A yacht owner, whether as an individual or a company, will need a dedicated bank account with a recognised bank to enable the operating costs of the yacht to be paid. Once the operational budget has been agreed and funding is in place, this will facilitate payments to suppliers, insurance, shipyards and crew.

Many banks are increasingly cautious about providing services to an industry that often they do not fully understand and where a multi-jurisdictional approached is required. SMS will assist in introducing yacht owners to suitable banks in the right jurisdiction that can provide accounts in multiple currencies.

Debit and credit cards can then be issued to the captain and other senior crew with agreed spending limits. Cash transfers in required currency can also be made available to the captain in convenient locations. Depending on the set up it may be necessary to open a separate account for crew salaries.

A yacht may engage in several hundred financial transactions each month in a variety of currencies. An efficient and reliable bank account is essential to meet the complexities of day-to-day yacht operations, allowing captains and crew to concentrate on running the yacht.