Many crew members often encounter high fees when opening offshore bank accounts, followed by monthly maintenance costs to access their foreign income, as Maisie Granger reported in a recent Superyacht Content article. Additionally, if you earn money in a different currency, you might incur significant conversion costs to transfer your earnings into your local currency. Besides this you would receive additional fees for transferring money to your home bank account. Below, you will find an overview of different ways you can maximise your foreign income.
Finding the right contact
One of the ways to maximise your foreign income is to reach out to an expert independent currency broker for assistance. They specialise in opening of multi-currency accounts. Often times, this means no initial fees or further maintenance charges. Upon opening such an account, you are granted personal banking access capable of receiving various currencies.
By utilising such an account, your employer can conveniently deposit funds directly into it. This enables you to convert your income into your preferred currency, benefiting from competitive exchange rates, whenever you desire.
Protecting Your Funds
When selecting a currency broker, it is important to prioritise the security of your funds is essential. For example, for UK-based firms, it’s crucial to verify that the account provider is authorised and regulated by the Financial Conduct Authority (FCA) for providing payment services with e-money licences. You can request their reference number to conduct a thorough check on the FCA register.
This ensures that your funds are separated. In the unfortunate event of the firm’s insolvency, your income would remain separate and accessible to you. Similar regulatory bodies exist in other countries, providing similar levels of protection.
Minimising Risk Exposure
While several financial technology firms have been founded in recent years offering similar solutions, many favour cost reduction over comprehensive guidance and support. Choosing an independent broker often has advantages, such as access to experts in the field, offering valuable assistance across all facets of international transactions and currency exchange.
By considering your specific needs, these experts can offer tailored services to facilitate currency exchanges at the most appropriate times. Whether you require funds for personal needs or wish to take advantage of favourable market movements, they can provide invaluable insights. Moreover, these services generally come with no extra fees, making it advisable for newcomers to the currency markets to seek professional guidance to mitigate unnecessary risks.
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