How to apply for a Standard Bank Isle of Man Account

Standard Bank is truly a global bank with a presence in 33 countries around the world. From its office in the Isle of Man it provides a range of banking services to yacht crew and endeavours to make the account opening process as simple as possible and aim to offer a service that fits in with your lifestyle.

The Optimum account is an interest bearing, instant access bank account with a VISA debt card available in four different currencies. The account provides a 24/7 service via secure internet banking. minimum balance of £3,000 or €/$/AUD 5,000. After 12 months a quarterly account maintenance fee is applied if the balance falls below the minimum.

Standard Bank Isle of Man Limited understands the potential complexities of account opening for boat crew who live and work around the world. Most yacht crew applicants use the boat as their residential address and Standard Bank Isle of Man Limited can accept any two of the following four documents to verify this:

• 1.) A Visitation Letter signed by your MSCB representative confirming that they have visited and met you at your normal place of residence on board the yacht.
• 2.) Together with an original letter signed by one of the following:
  • The yacht’s Captain (or the First Officer in the Captains absence)
  • A Director of the yacht’s Management Company or the yacht owner
  This letter is to confirm the following details:
  • a.) How long the employee has been known to the employer
  • b.) The duration of the employee’s employment
  • c.) The salary – how much, how paid, when and by whom
  • d. The name of the company employing the Applicant
• 3.) Certified copy of the applicants contract of employment

Should the letters in No.1 or 2 above not be available, a certified true first copy (certified by your MSCB) of your Contract of Employment can be accepted together with a letter from either option 1 or 2. The certified copy contract must confirm all the above details.

Short Term Employment on vessel

Should you be on a short term employment (of six months or less) and are therefore due to return home to your permanent residential address at the end of said contract, then the letter, as per No.2 above, together with a normal Proof of Address document for the “home” address is acceptable.

The following are classed as normal Proof of Address documents:

An original or certified true copy of:

• a.) A utility bill (electricity, gas, telephone etc but not a mobile telephone bill), no more than three months old
• b.) A bank, building society or credit card statement (excluding store cards) from a recognised financial institution, no more than three months old
• c.) A valid and full UK, IOM or Jersey driving licence, as long as it is not also supplied as the Applicant’s proof of identity.

To confirm, the letter as per No.2 above (or certified copy of the Contract of Employment), must clearly state the duration of the employment as confirmation of the “short term” nature of the current employment.

If you need help, please do not hesitate to contact us