Need foreign currency? Get it right there in your banking app, 24/7!
With Discovery Bank's Real-Time Forex Accounts, you can buy Dollars, Euros and Pounds at some of the best rates. Available 24/7/365 in your banking app.
We're creating the super banking app of the future. Now. And that means giving you access to foreign currency when you need it, wherever you are.
Enjoy a safe, convenient and cost-effective way to transact in foreign currency
Enjoy South Africa's most comprehensive retail forex product:
- Activate a forex account in seconds in the Discovery Bank app
- Convert between Rands, US Dollars, Euros and British Pounds instantly with real-time rates
- Make payments in over 60 international currencies
- Track foreign currency allowances
- Zero transfer fees
- All available in your banking app, 24/7.
Why choose our Discovery Bank Forex Accounts?
- Competitive forex rates: Say goodbye to costly currency conversions. With some of the cheapest selling rates and zero transfer fees, you'll get more value for your money.
- Real-Time currency conversions: Stay ahead of the game with real-time exchange rates. Convert your currencies instantly at the most opportune moments, making the most of favourable rates.
- Multi-currency convenience: Easily manage multiple currencies with one multi-currency card. No more worries about carrying cash or searching for local exchange bureaus.
- Seamless transactions and withdrawals: add a free virtual card for on-the-go payments when travelling. Plus, add a physical debit card for your withdrawals and purchases abroad.
- Trusted and secure service: With Discovery Bank, you're in safe hands. Rest assured that your currency transactions are secure and reliable.
Save on currency conversion fees with our Real-Time Forex Accounts
There has never been a better time to Open.Convert.Save.Pay. You can save on conversion fees and buy Dollars, Euros and Pounds at some of the best rates in the market using our Real-Time Forex Accounts - available 24/7/365 in your banking app. If you're a Discovery Bank client, you can find the latest currency conversion fees when spending internationally on your South African Rand credit card and accounts by referring to your latest fees guide online.
Forex at your fingertips...
Open. Convert. Save. Pay. In seconds. Available 24/7 in your banking app.
You can open a British Pound, Euro or US Dollar account in the Discovery Bank app and start using it in seconds.
Convert your Rands to Dollars, Euros or Pounds in real time and with zero transfer fees. Plus, enjoy some of the best rates in the market!.
Save your money in a global currency and protect it against currency fluctuations.
Plus, pay for your holiday shopping the smart way with a free virtual card or order a physical debit card!
What's more, your banking app helps you keep track of your foreign currency allowances in one smart and intuitive view.
Case study: The benefits of saving in a foreign currency
In November 2022, Mandy booked a trip to Greece. Her flight leaves for Greece in May 2023.
Mandy set a budget for her trip of EUR 2,000.
She decided to purchase her foreign currency at the same time as booking her flight in November 2022.
At the time of purchase:
- EUR to ZAR exchange rate was R17.75
- Mandy spent R35,501.60 to purchase her Euros.
In May 2023, the EUR to ZAR exchange was R20.68. Had Mandy purchased her Euros at the time of her trip in May 2023, she would've spent R41,351.60.*
Mandy saved R5,850 by purchasing her Euros ahead of the trip as the rate had increased by 16%.
When you save in foreign currency ahead of time, you can take advantage of currency movements. That means you can protect yourself from currency fluctuations by locking in your forex at a more favourable pre-determined rate.
Take the uncertainty out of your spend abroad and forget about the worry of conversion fees when you use your Discovery Bank multicurrency physical or virtual debit card for on-the-go payments.
Be like Mandy. Open Real-Time Forex Accounts in your banking app.
How to open a foreign currency account
You can quickly and easily open a British Pounds, Euro or US Dollar Account, or all three, on the Discovery Bank app. To add these accounts, simply:
- Log in to the Discovery Bank app.
- Scroll to the end of your portfolio of accounts.
- Tap Add Account.
- Tap Foreign Currency.
- Enter your tax number (if it isn't there already).
- Follow the steps to open a British Pound, Euro or US Dollar Account.
Watch the video to learn more
How to convert your money
To convert your money between your Rand and Forex Accounts and enjoy the best real-time buy and sell rates 24/7, simply:
- Tap on Transact > Transfer.
- Choose an account to transfer from.
- And an account to transfer to.
- Choose a currency allowance.
- Select the currency you'd like to capture the transaction amount in.
- Enter the amount you'd like to transfer and accept the terms and conditions.
- Tap on Next > Transfer > Done.
Watch the video to learn more
How to set up your free virtual card
Add your virtual card to your smart device to use for on-the-go payments abroad. To activate your virtual card, simply:
- Scroll to your foreign currency account and tap on it.
- Tap the three dots in the top right corner, then tap Add card.
- Tap Add a virtual card
- Select the purpose of the card and set a monthly spend limit. Then tap Next.
- Set your pin, then tap Next.
- Make sure your details are correct, then tap Confirm > Done.
Watch the video to learn more
Visit our Info and tips page to find out more about our Forex Accounts, fees, allowances and more.
Discover the super banking app of the future. Now.
In a world that's becoming more complex, you need one simple app that can do it all. In this series of blog posts, we're showcasing some of our best banking app features that make your life simple, convenient and affordable.
The Future of Banking. Now.
This article is meant only as information and should not be taken as financial advice. For tailored advice, please contact your financial adviser.
Discovery Miles do not constitute currency or any other medium of exchange in circulation in South Africa. Rewards are based on your engagement in Vitality programmes, Discovery products, and monthly qualifying card spend. Discovery Bank, Auth FSP. Limits, terms and conditions apply.
Discovery Miles are more valuable than cash on the Discovery and Discovery Bank apps, in-store and online with Discovery Vitality's partners.
