Discussions on seafarer welfare typically emphasize safety, rest, and fair pay during their time at sea. However, an often-overlooked aspect is the financial support they provide to their families back home. For many seafarers, sending money home is a significant expression of care and responsibility. Unfortunately, the process can be fraught with delays, high fees, and uncertainty, leading to anxiety about whether funds arrive safely and how much is lost in transaction costs.
The impact of financial peace of mind on mental well-being is profound. When seafarers can send money home quickly and affordably, their anxiety decreases, contributing to a more positive work environment. This aligns with the Maritime Labour Convention’s emphasis on fair treatment, extending beyond safety at sea to include financial fairness. Many seafarers experience substantial losses due to high correspondent banking fees, which can equate to significant everyday expenses, like food.
To address these challenges, some companies are leveraging their scale to negotiate better payment conditions for seafarers. By processing large volumes of payments annually for crew members, they are able to secure favorable exchange rates and lower fees. This approach benefits both shipowners and crew, fostering greater confidence and reducing financial friction.
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