As a seafarer, we earned a significant amount of money and since we spend most of our time at work, we do not have chance to spend our money easily. However, as time passes, we are getting old, and our age does not let us work anymore. Do you think that saving is important for us? Which saving methods do you use if you are making savings?
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I do not have investment knowledge therefore I don’t know how it can be beneficial. Since always I heard inflation issue at news
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I searched on the internet about saving at the bank and the interest rate is high in my country, since also there is no high inflation, I just put my money
FCNR (B) deposits are also fixed deposits, but those maintained in major foreign currencies, in India. To open these accounts you have to give instructions to your bank by filling a form, before or with the remittance which comes to the bank. Since for seafarers the salary is remitted by the ship owner/operator, and the date is not fixed, it is better to leave some pre-signed forms with the bank manager/relationship manager/relatives at home. This type of deposits should be opened if it is expected that the home currency (Indian Rupee in this case) will depreciate, or if you feel that you will need foreign currency in future for the purpose of your exams abroad or some other purpose. Since the minimum period for these deposits in India is also 1 year, the deposit should be started only if you do not need this money for more than a year. Of course if there is a marked depreciation in Rupee, you can liquidate the deposit to benefit from the higher exchange rate. Such benefits of course, more out of chance than design, e.g.
yes saving is important but it matters where you save and which way you are choosing to save your money for your future
@bernil41
this is really complicated
If you generally earn your money in Euros, have a bank account in Euros. If you need other currencies, open a multi-currency account. An Offshore Seafarer Account is probably best. When exchanging larger sums, using a broker will save you money long-term
@mirac
saving money at euro currency seems vey good idea however, recently euro is not strong as previously
even though drastic decline is seen at euro still it is more reliable currency compared to other currencies
@mirac
understandable, depend on your local economy and currency, euro can be or can not be good alternative for future saving
international currencies are always better currency to save money, I guess