We have investigated the relaxation from free to bound excitons in [00
1] and [111] GaAs/Ga0.7Al0.3As quantum wells by analyzing the photolum
inescence polarization in the presence of a magnetic field applied in
the Faraday configuration. The Stokes shifts of our samples, which amo
unt to approximately 3 meV, indicate that the photoluminescence is due
to excitons bound to some kind of defects in the quantum wells. We ha
ve obtained a systematic decrease of the degree of polarization with i
ncreasing magnetic field for resonant excitation of heavy-hole exciton
s. We interpret this fact as a manifestation of the decrease of correl
ation between momenta and spins of the excitons as they decay from fre
e to bound excitons. We obtain an effective out-scattering time due to
the processes of energy relaxation from free to bound excitons of the
order of 50 fs, which is independent of the crystallographic orientat
ion.