International (offshore) bank accounts are a necessity when working in the worldwide yachting industry. You get access to products and services designed specifically to make your busy life simpler. We are able to introduce you to established International banking services. We deal only with those who understand the special needs of yacht crew.
The main benefits of offshore banking, compared to onshore, are that interest can roll up gross (*unless you are affected by the EU Savings Tax Directive) and that you can have multiple currencies with the same bank and have bank cards on each currency accounts.
Important elements within an International (offshore) Bank Account are:
- An account in the currency most convenient to you
- Online 24/7 banking
- Dedicated 24/7 customer service
- International VISA debit cards*
- Unlimited deposits and withdrawals.
* fees and charges apply
A unique current account available exclusively for yacht crew
- Available in Sterling, US Dollar, Euro and Australian Dollar.
Visa debit card (optional)*
- Pay for goods and services online, at retail outlets or access your cash at ATMs worldwide.
- Dedicated 24/7 customer service.
*Fees and charges apply
- Make payments in a range of currencies or check your balance with fast and secure 24/7 online banking. Discounted international payment fees apply.
- Unlimited deposits and withdrawals.
- Standing orders on all currency accounts and direct debits for accounts denominated in Sterling.
- Access to savings accounts and foreign exchange.
Boat/yacht crew address and identity verification
As an individual employed to work as crew on yachts and / or charter vessels, it is not uncommon for you to reside onboard for the duration of your employment.
Due to this unique situation you may not be able to provide what would be considered traditional means of address verification. To accommodate this, the Bank has arranged alternative verification methods available only to boat / yacht crew.
In the absence of documentation to demonstrate a land based “home” address we can accept any two of the following documents to verify this:
- A letter verifying your residence on the yacht, signed by the Captain (or the First Officer in the Captain’s absence). Download a letter template today – click here
- A copy of your contract of employment, certified by the Captain (or the First Officer in the Captain’s absence) or by a suitable certifier*. The signatures must be original signatures (not e-signatures).
- A letter signed by a Director of the yacht Management Company or the yacht owner. This letter must be the original, on the company’s letterhead, addressed to Standard Bank Isle of Man Limited and must confirm the following details:
a. how long the employee has been known to the employer
b. duration of employment
c. salary – amount, frequency, payer’s details and method of payment
d. the name of the Company employing the applicant
We require a copy of your current passport*, certified by the Captain or First Officer and accompanied by the boat’s stamp.
Certification wording must state the following in its entirety:
“Certified as a true copy of the original passport and the photograph bears a true likeness of [insert applicant name]”.
The certifier must sign and date the certification and also print their name, position and contact details. Please see the account application form for further information.
*Please ensure your passport signature matches your signature on your application form.
Details of our Terms, Conditions and Charges can be accessed using the links below. These are important documents and form part of your agreement with the Bank when opening / maintaining an account with us. Please ensure you read and understand the content.