How sailors can open a foreign bank account to receive their salary: a step-by-step guide

Every year, more and more Ukrainian seafarers seek to open a bank account abroad. This need is driven by the specifics of their profession: work on international ships, contracts with foreign shipowners and the need to have stable access to salaries in foreign currency. In 2025, given the currency restrictions in Ukraine and the volatility of exchange rates, a foreign account becomes not just a convenience, but a necessity.

Opening a bank account for seafarers is a process that has its own peculiarities and requires careful preparation. You can spend a lot of time searching for information on your own and face numerous difficulties when opening an account abroad. What documents are required to open an account, apart from a seafarer’s card? How to choose a bank that meets your needs? What are the requirements of foreign banks for seafarers? How to avoid major difficulties and refusals? Or you can use a ready-made solution from our experts.

Our team at Maira Consult, having analyzed numerous client cases, has prepared a detailed step-by-step guide that will help you open an account abroad quickly and smoothly.

Why do seafarers need an account in a foreign bank?

Seafarers work all over the world, receive salaries in foreign currency and often face current restrictions when using a Ukrainian account abroad. Using Ukrainian banks for such operations is often complicated due to:

1. Limitations on access to funds abroad. As of April 01, 2025, Ukraine has currency restrictions that make it difficult to withdraw cash abroad, transfer money from local accounts and make card payments.

2. Most foreign shipping companies transfer salaries exclusively to international accounts, as Ukrainian banks are not trustworthy at the moment.

3. A foreign account allows you to keep your savings in a reliable currency, avoiding the risks of hryvnia devaluation. An account with a stable foreign bank allows you to conveniently store funds, transfer them to relatives or use them anywhere in the world.

4. The ability to conduct transactions in several currencies and use the card in any country.

5. Access to salary without restrictions. Opening an account abroad allows seafarers to receive their funds without delay.

6. Foreign banks offer Joint Accounts to account holders, which means a joint account for spouses. When you are on a flight, your spouse can use the funds without any obstacles. It is also possible to issue a card for family members and link it to your account.

7. A foreign bank provides an opportunity to conduct transactions in several currencies at the same time, which is especially useful for those who often travel to different countries and work on international ships.

Step-by-step guide - how to open an account for seafarers

Define your needs

Before choosing a bank, it is important for a maritime employee to clearly define what you need an account for. Consider the following questions:

• Account currency. What currency should the account be in (US dollars, euros, pounds, etc.)?

• Purpose of opening an account. Do you plan simply to receive your salary, or do you also intend to save or invest your money?​

• Opening an account remotely. Is it important to you to be able to open an account abroad without having to visit a bank branch in person?​

• Minimum deposit. What minimum deposit requirements are acceptable to you?​

• Fees for international transfers. Before choosing a bank, we recommend that you familiarise yourself with the fees so that you are not caught off guard when making an international transfer or receiving your salary.

• Mobile banking. Do you need access to banking services via the bank’s app on your mobile phone from anywhere in the world?​

• Joint account. Are you planning to open a joint account for married couples?​

The answers to these questions will help you choose the bank that best meets your needs and expectations.

Pay attention to the country where your shipowner is registered, as this may affect your choice of bank. For example, you opened an account with a Cyprus bank, but signed a contract with a shipowner registered in Turkey. The Turkish bank may refuse to send money to Cyprus, and the Cyprus bank may not accept such a payment. As a result, you will not be able to receive your salary on time.

Prepare the necessary documents

To open an account in a foreign bank, a seafarer must provide a basic package of documents, without which the bank will not consider you as a client:

• Valid international passport

• Seafarer's Identification Card (seaman's card)

• Agreement with a shipping company or seafarer's contract - Seafarers Employment Agreement

• Proof of residence address (for example, utility bill or bank statement)

• Tax number

• CV (resume)

Interesting fact! For seafarers who are on a voyage and are unable to exchange an expired passport, the port master may extend the validity of the certificate. This was very important at the beginning of the full-scale invasion, when the ports of Kherson, Mykolaiv, Odesa, and Mariupol were virtually shut down.

In case of remote account opening, some banks may require apostille or notarization of documents. If you are on a voyage and cannot visit a bank branch, we will find a bank that can open an account for you.

An example from our practice. Oleksandr from Mykolaiv was on a voyage and received an offer to sign a contract with a Greek company. To sign the contract, the maritime transport worker was required to provide euro bank details of a non-Ukrainian bank. Oleksandr urgently needed a new account, but it was important for him to open an account remotely in a foreign bank, as he was unable to visit a bank branch and certify the documents. We offered Oleksandr to open a euro account with Bank of Cyprus using online identification. Thanks to the modern online identification procedure, Oleksandr was able to provide the bank with all the documents including seaman's card without notarization and a personal visit to the bank's branch in Cyprus. As a result, in 2 weeks, Oleksandr was opened a euro account in a Cyprus bank and successfully signed a new contract.

Submitting documents to the bank and passing compliance 

In general, the procedure for opening an account abroad involves filling out bank forms, providing a package of documents in accordance with our list, signing bank forms, and passing a compliance check. Most often, the delay in opening an account occurs during the compliance process. In accordance with the international KYC (Know Your Customer) and AML (Anti-Money Laundering) policies, all banks thoroughly check new customers. Therefore, in order to successfully pass the verification and open an account for a seafarer in a foreign bank, it is imperative to provide information about:

• The source of income (the agreement with the shipowner and seaman's card).

• The purpose of opening an account (receiving a salary).

• If you plan to keep funds and spend for personal purposes, you can indicate that the account will be used for personal use. If you plan to invest funds, pay off loans or make other outgoing payments, please notify the bank in advance, indicating the name of the counterparty for outgoing payments.  

• Indicate the expected volume of transactions (both incoming and outgoing).

• In case of opening a Joint account, you must additionally provide the bank with your spouse's passport, marriage certificate and proof of residence address.

Important! The procedure for signing bank forms and certifying documents differs depending on the bank. If you open an account abroad on your own, do not forget to control each stage and coordinate each document with the bank manager. You need to get confirmation from the bank manager that the documents you provide will be accepted and do not require additional translation, certification or legalization. If you have provided only general information about your business activities, seaman's card, the bank may refuse to open an account.

To avoid being denied an account, it is important to prepare clear answers to compliance questions and provide documents according to our list. We help you go through the entire process of opening an account abroad - from filling out bank forms to successful verification, and if you have additional questions from compliance, we will always help you answer them correctly.

Activating an account and obtaining bank details

After successful completion of compliance and account opening, the bank issues account details (IBAN, SWIFT), which the seafarer can transfer to the shipping company to enter into the contract and receive wages.

As a rule, the account must be activated by making a minimum deposit (if required by the bank's terms and conditions). Most often, seafarers receive their salary to a new account and thus activate it, so there is no need to make a separate payment for activation.

Most banks issue a debit card (Mastercard or Visa) that can be used for cash withdrawals or payments in ports around the world.

After opening an account with a foreign bank and starting to work with it, we recommend that you read our article- How to avoid blocking an account in a foreign bank.

Top 5 foreign banks for opening a personal account for a seafarer

To make it easier for you to compare terms and choose the best option for your contract, our experts at Maira Consult have compiled the key metrics of the top 5 banks into a single, convenient table

1. CIM Bank - Switzerland is famous for its stable economy and high level of confidentiality, which is an important factor for seafarers working in international waters. It is possible to open an account with the Swiss bank CIM Bank completely remotely. It is enough to fill in the information on our link, provide documents, sign a contract with the bank electronically and have a video conference with a private banker.

2. Zapad Bank - Opening an account in a bank in Montenegro is an opportunity to get a multi-currency account. Zapad Bank in Montenegro attracts seafarers with its loyalty to foreign clients and the ability to quickly open an account with a minimum package of documents. This is a convenience for seafarers working in the Mediterranean or the Adriatic. It is possible to certify documents for the bank in Ukraine, Montenegro, and Austria, which is very convenient.

3. Bank of Cyprus is one of the leading banks in Cyprus that specializes in servicing non-residents, including seafarers. A Eur account can be opened completely remotely, and to open a dollar account, you can visit the Cypriot consulate in any country. The bank offers low rates and joint accounts.

4. PKO Bank is one of the largest banks in Poland. Opening an account with a Polish bank PKO Bank provides an opportunity to gain access to the European banking system, which is convenient for seafarers, especially for those who have contracts with European shipowners. PKO Bank has a wide network of ATMs in Europe for cash withdrawals at no extra cost and provides support in Ukrainian.

5. Ziraat Bank is a state-owned bank in Turkey that attracts seafarers with its accessibility and focus on international customers. Turkey is an important maritime hub, which makes this bank convenient for seafarers working in the Black Sea or the Mediterranean. The bank provides an opportunity to receive salaries in Turkish lira, dollars or euros.

Juridical nuances for Ukrainians

Ukrainian law does not prohibit seafarers from opening accounts abroad and receiving their salaries into them. However, any income received into a foreign account must be declared in Ukraine if you remain a tax resident of Ukraine. Ukraine has joined the CRS automatic exchange of information scheme with other countries, and foreign banks have long been collecting information on the tax residency of their clients. Therefore, you should not put yourself at risk by failing to declare this income.

Opening a bank account with a foreign bank is an investment in financial stability and peace of mind in everyday life. What’s more, it is a must-have for seafarers working in today’s climate. With the right approach and thorough preparation, the process of opening an account with a foreign bank can be quick and hassle-free. We have been helping seafarers open accounts since 2011, and whilst you are at sea, we will prepare all the necessary documents and organise the account opening process for you.