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Bank Accounts and Pay
bdollo
Posted: Tuesday, February 7, 2012 12:19 AM
Joined: 29/01/2012
Posts: 9


Hi Guys, Myself and a friend are heading to the Med to give the 'Yachtie' lifestyle a shot for the first time. We were both wondering what everyone does with the money you earn and how the pay system works... Do you get paid cash or is it deposited into a bank account? If so, what are the best options for bank accounts...? Should we create one in Antibes when we arrive or start one in a 'tax haven' i.e Monaco, Cayman Islands etc... So many questions, so little time (we leave Australia on the 28th Feb). Any advice you could give would be greatly appreciated! Cheers Ben
jezza83
Posted: Tuesday, February 7, 2012 9:07 PM
Joined: 24/01/2009
Posts: 9


Best bet in terms of bank accounts is to set up an offshore account with someone like Llyods TSB. They give you 3 accounts (Euro, US and GBP) Pretty handy when going back and forth between the Med and Carib/USA (which most likely you'll end up doing at some stage) as you don't want to be for example getting paid in Euro's having that deposited in your OZ bank account and converted, then withdrawing cash in Europe and getting it re-converted back into Euros - bank charges for that are a killer! Lloyds is based in Isle of Man, they speak English and can be called 24/7. I've recently switched to them from a UK HSBC account (HSBC is useless). That said, you may already need a yacht job to qualify for an offshore account. Give them an email and see what they say. The only downer is don't think they pay interest on balances, so need to find something to invest in for the bulk of it!!! Good luck...
Anonymous
Posted: Wednesday, February 8, 2012 1:32 AM
Better you stay in Australia then crownd Cote D Azur searching for a job like a lots of milions newby crew who arrives every year here dreaming for job in a superyachts...stay in your country ozzy boy - we don t want haoles anymore! Is full enought!

bdollo
Posted: Thursday, February 9, 2012 10:34 PM
Joined: 29/01/2012
Posts: 9


Thanks Jezza, have send an enquiry to Lloyds about the accounts. @Anonymous: I am not scared by you, I am now even more determined to succeed in the industry! Just remember you were a newbie looking for work once, I don't think it is very professional of you to anonymously tell me to 'stay at home' or to call me a 'haole'...Whatever that is! For all the other 'Newbies' heading to the Med for the season, good luck and hope to bump into you somewhere!!
 
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