Getting paid for a voyage without losing part of it to commissions, delays and wrong account details is not as simple as it sounds. The banking system has its own specifics for seafarers, and it’s better to understand it before the voyage than to untangle the consequences after. Here’s what you need to know.
The Banking System Through a Seafarer’s Eyes: Where Problems Arise
Most seafarers’ financial problems are not about the size of the salary but about how it arrives and is stored. Typical situations: the shipping company transfers money but it “gets stuck” for several weeks; the bank blocks the transaction as suspicious; incorrectly provided details lead to the transfer being returned with a fee.
Another problem is credit card debt. While the seafarer is at sea, the card may be blocked, automatic payments may fail, penalties accrue. They come back from a voyage — and instead of joy they start untangling debts.
Which Accounts to Open Before a Voyage
The minimum necessary set:
- Foreign currency account (USD or EUR) — for receiving salary from a foreign company without conversion. This protects money from exchange rate losses.
- UAH current account — for the family’s daily expenses at home. Linked to the spouse’s or partner’s card.
- Savings account or deposit — for the financial safety net. Best at a bank with online management capability.
A separate account for each purpose is not bureaucracy — it is convenience. When money is “in one pile,” it is much easier to spend it in the wrong direction.
SWIFT Transfers: How to Correctly Receive Salary from Abroad
SWIFT is the standard international format for bank transfers. To ensure money arrives without delays, you need to provide the correct details to the company:
- Full name of recipient (as in passport)
- Account IBAN
- Bank BIC/SWIFT code
- Bank address
- Payment purpose (salary under contract — not “personal loan”)
An error in even one letter of the name can lead to the transfer being returned. Always double-check the details and keep them accessible to yourself and those who may need them at home.
Foreign Currency Account vs UAH Account: When to Choose Which
Keeping all savings in hryvnias with an unstable exchange rate is a risk. But keeping everything in dollars is not always justified either.
Basic principle: expenses in UAH — keep in UAH; savings and goals for 6+ months — in foreign currency.
If you plan to buy real estate or a car in Ukraine — convert gradually, in portions, not the entire account at once. This protects against sharp exchange rate movements.
Bank deposits in USD currently give 2–4% per year in reliable banks. Not spectacular returns, but better than just “under the mattress.”
Vasyl Koval — How Wrong Account Details Delayed Three Months of Salary
Vasyl is a chief engineer, 11 years at sea. Before a voyage he opened a new account at a bank but did not update the details with the shipping company.
For three months his salary kept being returned to the company. Vasyl’s wife could not understand why there was no money — she thought something had happened. The situation was resolved only after a personal phone call to the company’s accounting department.
Lesson: any account change — a separate letter or message to the company HR with new details. And confirmation that they were received.
Pre-Voyage Checklist
- Bank details verified and updated with the company
- Foreign currency account opened for salary receipt
- Partner has access to the UAH current account
- Automatic payments set up for regular expenses
- Credit cards paid off or frozen
- Copies of all banking documents saved
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