Extraordinary Jobs for Ordinary People

Q & A - Banking for Yachties

Dear Kim,

I have found a job on yacht that is based in malaysia at the moment. I will be flying there from South Africa and then we moving onto Burma, Thailand and then Indonesia then onto East Australia. I just wanted to thank you for your help and all the information that you have forwarded to me.

If it is not to much of a problem would it be at all possible to maybe send me some information on bank accounts and how do I go about opening them? It is a bit difficult seeing as i am not going to be in one place, but I need to obviously transfer money into my South African bank account from where ever I am.

Much appreciated and hope you have a gd day!!

Regards, L.T.

Dear L.T.,

Congratulations!

I used an offshore account, which accepts multiple currencies, transfers funds with ease, and comes with a debit card that acts like a credit card, allowing you to make purchases worldwide and withdraw cash anywhere there is an ATM machine. Your employer will most likely find this a simple solution as well. He / She will simply set up a monthly transfer order into your account and forget about it. You can do the same if there is a set sum you need to transfer to your home account each month. The Offshore bank will take care of all the currency conversions for you. All the big banks now have online services, so you don't even have to phone them to find out if your deposits have been entered on time. Just be careful with pass codes and such in the internet cafes.

Here are a couple of banks to start with:

At Barclay's international Banking Site, www.internationalbanking.barclays.com, go to "personal banking", then to "global solutions". There is an application form at the bottom of the page. (I have used this bank, and can tell you that they are reliable and easy to work with, but they do charge per transaction fees.)

HSBC Offshore has a South African office and a live representative there who can help you get set up. From what I have read about this bank they operate in a way that is very similar to what I am familiar with. Only hiccup here could be the 5000 pound sterling initial deposit to open an account. If this is a problem, be sure to ask it you are required to maintain that balance, most likely that will not be a requirement.

Colin Moody -
HSBC Representative in South Africa
HSBC Place
6-9 Riviera Road
Houghton 2198
Johannesburg
South Africa
Tel: +27 11 481 4557
Email : colinmoody@hsbc.com
www.offshore.hsbc.com

In This Issue

Feature

First Impressions - Akumal