Ever tried to send money between Casablanca and Riyadh and wondered why the math just doesn't add up? You check the mid-market MAD to SAR rate on Google, it looks great, and then you open your banking app only to see a chunk of your cash has essentially vanished.
It’s frustrating.
Honestly, the Moroccan Dirham (MAD) and the Saudi Riyal (SAR) have a fascinating relationship because they both dance to the tune of the US Dollar, but they do it in very different ways. As of mid-January 2026, we are seeing the MAD to SAR rate hovering around 0.405 to 0.408. That means 1 Moroccan Dirham gets you roughly 0.41 Saudi Riyals.
But here’s the kicker: that "official" rate is almost never what you actually get.
The MAD to SAR Rate is Not Just One Number
Most people think a currency exchange rate is like the price of a gallon of milk. It’s not. There is the "mid-market" rate—the one banks use to trade with each other—and then there’s the "retail" rate they give to you.
Saudi Arabia keeps the Riyal pegged strictly to the US Dollar at exactly $3.75$ SAR. Morocco, on the other hand, uses a "weighted basket." They tie the Dirham to both the Euro (60%) and the US Dollar (40%). Because the Euro fluctuates against the Dollar, the MAD to SAR rate moves even when nothing is happening in Morocco or Saudi Arabia.
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If the Euro gets stronger, your Moroccan Dirhams usually buy more Saudi Riyals. If the Dollar dominates, the Riyal gets "more expensive" for someone holding Dirhams. It’s a constant tug-of-war.
What happened lately?
Over the last year, the Dirham has actually gained some ground. We’ve seen a roughly 9% increase in the value of the MAD against the SAR since early 2025. In January 2025, you might have only snagged 0.37 SAR for your Dirham. Now? You're looking at a much healthier 0.40 range.
Why Banks Charge You More Than the App Says
Banks are businesses. They don’t exchange your money for free out of the goodness of their hearts. When you look at the MAD to SAR rate on a currency converter, you're seeing the "pure" value.
When you go to a physical bank or a traditional wire service, they apply a "spread." This is a hidden markup. They might give you a rate of 0.38 when the real rate is 0.40. That tiny difference? That’s them taking a slice of your pie before they even charge you a "transaction fee."
- The Spread: Often 2% to 5% of the total amount.
- Fixed Fees: A flat 50 MAD or 100 MAD charge just for clicking "send."
- Intermediary Fees: If the money passes through a third-party bank, they might take a bite too.
It adds up. Fast.
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How to Actually Get a Better Deal
If you're a Moroccan expat in Saudi or a business owner importing goods, you need to be smarter than the average traveler. Stop using the big traditional banks for simple transfers.
Platforms like Wise or Revolut often provide rates much closer to the real MAD to SAR rate you see on financial news sites. Why? Because they don't actually move the money across borders in the traditional sense. They have pools of currency in both countries. You pay MAD into their Moroccan account, and they pay out SAR from their Saudi account.
Real-world check
Let's look at the numbers for January 16, 2026.
If you’re sending 10,000 MAD:
- At the mid-market rate (0.406): You should get 4,060 SAR.
- At a typical airport exchange (0.380): You only get 3,800 SAR.
- The loss: 260 SAR.
That's enough for a very nice dinner in Riyadh or a couple of weeks of gas. Don't leave it on the table.
The Future of the Dirham and the Riyal
What should we expect for the rest of 2026?
Most analysts, including those from MUFG and ING, expect the Saudi Riyal to remain rock-solid because of that USD peg. The variable is the Dirham. Morocco has been slowly liberalizing its currency regime. They want the Dirham to float more freely to encourage investment.
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If the Moroccan central bank (Bank Al-Maghrib) decides to widen the trading band further this year, expect more volatility in the MAD to SAR rate.
Also, keep an eye on oil. Even though the Riyal is pegged, the "strength" of the Saudi economy depends on Brent Crude. If oil prices skyrocket, the SAR doesn't change its price, but the cost of living in Saudi might, affecting how much your Dirhams can actually buy on the ground.
Actionable Steps for Your Next Exchange
- Verify the "Real" Rate: Use a site like XE or Reuters to see the live mid-market rate before you talk to any provider.
- Avoid Weekend Transfers: Forex markets close on Friday evening (Eastern Time). Many providers add a "weekend markup" to protect themselves against price jumps on Monday. Wait for Tuesday or Wednesday.
- Compare "Total Cost": Don't just look at the fee. Ask "How many Riyals will arrive in the account for exactly 5,000 Dirhams?" That number includes the fee and the exchange rate markup.
- Use Digital Wallets: For smaller amounts, apps like Remitly or Western Union’s digital tier often beat the brick-and-mortar branches on the MAD to SAR rate.
Keep your eyes on the Euro-to-Dollar ratio. Since the Dirham is 60% tied to the Euro, a strong Eurozone usually means your Moroccan money goes further in the Kingdom.
Don't just accept the first rate you're quoted. A five-minute search can save you hundreds of Riyals. Use a multi-currency account if you do this often; it lets you hold MAD and wait for the rate to hit a "high" before you convert it to SAR. That's how the pros do it.