Sending money from Belgium to Morocco: the payments stack
Sending EUR 140 from Belgium to Morocco cost 3.86% of the amount on average in Q3 2025, across 22 services in the World Bank's Remittance Prices Worldwide survey. Payouts in Morocco typically run over Virement instantané (PCVI), SIMT; between now and the end of 2027 there are 3 weekdays when banks in Belgium are closed but Morocco keeps paying out, so the payout balance has to be funded before them.
| Average cost to send | 3.86% of EUR 140 (Q3 2025, World Bank RPW) source |
| Money transfer operators | 3.49% across 18 services |
| Banks | 5.51% across 4 services |
| Collect in Belgium | SEPA Instant Credit Transfer (SCT Inst), TIPS (TARGET Instant Payment Settlement), T2 (RTGS and CLM), SEPA Credit Transfer (SCT), CENTROlink |
| Pay out in Morocco | Virement instantané (PCVI), SIMT, SRBM |
What it costs to send EUR 140
The World Bank surveyed 22 services sending from Belgium to Morocco from 8 August 2025 to 2 September 2025. The average total cost, fees plus the FX margin, was 3.86% of the amount sent; money transfer operators averaged 3.49% and banks 5.51%. source
Bank and operator averages are worked out from the survey's provider types.
The send side: Belgium
- PSD2 sets initial capital for payment institutions at 20,000 euros for money remittance only, 50,000 euros for payment initiation and 125,000 euros for the services in points 1 to 5 of Annex I (Article 7). source
- An e-money institution must hold initial capital of at least 350,000 euros at authorisation (EMD2, Article 4). source
- A payment institution that wants to provide services in another Member State for the first time notifies its home competent authority of the Member States, the services and any agents or branches it will use (PSD2, Article 28); agents are entered in the home register before they start (Article 19). source
Licences, sponsor banks, collections, ramps and KYC providers: sending from the Eurozone.
The payout side: Morocco
| Payout partner | What it does in Morocco | Source |
|---|---|---|
| Thunes · our guide | Since September 2025 offers real-time payments in MAD to bank accounts in Morocco through its Direct Global Network. | source |
| TerraPay · our guide | Bank payouts to Morocco need the bank name, bank code and account number; for B2B and B2P transactions above MAD 80,000, sender account details are mandatory. | source |
| dLocal · our guide | Payouts V3 pays bank accounts in Morocco using the RIB, for B2C, B2B and P2P flows, with beneficiaries always paid in local currency. | source |
| Nium · our guide | Pays MAD to all major Moroccan banks T+1, subject to a 13:00 UTC cut-off, for B2B, B2P, P2P and P2B payouts. | source |
| Wafacash | Represents several international money transfer partners in Morocco, paying transfers from more than 200 countries in dirhams through its agency network. | source |
| Cash Plus | Pays out international transfers from partners such as Western Union, MoneyGram and Ria, present in more than 170 countries, instantly at its agencies across Morocco. | source |
Licensing, local banks, stablecoin ramps, FX and KYC in Morocco: launching payments in Morocco.
Payout rails in Morocco
| Rail | Operator | What matters for payouts | Source |
|---|---|---|---|
| Virement instantané (PCVI) | GSIMT (Groupement pour un Système Interbancaire Marocain de Télécompensation), with Bank Al-Maghrib | Interbank instant transfer launched on 1 June 2023 and opened by 11 banks to their customers 24 hours a day, 7 days a week, through their own channels. | source |
| SIMT | GSIMT | Retail clearing for non-card instruments (standard transfers, cheques, LCN and direct debits); it handled 136.3 million transactions worth MAD 2,524.2 billion in 2024, and standard transfers above MAD 10 million must settle through SRBM. | source |
| SRBM | Bank Al-Maghrib | Real-time gross settlement system for large-value and customer transfers in central bank money; direct participants sent 381,039 payment orders in 2024, up 16%, driven by a 27% rise in customer transfers. | source |
Holiday gaps to plan for, to December 2027
Weekdays when one side of the corridor is closed. On the 3 dates when Belgium is closed and Morocco is open, the payout balance has to already hold enough to cover them. On the 12 dates when Morocco is closed, instant rails may still pay out.
| Date | Belgium | Morocco | What it means |
|---|---|---|---|
| Fri 6 Nov 2026 | Open | Anniversary of the Green March | Morocco banks closed: only always-on rails pay out |
| Wed 18 Nov 2026 | Open | Independence Day | Morocco banks closed: only always-on rails pay out |
| Fri 25 Dec 2026 | Christmas Day | Open | Prefund Morocco the day before: no funding from Belgium, payouts continue |
| Fri 1 Jan 2027 | New Year's Day | New Year's Day | Both closed |
| Mon 11 Jan 2027 | Open | Anniversary of the Independence Manifesto | Morocco banks closed: only always-on rails pay out |
| Thu 14 Jan 2027 | Open | Amazigh New Year (Yennayer) | Morocco banks closed: only always-on rails pay out |
| Wed 10 Mar 2027 | Open | Eid al-Fitr (day 1) | Morocco banks closed: only always-on rails pay out |
| Thu 11 Mar 2027 | Open | Eid al-Fitr (day 2) | Morocco banks closed: only always-on rails pay out |
| Fri 26 Mar 2027 | Good Friday | Open | Prefund Morocco the day before: no funding from Belgium, payouts continue |
| Mon 29 Mar 2027 | Easter Monday | Open | Prefund Morocco the day before: no funding from Belgium, payouts continue |
| Mon 17 May 2027 | Open | Eid al-Adha (day 1) | Morocco banks closed: only always-on rails pay out |
| Tue 18 May 2027 | Open | Eid al-Adha (day 2) | Morocco banks closed: only always-on rails pay out |
| Fri 30 Jul 2027 | Open | Throne Day | Morocco banks closed: only always-on rails pay out |
| Mon 16 Aug 2027 | Open | Eid al-Mawlid (day 2) | Morocco banks closed: only always-on rails pay out |
| Fri 20 Aug 2027 | Open | Anniversary of the Revolution of the King and the People | Morocco banks closed: only always-on rails pay out |
| Thu 18 Nov 2027 | Open | Independence Day | Morocco banks closed: only always-on rails pay out |
Full calendars: Euro area (TARGET2/T2 and SEPA) and Morocco. Size the buffer with the corridor runway calculator.
Funding the corridor
- At the Bundesbank, T2 RTGS accepts customer payments from 02:30 to 17:00 and bank-to-bank payments from 02:30 to 18:00 on business days, so non-instant euro funding must be sent within those windows. source
- T2 has a non-optional maintenance window every week from 02:30 Saturday to 02:30 Monday, extended over TARGET closing days (for example from Good Friday to the Tuesday after Easter); when the optional weekday window (03:00 to 05:00) is activated, settlement of liquidity transfers in TIPS is affected while TIPS keeps processing instant payments. source
- Convertible dirham accounts of foreign correspondents cannot go into debit, but banks can grant them 'découverts de courrier' of up to J+2 business days against documented foreign currency transfers sent from abroad, to avoid delays in executing payment orders. source
- Instant transfers are capped at MAD 20,000 each, giving an average of MAD 3,780 per transfer in 2024, while standard SIMT transfers are capped at MAD 10 million each. source
- Bank Al-Maghrib's interbank reference rate is built from market makers' trades on the electronic platform between 08:30 and 15:30, so dirham conversion follows the Moroccan trading day; BAM also updates the USD/MAD band before each foreign currency auction session it organises and when international exchange rates move significantly. source
Running the corridor
Polynopsis shows every balance on both sides of this corridor in one live position: the collection accounts in Belgium, the payout partners and banks in Morocco and any stablecoin in between. It warns before the Morocco balance runs dry, holidays included. See how it works.
Frequently asked questions
How much does it cost to send money from Belgium to Morocco?
The World Bank's survey put the average total cost of sending EUR 140 at 3.86% in Q3 2025, across 22 services. Money transfer operators averaged 3.49%.
Which rails pay out in Morocco?
Local payouts run over Virement instantané (PCVI), SIMT, SRBM.
When do I need to prefund Morocco payouts ahead of holidays?
Between now and December 2027 there are 3 weekdays when Belgium is closed and Morocco is open, the first on Fri 25 Dec 2026. The payout balance has to cover those days before they start.
Related corridors
Sources
- World Bank, Remittance Prices Worldwide dataset · World Bank
- T2 (opening hours and closing days) · European Central Bank
- TARGET Systems operating schedule, euro · European Central Bank
- Horaires de travail et jours feries (decree 2-77-169 holiday table) · Ministry of Digital Transition and Administrative Reform
- National and religious holidays · Maroc.ma (official portal)
Know where all your money is.
Polynopsis gives cross-border payment teams one live position across every bank, payout partner, exchange and wallet, including money in flight, and warns before a corridor runs dry.
About Polynopsis
Polynopsis is liquidity management software for cross-border payment companies. The name joins poly, many, and synopsis, a seeing together: one live view of money spread across many banks, payout partners, exchanges and stablecoin wallets, including money in flight, with a warning before any corridor runs dry.
Why it is called Polynopsis · About Polynopsis · Glossary · Corridor runway calculator