Opening an Online Bank Account for Yacht Business10 min read

Opening an Online Bank Account for Yacht Business10 min read

Online bank accounts are often preferred for yacht-related expenses and payments. The financial requirements of having a yacht company is different in the international aspect of the business. 

Whether you charter superyachts or employ crew to work on luxury vessels, having the right business bank account is essential. 

In this post, we’ll learn which account will be right for a yacht business, what you need to submit in order to open an online account, what multi-currency features are great for, what are the best features to look for, and how to move funds around the world.

What Type of Bank Account is Best for a Yacht Business?

If you own or manage a yacht, then the perfect business bank account for your business is one dedicated to international businesses. A regular small business checking account from your local bank might not provide the tools to access money anywhere in the world. 

Rather, you’ll want an account that’s specifically designed for business banking and cross-border transfers abroad.

There are a few online-only banks that are well suited for yacht owners due to their digital banking emphasis and international customers. 

One of the best is The Kingdom Bank, an offshore licensed bank offering private, corporate and crypto banking services online. 

Our online business accounts are provided with multi-currency wallets, international payment, and customer support 24 hours a day 7 days a week.

For the crewmembers working on high-end ships, a seafarer account is another option. They are bank accounts created for mariners who travel internationally for work. 

Large banks such as The Kingdom Bank provide digital seafarer accounts that can be used at all ATMs around the world and receive pay from anywhere.

What Documents are Needed to Open an Online Bank Account for a Yacht Business?

All banks will require documents for verification of the identities of the business owners and signatories at account opening to adhere to Know Your Customer regulations. 

The paperwork required varies from institution to institution, but some common requirements include:

• Company Registration Certificate indicating company name, address, directors/owners. These may include articles of incorporation, business licence, tax registration, etc.
• Passports or national ID cards of all beneficial owners and representatives.
• Utility bill or bank account number for company location.
• Information on the company structure or articles of incorporation.
• More information about how the yacht industry works.

Some banks may also require other supporting documentation such as an annual financial report, letter from source of funds explaining the origin of startup capital, or attestation by an accounting firm. 

Having all your documentation ready in advance reduces the online account opening time.

How Can a Yacht Business Benefit from a Multi-Currency Account?

Because of its global nature, yacht operators are frequently in contact with multiple currencies. A global multi-currency business bank account means no more opening separate accounts in every country and sending money across the world.

Some of the main benefits of a multi-currency business account are:

• Payments abroad: Convert and transfer money in and out of major currencies (USD, EUR, GBP) without conversion fees.
• Bank wire transfer: Secure high-quality exchange rates from within the bank’s app for spot transactions.
• Pay wages: Pay crew from abroad in their native currencies no matter what country ships operate.
• Invoices from suppliers: Pay supplier invoices across all regions in their respective currencies with a single account.
• Cashflow monitoring: Track money and cash positions in multiple currencies on a single dashboard.

By choosing a bank such as The Kingdom Bank that works with 50+ world currencies, yacht companies get easy treasury control over all international payments.

What Features Should a Yacht Business Look for in an Online Bank Account?

When looking for an account, it is advisable to choose a digital business bank that accommodates the unique needs of the yachting businesses. 

These are some of the key amenities that owners and operators should consider:

• Multi-currency capabilities, outlined above for cross border payments and treasury management.
• Online banking service available 24/7 account access, transfers, foreign exchange anywhere with internet access.
• You can access money and make payments from your mobile bank app from anywhere.
• Bank transfers internationally through SWIFT, SEPA and other global payment rails at no or low cost.
• Banks that accept debit/credit cards for business or private spending while on the road.
• Group access for sharing account visibility and transaction approval across teams.
• Customer services are available 24/7 around the world as yachts are in operation from dawn to dusk in every time zone.

A careful look at these features will take yacht companies to an online bank suited for their fast-paced, global operations.

What is the Best Way for a Yacht Business to Transfer Funds Internationally?

Transacting money effectively between nations is important for any enterprise that has a global customer base or a global supply chain. 

For the companies in the yacht industry that frequently transfer money as part of their business, The Kingdom Bank is a great solution.

The Kingdom Bank multi-currency business accounts enable yacht owners and operators to transfer money from and to 50+ currencies at excellent exchange rates and low or no transfer fees. 

Funds can be electronically transferred with a couple of clicks through the online banking site or The Kingdom Bank mobile app.

Payment can be done using SWIFT, SEPA, or domestic rails depending on destination. For the urgent international wires, we ship same-day or next-day to most of the world. Transaction history and currency balances are displayed together for easy cash flow monitoring.

Moreover, with The Kingdom Bank being an offshore digital bank, clients are able to access their account across the globe and get assistance from our financial professionals. 

So, be it wiring crew salaries, settling overseas invoices or receiving international charter payments, The Kingdom Bank facilitates global funds transfers for busy yacht operators.

To operate across borders, the online business bank account is essential for today’s cross-border yachting economy. 

By choosing a global-focus digital bank such as The Kingdom Bank, yacht owners and operators are empowered with multi-currency capabilities, global accessibility, and secure global payments. 

Get started now and call The Kingdom Bank today to find out how you can get a personalized business account designed for your yacht. We specialise in international affairs.