The yachting industry is an international business, and it’s becoming even more of one these days. Russian megayacht buyers, for example, are exploring their options with builders in the United States and Europe. Regardless of where they’re from, megayacht owners need crew—teams that are typically multi-national, too. Although some owners have been using wire transfers to pay them, bank currency-exchange fees are on the rise. It’s causing headaches for management companies, captains and crew, and more. This is among the reasons why Currencies Direct is offering programs targeted to their needs.
Currencies Direct customizes currency-exchange and international-payment solutions for businesses and individuals. The company opened its doors in 1996 in London and now has offices globally. Specifically, ones are in the United States, Canada, Europe, Australia, India, and the United Arab Emirates. It’s regulated by the UK’s Financial Services Authority as well, an independent, non-governmental authority.
Among the first yachting firms Currencies Direct has partnered with is Yachting Partners International (YPI). According to Ian Petts, YPI’s financial director, it expects to save its clients and crew upwards of five percent on transactions. Considering how much money needs transferring on a regular basis—yacht-construction installments, maintenance payments, paychecks, etc.—it adds up. As Petts says, “Whether it is helping crew transfer their monthly salaries for free, direct into their bank accounts in their home country, or ensuring our clients are saving on the charter or purchase of a yacht, or on the planning stage payments of a new construction, or even on the regular everyday costs of running a yacht, we are confident that Currencies Direct can provide the secure and efficient assistance we demand.”
Currencies Direct also has an in-house tie to the yachting industry. Sim Lighten, the business development manager for yachting partnerships, was a captain himself. “As yachting moves towards the need for greater commercial viability in light of industry changes, client expectation, and the global economic situation, companies and individuals alike are increasingly looking for ways to reduce costs,” he says. He adds that on average, Currencies Direct saves two to five percent compared to traditional banks.
Already one crewmember is attesting to saving significant money. Lauren Symons, the chief stew aboard GU, maintains bank accounts in two different countries, one of them being her home. Her paychecks deposited in euros into one account, and she transferred those funds to her home account. The typical bank rates never once applied. Furthermore, “Currencies Direct were able to pay my salary direct into my {[home] account at no additional cost to me and at a significantly better exchange rate,” Symons says. The company also emailed her when it was ready to move the funds, and she saw the deposit reflected the next day.
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