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Frequently Asked Questions

  • Account opening
  • Services to IFA
  • Seafarer specific account queries
  • Legislation
Can you open an account on scanned copies?

Accounts cannot be opened with Standard Bank Isle of Man Limited using scanned documentation. It is essential that you provide proof of your residential address as a certified copy. Suitable identification verification documents are:

  • Passport
  • Government issued identification card
  • Full UK, Channel Island or Isle of Man driving licence

It is essential that you provide proof of your residential address, either as an original or certified copy. Address confirmation is required for one person if the account is for a married couple living at the same address. Suitable residence verification documents are:

  • a utility bill (electricity, gas, water) that is no more than six months old (excluding mobile phone bills)
  • a Bank, Building Society or Credit Card statement from a recognised financial institution (excluding store cards) that is no more than six months old
  • a valid, full, UK, Isle of Man or Channel Island driving licence (if not used for confirmation of your identity).

Certified copies must state “Certified as a true copy of the original” and include a date, the certifier’s name, signature, position held and contact details (telephone number or email address). A certified translation must be submitted where the document is not in English. Please note a block will be applied to the account until original documents are received.

Can you accept a scanned copy of the application form to open an account?

No, we need an original signature on the application form so we can only accept original, hard copy forms to open an account.

Can my client be given their account number before the account is open?

Unfortunately not, as all due diligence documents (identification verification and residence verification) have to be received before we can finalise the account being opened and the bank account number being confirmed.

Can you open the account pending the missing information?

Unfortunately not, as all due diligence documents (identification verification and residence verification) have to be received before we can finalise the account being opened and the bank account number being confirmed.

Can you accept a lease contract as a form of address verification?

We cannot accept a lease contract as a form of address verification. Suitable residence verification documents are:

  • a utility bill (electricity, gas, water) that is no more than six months old (excluding mobile phone bills)
  • a Bank, Building Society or Credit Card statement from a recognised financial institution (excluding store cards) that is no more than six months old
  • A valid, full, UK, Isle of Man or Channel Island driving licence (if not used for confirmation of your identity)

Certified copies must state “Certified as a true copy of the original” and include:

  • a date
  • the certifier’s name
  • the certifier's signature
  • current position held
  • up to date contact details (telephone number or email address)

Important information

A certified translation must be submitted where the document is not in English.

Please note a block will be applied to the account until original documents are received.

It is essential that you provide proof of your residential address, either as an original or certified copy.

Address confirmation is required for one person if the account is for a married couple living at the same address.

Why do you need to know overall wealth details?

We need to know more about how you are going to use the account and where your overall wealth has come from because it is part of the Know Your Customer requirements of the AML/CFT legislation.

Will you market my clients once the relationship begins with Standard Bank?
All IFA introduced clients are ring fenced so we can guarantee that they will not receive Bank marketing communications.
How will it appear on my statement?

The total interest will be shown on your statement as “negative credit interest”.

 

Where can I find more information in your terms and conditions?

Clause 6.21 - General Terms and Conditions

Negative interest rates may be applied where market conditions dictate and/or the Bank may charge a fee for maintaining an account in such circumstances.

When will my Professional Demand Account card be ordered after opening an account?

Your card will be ordered as soon as your account is opened and you should receive your debit card within 7-10 days of your account details being confirmed to you.

Whom do my clients contact once their account is open for general enquiries?

Please ask your client to call our Personal Banking Team on +44 (0)1624 643643 (Monday to Friday 07.00 to 18.00 UK time, excluding UK bank holidays).

Can my client have a credit card?

Standard Bank Isle of Man Limited do not offer credit card facilities to clients. We do however offer the Optimum Account, a transactional bank account with a Visa debit card. 

Can I advise you of my client's change of address/ have access to their details?

Whilst introductions are made by the IFA firm, the client contracts directly with the bank to open and operate the account.

This agreement is subject to our General Terms and Conditions and to data protection rules.

Instructions must, therefore, be provided by the client to the Bank.

How can my client log onto Internet Banking?

1.Click the 'Login/ Register' blue button at the top right hand side of this website.

  1. An option for 'Register for Internet Banking' will appear. Click on the button.
  2. On the left hand side of the new page is an option for 'New registration'.
  3. Complete the profile details - these are their own personal details.

NB – if they have a joint account, each person will need to register individually.

  1. Select and confirm a suitable Password and Memorable Date.
  2. At the bottom of this screen, select the ‘Single Customer’ service and click 'continue'
  3. Enter Customer Number and Customer Name (if joint account, they need to enter the joint details here)
  4. Select the appropriate transaction rights in accordance with their banking mandate and click 'continue'

If they have selected Inter Account Transfers and / or Payments, then this next screen is to order the dual factor security token and needs to be populated with the delivery address and a contact number. Ideally this should be their normal mailing address to ensure we can get this to them as soon as possible.

In order to process payments on-line, your client needs to use a security token which provides a secure ‘one-time’ password each time they authorise a payment. This is to enhance the security for their Internet Banking service.

  1. Click ‘Continue’
  2. The next screen will show the Terms and Conditions associated for International Online, which will need to be read and 'ticked' to accept by clicking ‘Confirm’
  3. Click ‘Exit’ to finish
What is a commission statement?
A commission statement is sent to you on a monthly basis to comfirm that we have paid commission for opened and funded accounts in that month. The statement will also show the list of accounts that have not yet been opened and funded so commission has not been paid.
When do you pay the commission?
For successful funded accounts introduced to us by Terms and Business holders we pay commissions to our introducing IFAs on the last Friday of every month, paid in arrears. A commission statement will be sent to the email address that we have on file.
What is negative interest?

This is where a bank charges you to hold your cash deposit, instead of paying interest.

Why are you charging a negative rate of interest for Euro accounts?

We regularly review client interest rates taking into consideration global financial markets and the economic environment. Unfortunately, we have been placed in a difficult position and introduced negative credit interest rates as a result of the continued market conditions surrounding the Euro currency, which are outside of our control.

How do I know if I will be charged?

The rate payable is shown on our variable interest rate sheet and is applied to all Euro current transactional accounts, where deposit balances are € 100 000 or above. Deposits below this level will not incur a negative rate.

How will this charge be applied to my account?

The negative rate will be applied to the full balance in your account, calculated in the same way as credit interest and deducted from your balance.

Do you accept crew from cruise liners, cargo ships and pleasure boats?
The Seafarer account is designed for crew in the super yacht industry only. Other crew in the maritime industry would have to apply for an Optimum bank account.
Who can certify the crew documents?
  • If you are set up as a suitable certifier with the Bank, you can certify all crew documents
  • Captains and First Officers can certify crew documents for crew employees on their yachts, and on the very large yachts (80m+) we would accept the Purser to certify

We do have to verify the identity of the certifier, so we may ask you for confirmation of this. The same applies to yacht management companies that are not held on our database.

 

Do you always have to have a Captain’s letter?
No. We require any two of the following forms of employment verification:
  • A yacht visitation form if you have visited the crew member on board
  • An original Captain’s/First Officer’s letter (see here)
  • A certified copy of the crew member’s contract. The contract must be signed by the employer and the crew member and include the pages that have the crew member’s personal and work information, i.e salary (certified by the Captain or First Officer)
  • An original employer’s/yacht management letter (same details as the Captain’s letter template are required)
  • A letter from the yacht owner (same details as the Captain’s letter template are required)
Do you accept scanned/copy documents?
No.  We must have the original client signature on either the hard copy application page or the on-line T&Cs
  • The Captains letter, employers letter, yacht management company, or owner’s letters must have an original wet ink signature
  • The certification on the passport must be an original wet ink signature, as does the client signature if they are re-signing due to a change in signature
  • The certification of the contract must be an original wet ink signature.

 

What if the crew member’s signature differs from their passport?

If you are certifying the document, please ask the crew member to sign the passport copy with their current signature in your presence at the time of certification.

If the captain has certified the document;

  • If we receive a direct application and the Captain has certified the passport, we can accept a scanned copy, showing the current signature of the crew member.
  • This has to show the current signature, certified by the Captain or First Officer who certified the original passport, with the wording “certified as the current signature of [insert crew member’s name]”
  • They then must sign, date and affix the boat stamp.

We will also request this from you if you have done the original certification and were not aware the signature differs.

 

What if the passport has been certified with the wrong wording by the Captain, can I certify it again?
  • If you have seen the original passport, then you can certify a new copy of the passport.
  • If you have not seen the original passport, please request another copy correctly certified by the Captain
  • If cases where this has been received directly, we will email the Captain for confirmation of the missing wording.

 

What do Seafarers put in the tax section?
  • Seafarers must complete the tax section if they have been issued with a tax number in their country of tax residence, regardless of the amount of days spent out of the country at sea.
  • If they have never been issued with a tax number, they need to give a detailed description why.

 

What if they are between jobs, can they still apply?

No.

  • To open a Seafarer Account, clients must be employed on a yacht.
  • However, we will accept temporary contracts on condition the contract is still valid at the time of account opening.

 

They don’t currently know the address for the debit card, what can they do?
  • They can open the account without a debit card.
  • Once the account is open, they can contact the bank by phone or ‘secure message’ to order their card(s) and advise us of the delivery address
  • If crew need to change the debit card address stated on the application form, you can advise us of this provided the account has not yet been opened
  • Once open, we can only accept instruction from the client.
Can a crew member have a joint account with a non-seafarer?

Yes, the Seafarer must be ‘applicant 1’ and the non-seafarer ‘applicant 2’.

  • Please note: Captains/First Officers cannot certify non-seafarer documents.
  • Please refer to the ‘Identification, Employment and Address Verification’ section in the application form for non-seafarer supporting document requirements.
  • You can certify their documents if you’re a suitable certifier for the Bank.
How do Seafarer account holders add additional currency accounts once the main account is opened?
  • Clients can call the Bank directly to add additional accounts
  • Or they can log on to Online Banking and use Secure Messaging to request the account

They can use the same methods to change the ‘MAIN’ currency account if they change yachts and are subsequently paid in a different currency.

CONTACT THE PERSONAL BANKING TEAM
(Monday to Friday 07.00 to 17.00 UK time, excluding UK bank holidays)

Call - +44 (0) 1624 643643
Email - personal [email protected]

 

 

What happens after account opening?
  • The client will receive a Welcome email, as soon as the account is open, that contains all their account details
  • We will email advisors the day following the account has opened to notify them
  • Once the account has been funded, we will pay the commission
  • Clients can send their account details to their employer to start routing their salary to their new account
  • The debit card is ordered the following working day after the account is open and will be sent by DHL (Royal Mail for UK) approximately  7-10 days later
  • Crew members should register for Online Banking as soon as the account is open so that we can send a security token to them. These are sent by DHL the day after registration has been authorised
  • Once the Online Banking registration has been authorised, clients can download and use the Mobile Banking App.

 

Do I get commission if a crew member is re-opening their account?
If commission has already been paid to an introducer, then no further commission will be payable.
Can crew have a second card on the account?
No, only one debit card is available per currency account. If the crew member wants a second account for their spouse, they would need to apply for a joint account.
Can you accept US crew?

Yes, but they must be full time in yachting and have no intention of returning to the United States to live in the foreseeable future.

We have a separate US disclaimer that needs to be completed by:

  • all US crew
  • or any crew that has dual nationality with the US
  • or are submitting a US passport as proof of ID.

Please contact us separately for this.

What nationalities don’t you accept?
Please check with your Standard Bank representative if you are unsure of any ‘higher risk’ nationalities that you would like to refer to us for application purposes.
What compensation scheme is available for accounts on the Isle of Man?

Deposits made with Standard Bank Isle of Man Limited are covered by the Depositors’ Compensation Scheme as set out in the Depositors’ Compensation Scheme Regulations 2010.

Is there additional information needed for US Nationals?

Yes, because of the nature of US legislation we ask additional questions.

Please contact us for more information.

Where can I download the Personal Tax Information form?

Download the Personal Tax Information form here

 
Where can I access the latest FATCA FAQs?

Please click here to access the latest FATCA FAQs.