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Yachting Financial Solutions

What to look for in a seafarer bank account.

Modern technology has without a shadow of a doubt made banking easier for seafarers, including yacht crew. Seafarers, like most people, have a wide range of online banking and app-based banking opportunities, both with traditional banks and the challenger fintechs. In fact, some superyacht crew have given up traditional banks altogether in favour of the new fintechs like Wise and Revolut, who even offer debit cards.  So what should you look for in a seafarer bank account?

Your unique position & high street banks

First, let’s take a step back and look at your situation, which is very different from people who live ashore and work where they live. You could argue yacht crew work where they live too. You live and work on the yacht, after all. But the yacht is often on the move. Your place of work roams the world, and so do you. For this reason alone, a current account (let alone a savings account) with a traditional high street bank in your home country might not be the best option for you. 

High street banks are better set up than they used to be in terms of internet banking, international banking, online facilities and currency transfers, but their fees are high and they aren’t very keen or organised for people who don’t actually spend most of their time in the same country or at a fixed address. In other words  they aren’t very suitable for customers who are regularly resident external to their home country like yacht crew. Even customers on a short holiday get security messages from their home bank when they use their card abroad. Yacht crew use their card almost exclusively abroad with spending patterns that would severely stress most high street bank security algorithms. 

Clearly as someone who spends most of their time on a superyacht, travelling the world using a normal high street bank is not the best choice for you. As a citizen of the world, you need a bank that understands this and is used to working with travelling ex-patriates, just like you. 

Dedicated seafarer bank accounts

With all this in mind, international bank accounts have a lot to offer superyacht crew. An international bank account matches your status as a global citizen.

The international banking system is designed with your global citizen status in mind. It makes multi-currency banking easier and allows you to get paid and spend money regardless of where you are in the world.

There are two main banks providing international bank accounts that are generally used by seafarers. These are Lloyds International Isle of Man and Standard Bank Isle of Man. Standard Bank even has an account designed especially for Seafarers. From our experience, Standard Bank provides a very good service to superyacht crew. Through its Seafarer international Bank Account, it provides you with the facility to have different accounts for different currencies under one umbrella and full online banking and a banking app for all your banking needs. However it also offers good old customer service for those really urgent or tricky banking problems. You can talk to a real person Monday-Friday, 7:00-17:00 UK time. 

Lloyds International and Standard Bank are also used to dealing with documents certified by senior officers or by dedicated yacht crew financial service providers like us.

Disclaimer: We’re biased. We have a very long-standing working relationship with Standard Bank. It’s the bank account we recommend to all our clients and we have received a lot of positive feed-back from clients. One of the things we are most impressed by is the fact we’ve been dealing with the same lady for many, many years now. She is super proactive and engages constantly with us about the banking needs of superyacht crew. But we do want to point out that there is another bank that also offers an international bank account that can work for yacht crew.

Fintechs and superyacht crew

More recently, fintech start-ups have entered the banking scene and have proved to be a popular alternative to international accounts with either Standard or Lloyds bank in the Isle of Man. They are international, let you handle multiple currencies with a very competitive currency exchange rates and there are no fees for transfers between account holders on the same fintech platform. What’s not to like?

While fintechs offer you many things that suit the seafarer lifestyle, there are some things to be aware of.

Firstly, many of these companies are still in the start-up phase and some are still ironing out the kinks. For instance, you don’t have to look too far for stories of people who hit a spending limit on their card and had access to their account frozen until they could provide certified evidence of their identity. That can be a problem if your salary is paid into an account you can’t actually use. Also, unlike say Standard Bank, fintechs are unlikely to accept documents certified by a superyacht captain.

Secondly, while speaking with a human being to sort out issues can be hard. On some account subscription levels with Fintechs, it is impossible. You have to rely solely on automated customer service. OK—regular banks aren’t exactly stellar in this regard, either. But Standard Bank Isle of Man have call centre for you to contact especially for Seafarer account holders and Lloyds International, Isle of Man also have a general call centre.

Thirdly, just like regular banks, fintechs can pull out of a market. For instance, N26 pulled out of the UK when it became apparent that it wouldn’t be able to operate in the UK with a European banking licence. But unlike, say, Ulster Bank pulling out of the Republic of Ireland following Brexit, N26 was able to close accounts belonging to UK customers in only a couple of months and had no network of branches to shutter. Imagine dealing with the sudden and swift closure of a fintech during the height of the Mediterranean season.

 Fourthly, some fintechs are struggling to keep up with demand. At the time of writing, there is a waiting list to open an N26 account.

 Does this mean you should shy away from fintechs altogether? We don’t believe so. They offer superyacht crew financial flexibility, but only when used as a secondary account. We would still recommend an International, ideally a dedicated Seafarers bank account to all yacht crew as their primary account.

If you have any queries about banking for superyacht crew or if you want to find out more about Standard Bank’s Seafarer Bank Account, please get in touch. We can help you open a Standard Bank account smoothly and efficiently. Save yourself time and hassle, make sure that you have right account for your banking needs.

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Offshore Bank Account for Seafarers [Where & How to Open]

• BY GlobalBanks Team
• Updated Apr 18, 2024

International banks in top banking jurisdictions offer offshore bank accounts for seafarers. So, opening an account as a seafarer shouldn’t be difficult.

However, due to increasingly strict bank onboarding policies, it’s becoming more challenging. In many cases, when bankers hear you’re working as a crew member, they’ll ask you to go elsewhere.

Seafarers, mariners, merchant navy professionals, yacht crew, and even shipowners struggle to open bank accounts because of the international nature of their work, constantly moving from place to place.

But, not to worry…

In this article, we’ll help you navigate your options and find the best place for offshore banking for your unique circumstances.

Feel free to use the table of contents to jump ahead.

Table of Contents

Best bank accounts for seafarers, which bank is good for seafarers, how much money do you need to open an offshore account, open a seafarer bank account today.

Finding the best seafarer bank account is like finding any bank account, with a few extra special occupational considerations.

In short, you need to find a bank that not only understands your occupation but can also help you meet your specific goals.

With this in mind, let’s take a look at both the basic requirements of a seafarer account and some of the overlooked requirements seafarers should consider.

Basic Requirements for a Seafarer Bank Account

• Easy to open and accepting of seafarers (most important)
• Low (or no) minimum balance requirements & income requirements
• Low (or no) monthly maintenance fees
• Multi-currency account in preferred currencies
• Multi-currency payment card (debit or credit)
• Preferential exchange rate on preferred currencies
• Reasonable interest rate on your deposits
• Easy to navigate mobile banking
• Low transaction fees for international wires
• Limited secondary authentication (e.g. mobile codes)
• Support in your desired language

These are the basics that most people living international lives typically look for when opening an account. In fact, the only major differences (for seafarers) include the acceptance of seafarers, the need for remote opening, and a greater emphasis on the mobile banking interface and secondary authentication.

After all, if you’re sitting in the middle of an ocean with limited cell reception and spotty internet access. So banks that constantly send secondary authentication codes via cell phones or have outdated mobile banking options aren’t attractive.

But as mentioned, there are other requirements that seafarers tend to overlook – especially if they have specific financial goals in mind.

Overlooked Requirements for a Seafarer Bank Account

• Tax-efficient investment products
• Life insurance offering for seafarers
• Financial planning services
• Support in multiple jurisdictions
• No limit on deposits held (some EMIs have limits)
• Move funds without restrictions
• Accept documents verified by an employer
• Aligned with your long-term goals

Some of these “overlooked” requirements are often considered more important for older seafarers. But in reality, they’re important considerations for anyone that would like greater financial stability later in life.

With this in mind, let’s take a closer look at finding a bank that is good for seafarers.

There are many different seafarer accounts available . In fact, for most people, there are between 5 to 10 different accounts to choose from.

But, thanks to the fees that certain banks offer to “introducers,” there’s a lot of bad information out there. And, it’s often difficult to find objective, unbiased details about which banks are actually worth considering for seafarers.

Generally speaking, there are 5-7 types of accounts:

• Banks with special seafarer accounts
• International banks that cater to non-residents and accept seafarers
• Domestic banks that allow tourists to easily open accounts
• Banks from your home country that offer special to non-residents & expats
• Fintechs, such as EMIs & PSPs (typically in the UK, Lithuania, Malta, & Cyprus)
• Digital banks (Revolut, N26, etc.)
• Brokerages that have banking licenses & open for non-residents

Let’s take a quick look at the most frequently referenced seafarer account, the Standard Bank Seafarer Account.

Should Crew Open a Standard Bank Seafarer Account?

The Standard Bank Seafarer Account is one of at least 10 seafarer accounts that most people can open. In terms of deposit requirements, basic services, and acceptance of crew members, they are a good option to consider.

But, they are not the only option on the market. And depending on your specific client profile and goals, they may not be the best option for you.

Should You Consider Other Seafarer Accounts?

We’re big proponents of having backup accounts. This is especially important for individuals leading international lives, with interests in multiple jurisdictions or regions.

Having a backup account also makes good financial sense, especially if you’re living abroad or traveling a lot. If one account gets frozen or closed, you always have another option.

With this in mind, we typically suggest that seafarers consider opening at least 2-3 accounts, which are:

• Bank account with low deposit requirements and low fees for day-to-day banking & transactions
• An account with a cross-border money transfer service for low-cost international transfers in multiple currencies (typically cheaper than banks)
• An investment account for long-term planning and investing

The Standard Bank Seafarer Account could be worth considering for the first account. It has a reasonably low deposit, and low fees, and can give you a payment card that works in most countries. But make sure to confirm the transfer fees for the currencies and amounts you’ll be sending.

Having an account with a money transfer service is also helpful. These are often used in combination with a bank account to send international transfers at lower rates than traditional banks. Wise is one example.

For investment accounts, there are various options. Additionally, there are many low-cost brokerage options out there. Interactive Brokers is one example.

One of the most common questions we receive from crew is about the required deposit for seafarer accounts. In most cases, accounts can be opened for a few thousand dollars (or local currency equivalent).

That said, in certain instances, some seafarer accounts can be opened with no initial deposit. Though these accounts usually have very limited services and don’t meet many of the basic requirements listed above.

Alternatively, if you are looking to open an account to meet your long-term goals, access investments, or receive additional benefits like those listed above in the “Overlooked Requirements” section, then expect to deposit more. In most cases, banks offering these additional services will look for an initial deposit between 50,000 and 100,000 (typically denominated in GBP, EUR, or USD).

If you’re looking to open a seafarer bank account, there are many options to consider. But, it’s important to find a bank that both accepts your occupation and meets your long-term goals.

If you need help sorting out your options and finding the right banking solutions for your particular situation, don’t hesitate to contact us and we’d be happy to help you get started.

You can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.

GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…

+ Direct support from a team of banking experts

+ Direct introductions to your desired banks

+ Answers to your most pressing questions and challenges

+ Expert insights on which banks to choose & why

+ Plus FULL access to our entire suite of account opening tools and intelligence!

And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.

You can learn more on the products page from the main menu above.

GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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Setting Up A Bank Account

The Seafarer Account has a low minimum balance and no minimum income requirement. Combined with an optional Visa debit card and secure 24/7 internet banking, the Seafarer Account puts you in control wherever you are in the world. Once you gain employment on a yacht, setting up a bank account should be the first thing you do.

Travelling all over the world and having a standard UK (or elsewhere) bank account is not an ideal situation - the charges can often be astronomical, access can be problematic and you could have currency issues.

As a crew member, you are offered multi-currency accounts, international debit cards and full internet and phone banking services. The take on process is simplified to set up the account quickly. If you have any questions, don't hesitate to ask and we'll do our best to help.

• Available in Sterling, US Dollar, Euro and Australian Dollar
• Low minimum balance requirement on your main currency account only
• Optional Visa debit card to pay for goods and services online and access your cash at ATM's worldwide*
• Free electronic payments*
• No account maintenance fee if the minimum balance is maintained*
• 24/7 Internet and Mobile banking facilities

Standard Bank Isle of Man Limited

Beyond the glamour and adventure of working on a superyacht, it’s impossible to escape the seemingly mundane details related to life and work like setting up an international bank account to suit your needs. You’d be left stranded if your account weren’t as flexible as your schedule – which could take you from the Caribbean to the Mediterranean.

We have worked with crew since 1992 and created a bespoke solution to support the unique requirements of crew when the Seafarer Account was launched in 2013.

You can now open an account without the need to post any documents to us. If you have internet access you can open a Seafarer Account quickly and easily with our new digital onboarding journey.

The Seafarer Account caters to your needs and has become the go-to account for yacht crew. It enables you to bank in multiple currencies with full account access via the app wherever you are in the world, with a fully regulated international bank you can trust.

Visit the Standard Bank Isle of Man Limited website

Circular Road, Douglas, Isle of Man IM1 1SB, Isle of Man

• +44 (0)1624 643 643
• [email protected]
• lnkiy.in/standardbank
• Get directions

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Great decision to get involved with such a great team. Thank you for making finance so easy!

There is never an ideal time to plan your finances. However, the sooner you take action, the sooner you will achieve your goals.

Regardless of where you are on your financial journey, we can help. We have already helped hundreds of yachties with their financial planning, to start saving and to avoid the trappings of the golden handcuffs. When you are financially independent, you have control of your future be it investing in your professional development or taking a role onshore.

UAM works exclusively with Superyacht crew. With our expertise, we can provide you with the right financial solutions for your yachting career. We also make ourselves available according to your schedule , not ours.

Our team has decades of combined experience helping yacht crew develop financial plans. We have adapted the way we work to meet the challenges and fast pace of the Superyacht industry.

We believe every yacht crew member can leave the industry with complete financial stability , including a secure retirement plan and tailored investments to meet their personal goals.

A secure future doesn’t happen by accident . With our expert advice, you can achieve the future you deserve.

The only account designed for crew. Every year we help hundreds of yachties open Standard Bank Seafarer accounts and are on hand to answer your questions.

Be it purchasing your first home or investing in property as a passive revenue stream, saving regularly can help you get your foot on the property ladder.

Few Superyachts provide a personal or private pension plan for crew. We recommend protecting your future by investing regularly to provide yourself with a revenue stream when you move back onshore.

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