Standard Bank Seafarer Account | UAM


Every year we help hundreds of yachties open Standard Bank Seafarer accounts and are on hand to answer your questions.

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Apply for your seafarers account online


The ability to manage multiple currency withdrawals and payments makes the Seafarer Account particularly popular with crew.

Combined with 24/7 access via mobile banking and English-speaking support, this has made Standard Bank the account of choice for crew.

Your Seafarer Account Includes

Visa Debit Card

Delivered to a location of your choosing, your Seafarer Account Visa Debit Card lets you easily make online payments and cash withdrawals in your preferred currency.

Mobile Banking

24/7 access to your account in a simple format regardless of where you are in the world. Both online banking and the Standard Bank App are available for the Seafarer Account.

Multi Currency

Easily transfer money between the various currency accounts you hold within your Seafarer Account. Standard Bank exchange rates current at the time of transfer apply.

No Account Fees

When you maintain a minimum credit balance of €2,500/$3,500/£2,500 Standard Bank is free of maintenance charges you have a three-month grace period on opening the account to reach this balance.

Minimum Deposits

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

English Speaking Support

Get the help you need in a language you understand. The Standard Bank Seafarer Account is based in the Isle of Man, so the support you receive will always be in English.

Apply for your seafarers account online


You must

  • Be over 18
  • Have the means to fund the account with €2,500/$3,500/£2,500 over the next three months
  • Be employed on a yacht and have a certified copy of your contract
  • Provide a certified copy of your passport

Your application pack contains

  • The Seafarer Factsheet
  • How to apply checklist
  • The Seafarer Application form
  • A template for the Captains letter

Frequently asked questions

How is Standard Bank Seafarers Account different from other accounts?

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.

What fees are involved?

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.

How much does it cost to send money internationally?

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.

How easy is it to close my Seafarers Account if I no longer need it?

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

Besides my salary not being paid into an on-shore account, what are the benefits of having the account?
  • 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.
Do I pay debit card charges even if I do not use the card?

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%.

How much interest will I earn?

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.


How much can I withdraw from an ATM?

You can withdraw up to €900 daily.

Is it free to add additional currencies at a later date?

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

Can I transfer money between different currencies that I have in the same account?

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.

Start your seafarer bank account application

Everything you need to start your Standard Bank Application emailed to you, including Captain’s letter template and a how to apply checklist.