As the size, frequency and cost of international money transfers increases throughout the yachting industry, Yachting Partners International (YPI) has partnered with foreign exchange specialists, Currencies Direct, to help its clients and crew save on all international transactions.
“Yachting is a global industry and almost everyone involved in it needs to transfer money around the world or buy foreign currency,” explains Ian Petts, Financial Director for YPI. “We are always searching for ways to help our clients and crew limit the cost and inefficiency surrounding these transactions and with our new partnership service we are able to bring savings of up to 5%".
“Whether it is helping crew transfer their monthly salaries for free, direct into their bank accounts in their home country or ensuring our clients are saving on the charter or purchase of a yacht, or on the planning stage payments of a new construction, or even on the regular everyday costs of running a yacht, we are confident that Currencies Direct can provide the secure and efficient assistance we demand.”
YPI is one of the first companies in the industry to identify the potential of using a foreign exchange specialist.
“We chose to partner with Currencies Direct because of their reputation,” comments Ian. “They have an impressive technical expertise (including with such exotic products as ‘currency futures’), they have 16-years experience in international payments and, importantly, are authorised and regulated by the FSA.”
The partnership is an important one for Currencies Direct CEO, Keith Hatton. “We have taken the time to understand the industry’s needs to develop a tailored product specifically for the yachting industry,” he explains. “Currencies Direct is looking to develop a long term relationship with the industry and is delighted that YPI, one of the key players in this market, has been the first to recognise the value of our bespoke products and services.”
Sim Lighten, ex-captain and yacht company director and now Business Development Manager for yachting partnerships at Currencies Direct has been aware of the apparent lethargy within yachting when it comes to looking for savings on international transfers. “That’s changing now,’ he says. “As yachting moves towards the need for greater commercial viability in light of industry changes, client expectation and the global economic situation, companies and individuals alike are increasingly looking for ways to reduce costs. By using Currencies Direct to send transfers overseas or make international payments, they can expect savings of between 2% to 5% compared to using the services of their high street bank. On the large sums involved, that quickly adds up to savings of thousands of pounds.”
Lauren Symons, Chief Stewardess on the 59m motor yacht GU, is a good example of how the process can offer crew enormous benefits.
“My employer was sending my euro wages to my Euro bank account in Jersey monthly. I was then sending my pay home every month to my Australian account via my bank, paying a fee for every transfer and never getting the rate I saw online. Currencies Direct were able to pay my salary direct into my AU$ account at no additional cost to me and at a significantly better exchange rate. Rather than making numerous phone calls at inconvenient times, Currencies Direct contacted me by email when they had received the funds and I saw the money in my Australian account the very next day. I wish I had known about their service sooner and I shall be recommending it to all crew going forward.”