According to industry forecasts, the global cross-border e-commerce market is expected to exceed $5 trillion by 2028, growing over 200% faster than domestic e-commerce. In parallel, the number of digital nomads and remote freelancers continues to surge.
The rise in global movement isn’t a passing trend. Remote work, international business and cross-border transactions are here to stay.
Supporting a borderless lifestyle
For Itumeleng Merafe, Head of Investec Private Bank, the old ways of managing foreign currency – separate offshore accounts, conversion fees and multiple cards – are simply too administrative for people who live and work across borders.
“For many Investec clients, the way they live and work crosses currencies and continents. Whether they’re shopping online from international retailers, managing a team remotely or travelling internationally, their financial tools should keep pace,” he comments. “Our clients are no longer looking for products – they are looking for intelligent solutions that remove friction and create freedom. They want their bank to support how they live, not constrain it.”
“Banking has evolved from a service defined by geography to one shaped by lifestyle. Multicurrency pockets form part of our evolving client value proposition.”
That’s why Investec is pioneering a new approach. “Our new Multicurrency pockets solution is designed for the globally minded individual. Investec clients with a Private Bank Account can now open, fund and spend from their multicurrency pockets in multiple currencies - dollar, pounds and euros - alongside your rand account, through Investec Online and the App,” he explains.
Whether clients are making a once-off purchase or managing recurring expenses, there are no costs for adding money to a pocket or using it for international transactions. “In addition, transactions continue to earn Investec Rewards, meaning you gain even more value for your everyday spending – whether it's in rands, dollars, pounds or euros,” Merafe adds.
“Multicurrency pockets are a simple way for clients to take control of international finances. There’s no need to open an offshore account, apply for a new card, or go through complex foreign exchange processes.”
Intelligent Routing™ - the smart way to spend
At the core of this Multicurrency pocket solution is Investec’s proprietary Intelligent Routing™ technology.
“When clients transact with their Investec Visa card, it automatically processes the payment in the correct currency – US dollar, pounds, euros or rands – using the available balance in the respective Multicurrency pocket. There’s no need for manual conversions or selecting the right card for the right region,” he notes.
“This not only streamlines spending, but also gives our clients greater transparency and predictability. They are no longer bound by daily exchange rate swings at the point of purchase and they avoid unnecessary conversion fees on card transactions.”
Transparency and predictability. With Multicurrency pockets our clients are no longer bound by daily exchange rate swings at the point of purchase and currency conversion fees.”
Banking built around your life
To understand the day-to-day benefits of multicurrency banking, Itumeleng lists these common real-world use cases:
- For the international shopper
Imagine fashion enthusiasts browsing global online boutiques. With Multicurrency pockets, they can pay in the local currency – dollars, euros or pounds – at checkout. “This means no unexpected costs due to fluctuating exchange rates and no currency conversion fees apply,” Merafe notes.
- For the frequent traveller
A business executive travelling to the UK or Europe can use their Investec card for meals, transport or accommodation, with expenses settled in the destination currency. There’s no need to carry cash or multiple cards and no reliance on unpredictable exchange rates.
- For the subscription spender
Streaming platforms, software subscriptions or global memberships often bill in dollars or euros. He shares that, “With Multicurrency pockets, clients can fund the relevant pocket once and manage ongoing subscriptions without incurring monthly conversion fees.”
- For the digital nomad
A remote worker moving between countries – for example Spain and the UK – can manage their day-to-day expenses in the relevant local currency. From paying for co-working spaces in euros to accessing local services in pounds, all transactions are done through one card and one account, subject to applicable tax and exchange control regulations.
“In each of these cases, the client has control, simplicity and confidence – with a banking experience that’s built around their lifestyle, not their location,” Merafe remarks.
More than a feature – it’s a mindset
For Investec, this innovation is about more than just technology. Instead of approaching foreign currency as a niche or occasional need, it’s an everyday reality for its clients.
“The development of Multicurrency pockets reflects Investec’s commitment to delivering Out of the Ordinary solutions. It’s a proactive response to global trends, making it a natural part of our clients’ financial life. Importantly, it is continuation of our promise to deliver banking that is both sophisticated and practical,” he shares.
“While the interface is digital, the experience remains deeply personal. Our clients continue to benefit from high-touch service, relationship-based banking and the human support Investec is known for.”
Leading the way forward
With one account, one card and multiple currencies, Investec clients enjoy total control and flexibility – without complexity.
Merafe concludes, “Whether you're paying for a hotel in Paris, subscribing to a platform based in New York, or sending a gift to family in London, Multicurrency pockets enables borderless banking. It’s literally redefining what it means to be a private bank in a global age.” DM