{"id":3642,"date":"2024-11-14T17:49:04","date_gmt":"2024-11-14T17:49:04","guid":{"rendered":"https:\/\/tempus-agency.com\/?page_id=3642"},"modified":"2024-11-14T18:00:07","modified_gmt":"2024-11-14T18:00:07","slug":"novac-na-brodu","status":"publish","type":"page","link":"https:\/\/tempus-agency.com\/en\/novac-na-brodu\/","title":{"rendered":"Money on ship"},"content":{"rendered":"
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Money on ship<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Bank Accounts<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Cruise ships are made up of crew members from all over the world, so paying everyone\ntheir salary into their local bank accounts in each individual currency would be almost\nimpossible for the cruise line to do successfully. The way they get around this is to set\nup a bank account for each crew member once they are on board. Some of the\naccounts they use a lot are as follows:\nMy Crew Wallet, Ocean pay, Brightwell.\nThe company will pay your monthly salary in American dollars, usually into this bank\naccount no matter where in the world you are from.<\/p>

My advice would be to get your money out of this bank account as quickly as possible\nas they are difficult to use and don't offer the protection that a normal bank account\ncan offer.<\/p>

I would set up a digital bank account with either: Starling, Monzo, TransferWise, or\nRevolut.\nI have a TransferWise account because exchange rates are low and it's really easy and\nquick to send money to various bank accounts all over the world. If you know you will\nbe sending money regularly to other bank accounts then I would definitely open a\nTransferWise account.<\/p>

When setting up your digital bank account with any of the banks I have mentioned, you\nwant to set it up in the same currency that you will be paid in. For example, I am paid in\nAmerican dollars, into a Brightwell account by my cruise ship company so, I set up my\nTransferWise account in American dollars. This means that when I transfer money from\nBrightwell to TransferWise there is a very low fee to pay because there is no currency\nexchange involved.\nOnce the money is in my TransferWise account I can then decide to transfer it to my\nEnglish account and pay the low exchange fee, or any other currency I choose.<\/p>

It is also useful to have an American dollar account while my ship is sailing in American\nwaters because it means if I withdraw cash from an ATM in port, or I pay for something\nusing my American card, there will be no charges.<\/p>

Once you have your digital bank account and you get on board, I would set up a\nstanding order with your cruise ship bank account so that as soon as you are paid your\nsalary, it goes from your cruise ship bank account straight into the digital bank\naccount.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Cash<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Although we are almost in a cashless society, I would recommend taking a little bit of\ncash on board with you because some cruise ships are still in the dark ages and only\naccept cash when you want to top up your cruise account. You can use your cruise\naccount to buy Wi-Fi, Snacks and essentials from The Crew Shop, and drinks from The\nCrew Bar.<\/p>

I would aim to take about $30 to $40 onboard with you, which should last you for about\nthe first two weeks on board.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Cruise ship ATM<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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On every cruise ship, there is an ATM machine, but I would only use this if you urgently\nneed cash as the fees that you will incur by using the cruise ship ATM machine will be\nvery high.\nIf you can, I would always wait to use an ATM machine outside in a port that offers\nbetter prices.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Outgoings<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Living on land can be incredibly expensive. You will either be paying for\na mortgage or rent, you will most likely have a car to run and a\ncommute to and from work that can end up being quite expensive,\npaying for your weekly food shop is no joke, and then we all have other\nexpenses on top of these like a gym membership, subscriptions to\nNetflix, phone bills etc.\nAnd after paying for all of these things, you\u2019re really not left with a lot\nwhich can make saving for your future very difficult.<\/p>

One of my favourite things about working on cruise ships is that it\u2019s so\neasy to save money. The only expenses you take with you on a ship\nfrom the list above is your phone bill.\nOf course, you can keep paying for Netflix and Disney+ but as I\nmentioned in the \u2018let's get techie\u2019 guide, usually people sell a hard drive\nwith movies because the Wi-Fi on board a cruise ship is unreliable.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Tax<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Unfortunately, when it comes to tax, there is not one answer that will suit all, but I can\ntell you what I do know, which has honestly taken me years to learn.\nIf you are employed directly through a cruise line it is likely that your tax will come out\nof your salary before you get paid. This is ideal, but as I mentioned in the \u2018Ace Your\nInterview\u2019 guide, most cruise ship jobs require you to go through a recruitment agency,\nand in this case, you will have to sort your own tax out.<\/p>

Recruitment agencies hire people from all over the world, so it would be almost\nimpossible for a recruitment agency to organise everyone's tax in multiple different\ncountries with multiple different tax laws.\nThis being said I would recommend hiring an accountant, or at least having a meeting\nwith an accountant who can explain the tax laws in your country.<\/p>

For example in the UK (where I am from) if you work outside the UK for more than six\nmonths a year you are exempt from tax.<\/p>

If you do two 6 months contracts on a cruise ship with a two-month break in between,\nyou are definitely going to be outside the country for more than six months a year.\nHowever, even though you may not have to pay tax, everything still has to go through\nthe books.\nIf you are from America, I know that you will still have to pay taxes regardless of how\nmany months you are working outside of America.\nSo these are just two examples of how different the laws are depending on where you\nare from.<\/p>

If you are young and you have never paid tax before, you may not even have a tax\nnumber yet, so that is something that you will have to apply for. Another option is also\napplying for a Seaman's tax number which can drastically reduce the amount of tax\nthat you will have to pay. I have done both of these things, but I hired an accountant\nwho would do these things for me because I find it very confusing.<\/p>

Ask your accountant:<\/p>