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Discovery Bank has placed a great focus on ensuring that it removes the challenges of transacting in foreign currencies, which historically include delays in settlements, cumbersome forms and transaction costs that were not always clear.

In under a minute, clients can seamlessly add a Dollar, Pound or Euro account to their banking portfolio and instantly convert Rands to save and transact at real-time conversion rates on the Discovery Bank app. 

Discovery Bank CEO Hylton Kallner says technology and fintech developments have made it easier for people to navigate almost every aspect of financial services through apps or smart devices.

“One such aspect, is accounts for foreign currency trading, saving, and payments – all valued services in a world that is getting smaller. Considering the changing needs and demographics of banking clients, our development of forex accounts really looked to define and incorporate functionality that placed Discovery Bank’s forex accounts in a completely unique category; a new-generation account that meets every need,” Kallner said.

According to the Bank, seven distinctive elements define a new generation forex account: 

  1. Easy access and the ability to open an account in seconds.
  2. Seamless integration in the banking platform with full visibility of all accounts.
  3. The best real-time buy and sell rates 24/7.
  4. The ability to instantly transfer funds into foreign currency and back into rand.
  5. Full control to manage foreign currency allowances in real time.
  6. Competitive fee levels.
  7. Virtual cards with immediate transactional capabilities.

Ease of use 

There is no need to submit any additional paperwork or documents – Discovery Bank clients simply need to ensure that they’re on the latest version of the Discovery Bank app. Once they’ve added their choice of Discovery Bank Forex Accounts (US Dollar, Euro or GB Pound) on the Discovery Bank app, clients can start transacting in foreign currencies immediately. 

This includes receiving payments in British Pounds, Euros, US Dollars and Rands, and making international payments in more than 60 currencies. 

Discovery Bank Forex Accounts will be operational 24/7 and clients will not pay foreign currency conversion transfer fees for transactions between their different forex and Rand accounts. All transactions will be processed with immediate settlement that is not dependent on a business day or on market trading times.

With no minimum balance, Discovery Bank Forex Accounts make it easy for clients to transact and save in foreign currencies at transparent and flexible fees. The platform offers various services and the ability to add virtual multi currency cards or to order physical cards for international travel purposes. Everything clients need is available in one place and gives a holistic view of all the transactions, beneficiaries, balances, and a tracker for exchange control allowances – all giving clients greater control.

“We have built this offering around convenience so clients can manage their forex transactions alongside their other Discovery Bank accounts. This is just one of many enhancements to our product and feature line-up that we’ll be introducing over the course of the year,” explains Kallner. DM/BM


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