What Type of Bank Account Does Seafarers Use?11 min read

What Type of Bank Account Does Seafarers Use?11 min read

If you are a maritime professional who’s constantly on the move, it’s difficult to stay connected to your money. 

With little time between trips, seafarers require banking solutions that meet their specific demands. But with all these options, what bank account would be best for seafarers?

What Type of Bank Account is Most Suitable for Seafarers?

Seafarers need to take a few things into account when they consider what they will need to borrow. Above all, they require an account that allows them to access money from wherever they are working. 

Local bank accounts don’t necessarily provide the international reach and conveniences needed for an international life. 

Additionally, many sailors keep residences in more than one country or have families in more than one. A perfect account would allow for budget control in cases like these.

With these important considerations in mind, offshore bank accounts have become a favorite among sailors. Available through banks based offshore, these accounts are geared towards the mobile world. 

Offshore accounts typically include the following:

• No branch requirements – Seafarers are able to open and maintain their account from anywhere with complete ease. This gives them mobility no matter where they work.
• Support for multiple currencies – Most offshore accounts support multiple currencies. This made it convenient for sailors to receive their pay in one currency and withdraw or transfer money back home in another.
• ATM around the world – Offshore major banks integrate ATM networks across the world and enable sailors to access cash at ports further away.
• Pay abroad – International wire transfers and debit cards enable sailors to pay bills and transact money in a timely manner.
• Tax advantages – Depending on where you live and the amount you deposit, offshore accounts come with tax benefits which domestic accounts do not.

For sailors who require core banking functionality when they are on the move, an offshore account does offer a global financial home-away-from-home. 

But which offshore banks genuinely address the occupational specialisations of mariners?

Can Seafarers Open Offshore Bank Accounts?

Sure – a number of legitimate offshore banks offer custom account packages specifically designed for sailors. 

Opening an offshore account tailored to their trade allows seafarers to receive benefits beyond the usual tit-bits:

• Discounts on insurance – Some banks collaborate with insurers to give seafarers affordable plans such as overseas medical insurance.
• Payroll benefits – Lower fees or no charges for sending money home to care for families.
• Tax advice – Accredited advisers help with occupation-specific tax queries across jurisdictions.
• Port-based discounts – Freebies such as hotel specials at partner hotels and pick-up and drop off near ports of call.

Of course, any offshore bank can handle convenient global banking, but special seafarer accounts promoted by the industry offer unique value. But which particular banks are particularly seafarer-friendly?

Which Banks Offer Offshore Accounts Tailored to Seafarers?

A few offshore banks have established themselves by providing specialized account packages for sailors. One such provider is The Kingdom Bank which is registered and regulated in Dominica.

The services provided by The Kingdom Bank are designed specifically for globally based maritime workers. 

Our Seafarer Banking solution gives you all the core features of an offshore account with seafarer perks. 

Account holders gain:

• Reduced rates on worldwide medical evacuation and repatriation insurance.
• Lower global payment rates for international wages transfers.
• Discounts in partner hotels and shuttles to and from ports.
• Support is provided by a multilingual Seafarer team in the form of phone, email and live chat.
• Tax guides and educational material across multiple states.

By listening to the client and truly appreciating their needs, The Kingdom Bank aims to be more than a transaction bank – a financial ally for sailors anywhere in the world.

For maritime professionals looking for an offshore account with a clear view of their trade, The Kingdom Bank has an appealing option specifically designed for mariners.

Can Seafarers Open Accounts in Their Home Country and Abroad?

Offshore accounts allow the most banking flexibility outside the country, but seafarers can also have domestic accounts:

In their home country, many of the local banks pay special attention to seafarers’ requirements and provide specific “Seafarer Accounts“. These give you access to your account even when you’re out of town for a while.

Home bank seafarer accounts seek to fill in the blank caused by absence. 

These typically include limitless free ATM withdrawals worldwide and remote access to the account online or via a mobile app. Some even waive month-to-month charges when you are working abroad.

Offshore accounts are often best for full-time offshore, but maintaining an active seafarer account at home will provide monetary access and assistance closer to home ports and households when work allows. 

You can get maximum coverage through a combination of the home-based seafarer account and the offshore account.

What are the Most Common Bank Account Types for Seafarers?

To recap the main banking options available for seafarers:

• Offshore Bank Accounts – Offering true global connectivity and solutions for internationally mobile lifestyles. The Kingdom Bank offers offshore accounts for sailors.
• Seafarer Savings Accounts (Foreign) – Keeping funds in the country of origin between itineraries by using your bank’s seafarer account.
• Joint Accounts – Enable relatives to split finances when the Seaman is not on duty. Pay bills, pay bills of your dependents.
• Savings Accounts – Amplify income and build up assets over the long term by using interest-bearing accounts.
• Credit/Debit Cards – Quick and easy payments and cash-in methods that work in tandem with your checking/savings accounts.
• Remittance Services – Cheap methods of sending small amounts of income home to friends or family members via bank accounts or vendors such as Western Union.

Respecting their special requirements, foreign and local banks designed suitable account arrangements to allow sailors to access global money at all times and from any place. 

Doing proper research enables mariners to select the best combination of solutions that is going to sustain their way of life and duties.

As a globally mobile career, seafaring demands flexible banking access. Offshore accounts provided by professionals such as The Kingdom Bank combine with home seafarer accounts to provide the best financial coverage anywhere in the world. 

With the right financial partner, seafarers can focus fully on their important work, assured family commitments are supported wherever the next voyage may lead.