Polish seafarers usually earn in euros, possibly in British pounds or US dollars. Receiving a salary in a foreign currency is the most important reason why a seafarer has limited opportunities to borrow money. Banks operating on the Polish market must comply with Recommendation S IV issued by the PFSA. It imposes an obligation to keep the loan currency in line with the currency of the borrower’s main income. It is worth noting that seafarers are facing the same difficulties as for other clients who do not earn income in dollars.
Sailor’s mortgage – only in the currency of his main income!
Just a few years ago, before the entry into force of Recommendation S IV, one could make a commitment in any currency available in the bank’s offer. Today, if the currency of the main source of income is the euro, you can only apply for a loan in euros, and when the pound – in pounds. This means that earning in a foreign currency, as a rule, you have no chance of getting a loan settled in USD.
USD cash loan – available despite income in a foreign currency
The above restrictions apply primarily to mortgage loans, but it is also difficult for a seaman to get a cash loan. If you are employed under a seafarer contract and you have income in a foreign currency, only some Polish banks will be willing to grant you a USD cash loan. You can’t count on any of them lending you dollars, pounds or even euros for any purpose. None of the institutions operating on the Polish market offers currency cash loans.
Seafarer’s loan in foreign currency and poor offer of Polish banks
Those who earn in euros and plan to take out a mortgage to buy an apartment or build a house in a foreign currency must be aware that on the domestic financial market only a few banks grant loans in euros. Therefore, offers may not be competitive.
Seafarers who receive remuneration in dollars, pounds or Swedish and Norwegian kroner must count with even less flexibility. Loans settled in these currencies are offered by individual institutions.