From lower fees to 24/7 access, forex bank transactions are about to become easier

South Africa’s only real-time forex bank account has been launched, addressing the dual problems of cheaper transaction fees and 24/7 viewability and access.

A recent survey hosted on News24 found that while 83% of adult respondents did not have a forex bank account, 89% would open a new account if it was quick, easy and cost-effective.

In the survey hosted on News24 in February, only 17% of respondents indicated they had an active forex bank account. Three of the major reasons cited by the other 83% for not owning an account was either the amount of admin involved (33%), it being too expensive (38%) or their bank didn’t offer one (29%).

Discovery Bank has now launched its comprehensive, real-time forex capability on the Discovery Bank app to solve some of these pain points.

The new app will allow you to experience the only Real-Time Forex Account available 24/7 on your banking app, where you can open, convert, save and pay in seconds.

Hylton Kallner, CEO of Discovery Bank says the company felt a full forex capability was a key requirement in an increasingly global environment, with one thing top of mind for clients: convenience.

“We have placed a great focus on ensuring that we remove the challenges of transacting in foreign currencies, which historically included delays in settlements, cumbersome forms and transaction costs that were not always clear.

“Using our fully digital banking platform, it will take clients under a minute to seamlessly add a Dollar, Pound or Euro account to their banking portfolio and to instantly convert Rands to save and transact at real-time conversion rates on the Discovery Bank app. “

621 Fin24 users gave us their feedback on forex bank accounts. (Discovery forex survey)

Forex bank account

621 Fin24 users gave us their feedback on forex bank accounts. (Discovery forex survey)

forex bank accounts

621 Fin24 users gave us their feedback on forex bank accounts. (Discovery forex survey)

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.

“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. We have built this offering around convenience so clients can manage their forex transactions alongside their other Discovery Bank accounts.

“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. Clients will also have around-the-clock support from expert Discovery Bankers in our contact centre,” explains Kallner.

You can start saving in Euros, Pounds and US dollars immediately with no minimum balance at transparent and flexible fees. You can also make overseas payments in over 60 countries.

“With our technology advances operating in the background, clients will know the exact transaction rates and costs, and will not be burdened by complexities of conversation rate changes, additional fees or exchange control tracking. It will all be calculated in the background and clients will have a clear view of every forex transaction on a real-time platform for all their forex needs,” says Kallner.

For Discovery clients, there is no need to submit any additional paperwork or documents: 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.

Expand your banking portfolio with Discovery Bank Forex Accounts – designed for smart, seamless foreign currency transactions.

You need to be an existing accountholder of a Discovery Bank Transaction Account, Card Account or Suite and 18 years or older to add any of our forex accounts to your banking portfolio.

To learn more, click here.

This post was sponsored by Discovery and produced by BrandStudio24.

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