of amount withdrawn.

Are you confusing this with the cash withdrawal charge when using a credit card? Best to use a debit card.

Taroudannt...
posts: 1,350
reviews: 3
3. Re: Commission charges to change cash

My Canadian Credit Union (not a bank), allows me $500 maximum daily ATM Debit Card withdrawal, which gets me as much as 4000dh. I am charged a fee of $3 each time.

3% of 500=15! That's 5 times what I pay for each withdrawal.

I suggest that you talk to your bank about this.

Edited: 5:35 am, April 17, 2013
norfolk
posts: 7,473
reviews: 31
4. Re: Commission charges to change cash

there are as many different ways of charging for overseas use as there are banks! if you use a debit card from many high-street banks, you will pay a fixed fee [say £1.50] for each withdrawal. you may also pay around 2% by virtue of the disadvantageous exchange rate charge [known as 'exchange rate loading']. in some cases, the bank you use may make a charge too.

so, overall, using a debit card can be extremely expensive. there are cheaper cards available, but many have conditions attached [like having to open a new current account]. and applying for new accounts can damage your credit rating.

tim, you are fortunate if your withdrawals cost £1.50!

one of the cheaper ways is to use a pre-loaded forex card. there are many, some are better than others. or take sterling. be aware how much cash your trip insurance will cover - it is often not much.

there is further advice here

tripadvisor.com/Travel-g293730-s601/Morocco:…

Castril De La Pena...
Destination Expert
for Morocco
posts: 6,301
reviews: 40
5. Re: Commission charges to change cash

The rate you get on debit card withdrawals including any charges is typically better than you can get changing sterling cash at an exchange place, presumably because there's no costs involved of moving paper money around.

But even if it was worse, I would still continue to use debit cards (a) for the convenience of not having to determine in advance how much cash to bring with me, and (b) so I don't have to carry thousands of pounds around with me on a long trip.

Middlesbrough...
posts: 58
reviews: 17
6. Re: Commission charges to change cash

thanks for you replies. I have re-checked with my bank and yes 3% charge for cash withdrawls. I only have a four day visit so will bring around £500 to exchange to be used for shopping, taxis etc.. and will bring my debit card as a back up

Taroudannt...
posts: 1,350
reviews: 3
7. Re: Commission charges to change cash

See this: http://themoneyconverter.com/GBP/MAD.aspx

It looks like you will get about 6500dh (!) for your 500, which should be plenty for 4 days.

Don't flash it around as the average Moroccan monthly income is only about 1500dh.

I always suggest that visitors give a coin to beggars, but don't open your purse to do that.

Keeping some coins in a pocket is better.

Edited: 12:52 pm, April 17, 2013
norfolk
posts: 7,473
reviews: 31
8. Re: Commission charges to change cash

if you are doing it in cash debs, change it a bit at a time. there are limits on how much you can take out of the country in dirham, and you lose again by changing it back..

depending on what you are planning to buy or do, you may need less, or more, than you think.

as a guide, we spent around £750 including a day trip, cooking class/spa combo, hotel extras [dinners and drinks and massage] all dinners and incidentals. did not do much shopping, or take many taxis. we had a ten-day trip.

pam

Edited: 1:44 pm, April 17, 2013
9. Re: Commission charges to change cash

-:- Message from TripAdvisor staff -:-

This topic has been closed to new posts due to inactivity. We hope you'll join the conversation by posting to an open topic or starting a new one.

To review the TripAdvisor Forums Posting Guidelines, please follow this link: http://www.tripadvisor.com/pages/forums_posting_guidelines.html

We remove posts that do not follow our posting guidelines, and we reserve the right to remove any post for any reason.

Removed on: 1:17 am, April 19, 2014