I don't work on a yacht but I occasionally purchase things in currencies other than US Dollars. Using one of these services will likely save me money too. Thanks for the video.
Good on you for making this video to help others that may not be as savvy when it comes to finances. That is a real savings for people taking some friendly advice.
Very useful info this. With these new banks/financial services, it really pays to review what's available. I've been moving money between the EU and UK since 1982 on a monthly basis. Even if it's just for international travelling purposes, this is really good advice.
Thanks for this video. Too many people don't know about this. Old banks have big organisations, whit expensiwe experts in many things, new banks concentrade of part and basic bankbusines, and this together with the Internet make the hole organisation much cheaper to run, and thats one of the reasin they can do it better
In a general statement and not directed at any one particular institution. Check where resolution of disputes is handled and if you are covered by Financial Services Guarantee scheme. Overall a very helpful video.
This is a gentleman's type of video. And helpful to anyone that deals in multiple currencies. Great respect to you for posting this! Great information.
Yes. HSBC is "front running" the exchange rate. So basically it is a build-in fee they hide behind manipulating their exchange rates. They all do it. Using your "Limit" order method is a great way to max your funds.
Those banks you mentioned are on-line banks so don't have brick and mortar locations with all the employees to run them. It's all computerized so needs minimum staffing to program and maintain their systems. They are basically credit cards that you pay into and you can use them worldwide without a fee for currency exchange and minimum discounting of exchanges. CapitalOne was recommended to me for expat Americans in Mexico just for that reason.
My bank in Australia is a total rip off merchant , they charge an overseas transaction fee, a conversion fee and THEN give you a terrible exchange rate (usually 3 cents under the rate) to take more money off you. .. Yep find one thats right for you .. I don't go overseas anymore but if I did I wouldn't use my home bank.
Yep. It is a really good way of doing it. Sadly, our salaries come from a particular West African country which banks are not too keen on, and people in our company who have done this have had salaries returned and also been investigated because of money coming from this country, and has really screwed up people in terms of being able to pay mortgage etc. But for those who can, top way of doing it.
Over a year, especially if actively following the exchange rate it can provide a very worthwhile boost to salary. Should a yacht with a largely British crew and based in Gibraltar pay in sterling?
They have a different exchange rate because Revolut is online and has less overhead and is mostly automated, while HSBC has brick and morter locations, tellers and other employees to pay for, so they charge more.
You don't necessarily make more money but you keep more. You certainly can keep more money by finding a low fee exchange. Your local bank tends to not have low fees. Anyone can do this by shopping around for low fee exchanges. But waiting for a better exchange rate(the amount of currency you can buy with the currency you have) can be a loss just as much as it could be a gain. It's risky. Currency exchange rates go up and down based on relative economic growth/decline, oil prices, prevailing interest rates, central banks foreign reserve levels.....lots of things. Yachties tend not to be educated financial managers, don't think you can be one.
There’s no waiting for exchange rates. The way I showed is far better than a mainstream bank. I offered a way for other people in this industry to get more money from the salary.
this was very interesting. I can apply this to my business too. These new online banks can offer a better rate because they don't have bricks and mortar (a retail site), onsite security, holding money and the risks and costs associated with that, all the things that they would have to pay for out of their profit. Their operating expense is then way lower so they can afford to pass the savings on.
its sounds convenient but if anything goes wrong how much of your money youre covered for and i know its a pain to deal with them online..prefer exchanging as and when through local currency exchangers or just deal with a good local bank or post office..im sure this is convenient and fast though.if you dont have the time;) and some supermarkets have great currency exchange rates..😉
I have a question about working for lurseen. Can I call and see it they have maybe a intern. I'm in the business now that builds land yachts lol and want to see if I have the stuff to work on the best. Thanks
Not sure if you got this one or even want to address this question, have you heard anything about "the yacht guy"? His vid on Tis is gone and any trace of?
I have to say it is the same with Money orders as well. I can send out free Money orders at some places FREE yet my own Bank charges me to do so and they are not cheap.
They have no branch infrastructure to pay for, so much cheaper. Plus with the gold plan you are on at 12 quid a month you get tons of benefits. Including 10 million worth of medical insurance when you’re not in your own country.
For crewing both of my yachts I only hire people that live offshore. This way I know they'll get the highest bang for their buck. Paying with NFT's is also an amazing idea. Some staff managed to multiply their salaries 2-5 times just by having fractions of NFT's I've bought. Its a brave new world and the industry is changing so much, for the better, one hopes.
It's a good video to make so I support that, but your comparison between HSBC and Revolut is flawed. You show the HSBC conversion of Euros to Pounds but in Revolut you show the conversion of Pounds to Euros - there is always a difference between the buy and sell rates (look at any tourist exchange sign). you need to show how many pounds Revolut would give you for 10,000 euros, which will be less than you quote - although it will still be a bit better than HSBC but won't save you £262 pounds I'm afraid.
I happen to be a boat owner (511 ft yacht, can’t give more details) so I have a couple of crew who also think they can use my toiletries and drinking water for free, that’s a weird misunderstanding that your video is now perpetuating. For your next video, do you also have some good advice to yacht owners on how to keep to crew cost low?
One thing to keep in mind is that these "new style of banks" are very skittish around crypto. So if you are transferring money to your crypto exchange don't use them. It seems that they don't have the manpower to deal with potential money laundering issues so they just blanket don't deal with crypto services.
I don't work on a yacht but I occasionally purchase things in currencies other than US Dollars. Using one of these services will likely save me money too.
Thanks for the video.
I use revolut. I’m paid in sterling but live in the euro zone. Works a treat for me. Instant conversion. Real time fx rates. Zero commission.
Good on you for making this video to help others that may not be as savvy when it comes to finances. That is a real savings for people taking some friendly advice.
Great job, you just gave these sailors a nice pay raise. Smart money management is the key to gaining a higher net worth.
Great video, I work in a different industry, but still encounter these issues. Thanks for the info, i'll look into it more!!
That's so interesting & helpful. Thank you eSysman 😊
Very useful info this. With these new banks/financial services, it really pays to review what's available. I've been moving money between the EU and UK since 1982 on a monthly basis. Even if it's just for international travelling purposes, this is really good advice.
Esysman, Revolute should be sponsoring you man. This was such a great video. I transfer over 1,000,000 AUD a year to GBP. This will save me heaps.
If you “take of your pennies and the pounds (dollars) will take care of themselves”. Thanks for another great idea for a video.
Very practical and informative. Good topic. Great video thanks 😊
Good information, I knew the exchange rate varied slightly between banks, but didn't realize that it was this much
Thanks for this video. Too many people don't know about this. Old banks have big organisations, whit expensiwe experts in many things, new banks concentrade of part and basic bankbusines, and this together with the Internet make the hole organisation much cheaper to run, and thats one of the reasin they can do it better
Great info for people in your line of work.
Wishing you and your family and all
A VERY MERRY CHRISTMAS
and
TRULY AMAZING
2022
Cheers 🥂
Thank you
for share your filming
✨🙏✨
Great post. this will help more people than you know.
Thank you for the information. Good advice for anyone making exchanges.
Great tip 👍🏼 thanks for making this video
Esysman said he’s been working at sea for 20 years. How is that possible? Did he start working at age 5?
Haha you’re too kind!
In a general statement and not directed at any one particular institution. Check where resolution of disputes is handled and if you are covered by Financial Services Guarantee scheme. Overall a very helpful video.
To win any game you have to play good offense (earnings) and defense (expenses). This is a great example of good defense.
that was a great information session
This is a gentleman's type of video. And helpful to anyone that deals in multiple currencies. Great respect to you for posting this! Great information.
Yes. HSBC is "front running" the exchange rate. So basically it is a build-in fee they hide behind manipulating their exchange rates. They all do it. Using your "Limit" order method is a great way to max your funds.
Those banks you mentioned are on-line banks so don't have brick and mortar locations with all the employees to run them.
It's all computerized so needs minimum staffing to program and maintain their systems.
They are basically credit cards that you pay into and you can use them worldwide without a fee for currency exchange and minimum discounting of exchanges.
CapitalOne was recommended to me for expat Americans in Mexico just for that reason.
My bank in Australia is a total rip off merchant , they charge an overseas transaction fee, a conversion fee and THEN give you a terrible exchange rate (usually 3 cents under the rate) to take more money off you. .. Yep find one thats right for you .. I don't go overseas anymore but if I did I wouldn't use my home bank.
Great advice, Sysman.
Interesting video,detailed explanation of the process
Yep. It is a really good way of doing it. Sadly, our salaries come from a particular West African country which banks are not too keen on, and people in our company who have done this have had salaries returned and also been investigated because of money coming from this country, and has really screwed up people in terms of being able to pay mortgage etc. But for those who can, top way of doing it.
When I saw the title of this video, I expected to see a subtitle that read something like "You won't believe Number 7!" haha
Good practical advice.
Good presentation! Best regards.
the new banks are a great way to send money as well where as a bank may ask 100.00 to snd money so you can save a lot
Over a year, especially if actively following the exchange rate it can provide a very worthwhile boost to salary. Should a yacht with a largely British crew and based in Gibraltar pay in sterling?
Great idea !
I"m not working in a foreign currency but I was curious about the best way to do this. Obviously brick and mortar banks rip us off any chance they get
They have a different exchange rate because Revolut is online and has less overhead and is mostly automated, while HSBC has brick and morter locations, tellers and other employees to pay for, so they charge more.
Also worth looking into the exchange rates offered by your credit card issuer. Some suck, some are better than your bank. Shop around.
Just a quick question. They say the sea level at the equator is 21km higher than the sea level at the poles can you confirm this ?
You don't necessarily make more money but you keep more. You certainly can keep more money by finding a low fee exchange. Your local bank tends to not have low fees. Anyone can do this by shopping around for low fee exchanges.
But waiting for a better exchange rate(the amount of currency you can buy with the currency you have) can be a loss just as much as it could be a gain. It's risky. Currency exchange rates go up and down based on relative economic growth/decline, oil prices, prevailing interest rates, central banks foreign reserve levels.....lots of things. Yachties tend not to be educated financial managers, don't think you can be one.
There’s no waiting for exchange rates. The way I showed is far better than a mainstream bank. I offered a way for other people in this industry to get more money from the salary.
this was very interesting. I can apply this to my business too. These new online banks can offer a better rate because they don't have bricks and mortar (a retail site), onsite security, holding money and the risks and costs associated with that, all the things that they would have to pay for out of their profit. Their operating expense is then way lower so they can afford to pass the savings on.
Great informative video
The probable reason the online banks can offer better rates is they don't have the overheads of high street branches and other infrastructure.🧐
I would think taking different exchange rates at different times makes figuring what you owe the taxman complicated. Probably no way around it, though
its sounds convenient but if anything goes wrong how much of your money youre covered for and i know its a pain to deal with them online..prefer exchanging as and when through local currency exchangers or just deal with a good local bank or post office..im sure this is convenient and fast though.if you dont have the time;) and some supermarkets have great currency exchange rates..😉
I have a question about working for lurseen. Can I call and see it they have maybe a intern. I'm in the business now that builds land yachts lol and want to see if I have the stuff to work on the best. Thanks
Crystal clear!
Not sure if you got this one or even want to address this question, have you heard anything about "the yacht guy"? His vid on Tis is gone and any trace of?
Wise is super
I have to say it is the same with Money orders as well. I can send out free Money orders at some places FREE yet my own Bank charges me to do so and they are not cheap.
Work smarter not harder!!!
I'm a huge fan of online banks. The bricks&mortar banks aren't paying any interest at all now.
What I don't understand is how they charge exchange fees for electronic money.
The online banks have less over head, which is why they can have lower rates among other things.
Well begun is half done
Interesting
Very Interesting topic, but the banks always invent new ways to penny pinch.
They have no branch infrastructure to pay for, so much cheaper. Plus with the gold plan you are on at 12 quid a month you get tons of benefits. Including 10 million worth of medical insurance when you’re not in your own country.
Can you get paid in bitcoin working on superyacht's
No
Just imagine what life was like before decimalization lol. 12/d = 1/s & 240/d = 20/s = 1/₤.
They are cheaper because they don't have buildings and those extra overheads. So they hand over those savings to the customers
For crewing both of my yachts I only hire people that live offshore. This way I know they'll get the highest bang for their buck. Paying with NFT's is also an amazing idea. Some staff managed to multiply their salaries 2-5 times just by having fractions of NFT's I've bought. Its a brave new world and the industry is changing so much, for the better, one hopes.
It's a good video to make so I support that, but your comparison between HSBC and Revolut is flawed. You show the HSBC conversion of Euros to Pounds but in Revolut you show the conversion of Pounds to Euros - there is always a difference between the buy and sell rates (look at any tourist exchange sign). you need to show how many pounds Revolut would give you for 10,000 euros, which will be less than you quote - although it will still be a bit better than HSBC but won't save you £262 pounds I'm afraid.
No you’re wrong, I show both conversions from euro to Revolut. And I do this all the time so I’m very aware of the rates I get.
I happen to be a boat owner (511 ft yacht, can’t give more details) so I have a couple of crew who also think they can use my toiletries and drinking water for free, that’s a weird misunderstanding that your video is now perpetuating. For your next video, do you also have some good advice to yacht owners on how to keep to crew cost low?
you have a spare penny - get some poison ivy soap and bottled laxative water - also pay peanuts get monkeys
One thing to keep in mind is that these "new style of banks" are very skittish around crypto. So if you are transferring money to your crypto exchange don't use them. It seems that they don't have the manpower to deal with potential money laundering issues so they just blanket don't deal with crypto services.
they also have less capital
do your research and pick something that is good for you
Are you surprised ?
Or get payed in crypto(XRP no transfer cost) in your Xumm wallet, then you can transfer it yourself. No cost at all😂💰
You don’t get to choose which currency you get paid in hence the exchanging
I thought you got payed in girlies drugs and booze! They don't actually give you money for swanning about on yachts and partying all the time do they?
Dire Straits nailed - money for nothing and your chicks for free
have you heard of crews being paid in bitcoin? i wonder if well see more owners pay their crew in cryptocurrencies in the future
Very useful information.