Based on the information and SEA/CoE’s held on our records for each Seafarer, we will prepare, on a monthly basis, a payroll funding request which is then sent to the respective Yacht Owner/Manager. The funds for which will be paid by them into a dedicated, Maltese established yacht bank account, opened when the Seafarer becomes a client.
Upon funds being received we will ensure that payment to the Seafarer is made in a timely manner and a payslip is distributed in accordance with MLC requirements. Salaries will be paid via SWIFT transfer to the Seafarer’s personal bank account.
Leveraging our close banking relationships, we can also offer the option of salary payments being split between multiple bank accounts. The Seafarer may also opt to have a portion of their monthly salary loaded directly onto a multi-currency prepaid card, which we are able to offer with our partner, a leading London based e-money institute.
Through our e-money partner, a Seafarer may receive their contractual salary in an alternative currency at a commercial exchange rate, rather than standard high street rates, thereby reducing FX losses.
On a monthly basis we will invoice the Yacht Owner/Manager for our administrative fees. To this end, we ensure that our fees and all salary payments remain separate so that there is complete visibility and control over costs.