Discovery Bank introduces the only Real-Time Forex Accounts in South Africa

Johannesburg, 07 February 2022 — Discovery Bank, this week, launched its comprehensive, real-time forex capability on the Discovery Bank app that gives access to immediate foreign currency transactions.

Hylton Kallner, CEO of Discovery Bank, says, “Our full forex capability is a key requirement in an increasingly global environment. 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.”

“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.”

The Bank has provided advance access to Discovery Bank Forex Accounts for select clients and is now rolling out the capability to all other clients from this week. 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. The accounts can also be added at no additional monthly cost by Discovery Bank Black and Purple Suite clients.

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. With no minimum balance, our Discovery Bank Forex Accounts also make it easy for all our clients to transact and save in foreign currencies at transparent and flexible fees. The platform offers various services and the ability to add virtual multicurrency 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. Clients will also have around-the-clock support from expert Discovery Bankers in our contact centre,” explains Kallner.

You’ll find more information about the new Discovery Bank Forex Accounts here:

https://www.discovery.co.za/bank/forex-account

ENDS

About Discovery Bank
Discovery Bank is part of Discovery Limited, a financial services organization that operates in the healthcare, life assurance, short-term insurance, savings and investment and wellness in over 35 markets. Discovery Bank is fundamentally designed differently through its shared-value model. Clients create value as they manage their money well that Discovery Bank shares back with them through better interest rates, deep discounts and significant rewards. The overall outcome is that clients experience greater financial wellbeing, it reduces the risk of defaults for Discovery Bank making the business more sustainable, and it addresses large-scale challenges, such as increased savings, that benefit society at large. Behaviour change and rewards are enabled through Vitality Money, an AI-Powered programme on the Discovery Bank app that which gives clients an understanding of behaviours that influence their financial wellbeing and how to manage their money. The better clients do, the higher their Vitality Money status and the greater the value they receive.