Earning in a foreign currency can be costly, with hidden fees for currency conversion, and international transfers eating into your income. Here’s how to maximise what you take home:
1. Open a Multi-Currency Account: A multi-currency account allows you to receive payments in various currencies directly from your employer. This eliminates the need for costly conversions at the source. Crucially, it puts you in control of when and how you exchange your funds.
2. Ditch the Subscriptions: The most common currency accounts often come with a monthly subscription fee however, there are many independent brokers offering multi-currency accounts, without these charges.
3. Choose a Reputable and Regulated Provider: Security is paramount. If using a UK firm, ensure they are authorised and regulated by the FCA for payment services and e-money licenses. Verify their credentials on the FCA register. Other countries have similar regulatory bodies. Don’t hesitate to ask direct questions about fund security.
4. Pick Up The Phone: While purely online solutions exist, they often lack support. Being able to phone your currency provider if you have questions regarding a transaction or to verify account details can help you avoid costly mistakes.
5. Take Advantage of the Experts: Some brokers provide the expertise of a personal dealer, offering consistent support and tailored advice. They can help you time your currency exchanges strategically, whether for personal needs or to capitalise on favourable market movements. This guidance is usually free and invaluable for those unfamiliar with currency markets.
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CrewFO are able to extend the services and expertise of specialist personal protection advisers, who have many years’ experience helping yacht crew and seafarers, and as such understand the unique set of financial circumstances and challenges working on a super yacht bring when looking to arrange personal protection, or even a mortgage. The advisers can research and provide no obligation advice in relation to many personal protection products as well as mortgages.
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