Seafarer Bank Account, Do I need One?
Here are a few questions to ask yourself.
- Am I employed on a yacht?
- Am I on a seasonal or permanent contract?
- Am I paid in a different currency to my ‘home’ bank account?
- Do I travel around the seas and oceans to different parts of the world? The Mediterranean in the summer and Caribbean in winter or perhaps the Middle East, Far East, Alaska or Japan.
- Do I already have a Seafarer Bank Account?
- If yes – that’s great, but we can still help you (see below)
- If not, do I need one?
- In fact, what is a Seafarer Bank Account?
- Why would I need one?
What is a Seafarer Bank Account
A Seafarer Bank Account is only available to Yacht Crew who reside on board. It is a unique and bespoke bank account, specifically designed for Yacht Crew and not available to the general public. It is issued from the Isle of Man by Standard Bank, a South African financial services group, who have been around for over 150 years.
Can I Have One
As mentioned above you need to be Yacht Crew living on the yacht. There is a lot of misinformation flying about in the Marinas, so let me clear up a few points:
- Seasonal or permanent contract – makes no difference – you can still apply.
- No minimum wealth or minimum income required.
- Mobile banking via the App.
- There are four account currencies available – GBP, EUR, USD & AUD.
- Transfers between accounts.
- An optional* Visa Card is available for use with all ATM’s around the world displaying the Visa sign.
- Low ATM Fee**
- No monthly or annual Maintenance Fee***
- Free Electronic Payments****
- 24/7 Internet Banking.
- Unlimited Deposits***** and Withdrawals.
Sound like you need a Seafarer Bank Account?
The Small Print
*The optional Visa Card will be charged at 20 EUR per annum
** ATM Fee is 1.75% – substantially lower than most bank fees
*** A quarterly balance of less than £2,500, €2,500, $3,500 and AU$3,500 will incur a charge of 60 EUR per quarter.
**** There is no charge for UK or International transactions including standing orders. However, any agents, foreign correspondents fees or indirect fees will be charged to you.
The receiving bank on a transfer may make a charge, although this can be waived in advance of the transfer being actioned. Please ask for further details.
***** Any deposits held within the account in excess of £/€100,000 may be subject to a fee (why would you not be contacting us to invest this money anyway?)
Sounds Great, Just what I Need – How do I Apply and what do I Need
First stop is to give Marc Rees a call at Haven Financial Advisers in Palma. He can help you complete an application form. To ensure the application runs smoothly Marc will need the following:
- A certified colour copy of your passport (we can certify this).
- A certified copy of your signed employment contract (we can certify this).
- A copy of the yacht registration certificate.
- A Captain’s Letter on yacht headed paper and boat stamped confirming you reside on board (we have examples of how this should look).
How Else can we Help
Surplus salary in the bank? Many of our Yacht Crew Clients retain surplus monies in a bank account earning zero growth and being eaten away by inflation. There is also no point simply building this amount in the bank even further. We have helped Yacht Crew with making the most of their money as follows:
Risk-Rated Investment Portfolios
Your Bank Account should only hold around 3-months net income for emergencies and unforeseen expenses, anything over that needs to be invested for medium to long-term growth. Get in touch to discover the Haven Financial Advisers Difference and make your money work for you.
Non-Contractual, Flexible Savings Plans
Make use of any surplus salary and utilise low-cost savings plans to encourage medium to long-term growth to ensure you have a strong financial future. Perhaps you require a property deposit or save towards retirement (even if you are still in your 20’s, it’s never too early to start saving for this time of life). You may want to learn to fly, own a sailing boat or travel around the world in first class, playing golf, – we have heard all these stories from our Yacht Crew clients and many others, and work with our clients to help achieve their desires and objectives.
An Informal Chat will Cost you Nothing and may Secure your Future
We deal with hundreds of Yacht Crew from dozens of different countries and keep coming across the same stories:
- Do you get clobbered on bank fees for making overseas transfers into other currencies? You need to talk to us about setting up a Foreign Exchange Account with our Trusted Partners Halo Financial.
- How about requiring a Mortgage in Spain or the UK? We have a mortgage specialist on the team.
- Are you a US Expat and not sure about your tax situation in regard to your IRA’s or 401K’s and how to invest outside of the US without falling foul of the taxman in the US? Interesting new solutions are available for US Expats.
- Do you live in the Med and still have a Private Pension in the UK? Consider advice on a Pension Transfer.
- You have a savings plan and are being charged a small fortune in fees? Could you stop it?
- Perhaps you don’t know what fees are being charged?
- Do you worry about taxes during your busy yachting life? – Possibly not, but you should!
Haven Financial Advisers are well prepared and can discuss all of these items. Let’s have a coffee and a chat for any queries you may have and see if and where we can help.
Please contact us for further details and an initial informal meeting. In the meantime, browse our website for further information.
Marc Rees
Business Development Manager
