Managing my finances as a student abroad can be a real challenge, starting with currency exchange. But how can I become familiar with the exchange procedures and regulatory aspects in my host country? And what are the best solutions available to me?
The exchange regulation allows you as a Moroccan student abroad to transfer the needed funds to cover your various expenses. Throughout your academic program, you are entitled to transfer tuition fees, living expenses, rent, and related charges. Moreover, you can even benefit from this transfer right for an additional year after your graduation.
Before starting your studies abroad, you need to choose a Moroccan bank which will be solely responsible for handling the payments for your living expenses, rent, and tuition fees. This bank, referred to as the "domiciliary bank," will open your "study abroad" file with a copy of your current year's enrollment or pre-enrollment certificate. You must then provide your bank with the enrollment certificate within 4 months from the date of the first payment for expenses related to travel for studies abroad. Other proof of expenses must be submitted to the bank progressively.
The Foreign Exchange Office suggests a defined amount for your living expenses per month. However, you can request an increase by presenting a document or certificate from an educational institution, consulate, or embassy of the host country in Morocco, indicating a monthly living expense amount higher than the fixed amount set by the Foreign Exchange Office.
For rent and related fees (the residence maintenance fees, taxes, and the lease agreement), there is no set ceiling. You must provide a copy of the lease agreement or a certificate from the accommodation facility showing the amount due. If the transfer is to occur after the end of your study program, the diploma or certificate of completion and a valid residence permit must also be presented.
Finally, for tuition fees, the transfer is made up to the amount indicated on an invoice from the foreign educational institution or an intermediary organization mandated by the educational institution. You must also provide a proof of enrollment.
Payments for living expenses, rent, and tuition fees can be made by your domiciliary bank through wire transfers or cheques in foreign currency. The bank can transfer tuition fees to your account, to the account of the foreign educational institution, or to an intermediary organization authorized by the educational institution. It can also transfer living and rent expenses to your account. Additionally, living expense amounts can be loaded onto an international payment card.
One of the expenses that has the most significant impact on your budget as a student abroad is currency conversion. Since foreign exchange regulations require the use of a domiciliary bank for the "study abroad" file, you can only carry out currency exchange transactions through the bank where you have registered. However, you can monitor exchange rates to make conversions at the most favorable times by submitting invoices in advance. The Foreign Exchange Office agrees to carry out transfers in advance for a period of up to twelve months.
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