International Banking

The Standard Bank Seafarers Account is uniquely designed for yacht crew and is only available through certain Independent Financial Advisers (IFAs), distributors, and Standard Bank. An alternative is the Lloyds offshore account. If you search on Dockwalk or Facebook for recommendations, these are the two you will most commonly come across.

There are some advantages common to both the Lloyds and Standard Bank accounts:

• Reduced foreign exchange transaction costs
• Multiple currency withdrawals and payments
• Improved currency fluctuation management
• 24/7 access to savings
• English speaking account support

Minimum funding requirements for each of the accounts are:

• Lloyds – annual income of £50,000, or £25,000 to save or invest.
• Standard Bank – able to fund the account with a minimum €2500 within the first three months.

Yachties generally prefer the Standard Bank Seafarers Account because you can open it when you first start out in yachting without a large deposit or a guaranteed £50,000 salary.

As long as you maintain an average minimum credit balance of 2,500/$3,500/£2,500 each quarter, Standard Bank is free of maintenance charges. If your average balance falls below the minimum during a quarter, then a €60 maintenance charge is charged. There is an annual €20 card fee for each card you have. Standard Bank charges a 1.75% fee for card cash withdrawals with a minimum withdrawal of €3.00.

If you use an IFA, like United Advisers Marine, to manage the opening of your account you won’t pay additional fees; be wary of anyone who offers this as a paid service.

The Seafarers Account offers free electronic payments but any third party fees incurred, like agents’ and foreign correspondents’ charges, will be passed on to you.

Very easy – simply call Standard Bank and ask for your account to be closed. There is no fee for this

• Portability: You can very easily use the account for every job you have on a yacht, regardless of the currency your salary is paid in.
• Continuity: If you lose the card linked to your account, Standard Bank will send you a new one to anywhere in the world.
• Convenience: Unlike many on-shore banks, if you use the card in multiple locations in one day, it will not be blocked.
• Accessibility: You have online access to your account via the internet or by the dedicated standard bank app with dedicated support.
• Flexibility: The possibility to withdraw multiple currencies from your account.
• Affordability: No account maintenance fee if you maintain your minimum balance.

If you opt to have a visa debit card, then you will incur a €20 annual fee.

You will be charged 1.75% for cash withdrawals and a foreign exchange commission of 2.75%.

A Standard Bank Account is a current account. As it is not a savings account, you won’t accrue interest.

It is best to use the Seafarer Account as your current account, and save in an account or plan that provides you returns above inflation.

You can withdraw up to €900 daily.

Yes completely free. If you elect to take additional cards, then the €20 annual card fee will be the only extra charge.

Yes, you can use both the App and the Online Banking to transfer money between the various currency accounts that you hold within your Seafarer Account. The Standard Bank exchange rate current at the time of transfer applies.