1. Ensure best rates for payroll transfers
Making international wire transfers (SWIFT payments) for crew salaries is almost unavoidable, but 12 monthly payments for, say, 20 crew members per yacht quickly adds up to a big, fixed cost.
You can reduce this by ensuring your payroll processor selects the best method (SWIFT, SEPA, Faster Payments, etc) in every case and charges a competitive rate whatever method is used. Savings of £10 per transaction are not uncommon with the right partner.
2. Speed your processing for happier crew
When recruiters forecast increasing competition for the best seafaring talent, it pays to have happy crew. Good morale helps retention and recruitment, but slow onboarding and payment processes can quickly dent the mood.
Look for an experienced partner that can help you meet compliance requirements quickly and easily and help to expedite salary payments.
Some payment processors (like Centtrip) offer instant (and fee-free), on-network payments which can be a big win if crew members have accounts on the same network.
“Centtrip helps a lot when we need to make batch payments. Instead of entering every single crew-member value as a separate, international transaction, we create a single batch payment. That saves us a lot of time and money.
Farid El Khazzar, Charter Accountant, Edmiston
3. Let crew members choose their currency
Why not let crew choose the currency in which they receive their salary?
If you simply pay in euros or dollars, then crew with accounts in other currencies will be suffering the exchange rates (and possibly charges) levied by their banks.
Using Centtrip, it’s easy to let individuals choose their preferred currency. Salary payments are exchanged at fair and transparent rates before the transactions are processed … making you a considerate employer who saves crew money, at minimal cost to your operations.
Fast and effective payroll payments
“Using Centtrip as an operational account, instead of a bank, provides greater flexibility and it’s cheaper for the client. We can pay supplier invoices and payroll from the account and transfer funds instantly to cards for the captain and crew.”
Lee Madgewick, Chief Operating Officer, Sarnia Yachts
Centtrip makes it simpler to transfer funds between operational accounts and to make batch payments for international payrolls.
In our next post in this series, we’ll explore how your choice of payment and expense management solutions can affect reporting and admin.
In the meantime, you can read more about how Centtrip supports its marine clients at centtrip.com/marine.
Want to know more?
Making monthly, international salary payments for yacht crew is expensive. Wire transfer fees alone can add 0.5% to 1.0% to salary costs while delays in receiving payments can lower crew morale.