From lower fees to 24/7 access, forex banking is about to get easier

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South Africa’s only real-time forex bank account has been launched, solving the twin problems of cheaper transaction fees and 24/7 visibility 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 profitable.

In the survey hosted on News24 in February, only 17% of respondents indicated that they had an active forex bank account. Three of the main reasons cited by the remaining 83% for not having an account were either the number of administrators involved (33%), the cost being too high (38%) or their bank not offering it (29%).

Discovery Bank has now launched its full real-time forex capability on the Discovery Bank app to address some of these issues.

The new app will let you 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, said the company believes full forex capability is a key requirement in an increasingly global environment, with one thing in mind for customers: convenience.

“We have focused on removing the challenges of foreign currency transactions, which historically included delays in settlements, cumbersome forms and transaction costs that were not always clear.

“With our fully digital banking platform, it will take customers less than a minute to seamlessly add a dollar, pound or euro account to their bank wallet and instantly convert rands to save and make money. transactions at real-time conversion rates on the Discovery Bank app.”

621 Fin24 users gave us their opinion on forex bank accounts. (forex discovery survey)

forex bank account

621 Fin24 users gave us their opinion on forex bank accounts. (forex discovery survey)

forex bank accounts

621 Fin24 users gave us their opinion on forex bank accounts. (forex discovery survey)

Discovery Bank’s forex accounts will be operational 24/7 and clients will not pay foreign currency conversion fees for transactions between their various forex accounts and Rand. All trades will be processed with immediate settlement that is not dependent on a business day or market trading hours.

“This is just one of many enhancements to our product line and features that we will be introducing over the course of the year. We’ve built this offering around convenience so clients can manage their forex trades alongside to their other Discovery Bank accounts.

“Everything customers need is available in one place and provides a holistic view of all transactions, payees, balances and tracking of exchange control allocations – all giving customers greater control. customers will also benefit from round-the-clock support from expert Discovery Bankers in our contact center,” says 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 payments abroad in over 60 countries.

“With our technological advancements working behind the scenes, customers will know the exact rates and costs of transactions, and won’t be burdened with the complexity of conversation rate changes, additional fees, or exchange control tracking. Everything will be calculated in the background and clients have a clear view of every forex trade on a real-time platform for all their forex needs,” says Kallner.

For Discovery customers, there is no need to submit any additional paperwork or paperwork: customers just need to make sure they are using the latest version of the Discovery Bank app. Once they have added their choice of Discovery Bank Forex accounts (US Dollar, Euro or British Pound) to the Discovery Bank app, customers can begin trading in foreign currencies immediately.

Expand your banking portfolio with Discovery Bank Forex accounts – designed for smart and transparent foreign exchange transactions.

You must hold a Discovery Bank transaction account, card account or suite and be 18 years of age or older to add one 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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