A Solution To Banking Costs

Background scenario:

An existing Mann Made client was operating nearly 20 separate companies bank accounts outside of the EU for the purposes of paying the crew of different yachts operating throughout the EU and beyond waters. The costs in opening new company bank accounts and making international Swift payments was becoming too expensive and the client was becoming uncompetitive in its service offering.

Client’s objectives:

The client wanted to find a quicker, cheaper and more efficient alternative.

Mann Made’s services:

Following restructuring advice from Mann Made, various banks were approached by Mann Made and agreement was received in principle from one bank allowing the client to instruct Mann Made Malta to incorporate a new single Maltese company to act as a paying agent for all the crew paying companies without the risk that having committed to a new company that banking could not be found.

The benefits the client now receives as a consequence are:

  • A significant time saving by not needing to open bank accounts for each new company.
  • A significant improvement in time from the set-up of a new company and the ability to start paying crew.
  • A reduction in bank management fees
  • The ability to use SEPA faster payments for its European crew at significantly reduced bank charges than those charged using SWIFT.

If you have issues with Banking costs or finding banks that will open accounts for you and your businesses, then the Mann Made group may be able to help.