Discovery Bank’s real-time Forex offering, a convenience for clients

In less than a minute, customers can seamlessly add a dollar, pound or euro account to their bank wallet and instantly convert rands to save and transact at real-time conversion rates on the Discovery Bank app.

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

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

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. Perfect integration into the banking platform with full visibility of all accounts.
  3. The best buy and sell rates in real time 24/7.
  4. The ability to instantly transfer funds in foreign currency and back to rand.
  5. Full control to manage foreign currency allowances in real time.
  6. Competitive commission 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 make sure they are using the latest version of the Discovery Bank app Once they have added their choice of Forex Discovery Bank accounts (US Dollar, Euro or GB Pound) on the Discovery Bank app, customers can immediately start transacting in foreign currencies.

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

Forex Discovery Bank accounts will be operational 24/7 and clients will pay no foreign currency conversion transfer fees for transactions between their different forex and Rand accounts. All transactions will be processed with immediate settlement which does not depend on a business day or market trading hours.

With no minimum balance, Forex Discovery Bank 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 possibility to add virtual multi-currency cards or to order physical cards for international travel. Everything customers need is available in one place and offers a holistic view of all transactions, payees, balances and an exchange control allowance tracker, all giving customers more control.

“We have built this offering around convenience so that clients can manage their forex transactions alongside their other Discovery Bank accounts. This is just one of the many improvements to our range of products and features that we will introduce throughout the year, ”explains Kallner.