A transfer is a transaction whereby an account holder, called the Drawer, asks his/her bank to transfer funds from his/her own account to another account.
In Morocco, the transfer is defined by Article 519 of the Commercial Code as a “banking operation whereby an amount is debited from the account of a depositor, upon written order of the latter, to credit another account.”
Hence, the transfer allows:
- to transfer funds between two distinct individuals having their accounts in the same bank or in two different banks
- to transfer funds between different accounts opened by the same person with the same bank or in two different banks
- the transfer order is considered valid either for amounts already recorded in the account of the payer or for amounts to be recorded in a deadline previously agreed with the bank (Article 520 of the Commercial Code)
The beneficiary of a transfer becomes owner of the sum to be transferred once the bank debits the account of the payer (Article 521 of the Commercial Code). The transfer order may be revoked until that time.