Foreign Exchange Services

Read some typical scenarios

Moore Stephens Crew Benefits assists Superyacht crew in organising their financial affairs. From experienced seafarers to new recruits, we have solutions to suit any situation.
 
Let's take some example scenarios:

BRAD THE DECKHAND - recent entrant:

Brad has just joined a 55 metre yacht and needs to find a way to get his pay each month while he waits for his offshore bank account to be set up.

So he sets up a World First Account through MSCB secure in the knowledge that it hardly takes any more time for the money to arrive in his account than if he’d been paid directly from the yacht and he’s benefiting from the award winning exchange rates World First offer.

And even once he has his offshore account he finds he continues to send money home via his World First Account because it’s so easy and he knows he’s getting the best rates he possibly can.

BRENDA THE STEWARDESS - Brenda is a 22 year old stewardess from South Africa who wants to send money home:

Like so many yacht crew, she regularly sends money home to her family in Sandton.

Brenda is paid in US$ though so needs to convert these transfers into South African Rand.  Her Dad told her though that the foreign exchange rates she’s geting from her bank hardly make it worthwhile.

Brenda remembers MSCB who put her in touch with World First.

Now using World First, every time she sends money home, she’s getting the maximum amount into her account.   

CAPTAIN CHRIS - Captain Chris is paid in Euros and wants to invest in a US$ fund through a FlexiPlan:

Master of a 70 metre motor yacht, he receives his pay in Euros.  He wants to contribute €3,500 every month into the MSCB FlexiPlan Dollar Fund expecting a substantial nest-egg when he comes ashore. 

But he knows that if he does that through an ordinary bank FOREX transaction it can cost up to 10% of each contribution after fees and other charges, making a big cut into any gains because banks tend to give very poor exchange rates.

Instead, he contacts MSCB who connects him with World First.  They set Chris up with a World First account.
 
Now, instead of his 12 annual €3,500 contributions being converted through normal bank channels with all the associated charges and poor exchange rate resulting in him struggling to realise his nest-egg.  With World First's preferential conversion rates and no charges, he is able to invest many more Dollars each month for the same €3,500.
 
Not only that, with World First’s ability to transfer his money directly to the FlexiPlan administrators on his behalf, the whole thing is very simple.