Our new-generation forex accounts offer a unique experience

We recently conducted our inaugural SAFx Rater study - a comparative analysis of the features and benefits of forex accounts offered by major South African banks.

This investigation shows how locally accessible forex accounts compare against our new-generation forex accounts. The result? Discovery Bank is the only bank to meet all the criteria that define a new-generation forex account.

The SAFx Rater reviewed the forex accounts available from Discovery Bank and four leading South African banks against the following distinct elements that define a new-generation forex account:

1. Easy access and the ability to open an account in seconds.
2. Seamless integration in the banking platform with full visibility of all accounts.
3. The best real-time buy and sell rates 24/7.
4. The ability to instantly transfer funds into foreign currency and back into rand.
5. Full control to manage foreign currency allowances in real time.
6. Competitive fee levels.
7. Virtual cards with immediate transactional capabilities.

Results show that while every bank's forex offering includes some of the aspects of what a new-generation forex account should offer, only Discovery Bank's forex accounts met all the criteria in our study.

Hylton Kallner, CEO of Discovery Bank says, "We looked at every element of what would make an account efficient, cost effective and simple to open and use. In this market comparison of various forex accounts, only three banks in South Africa offer real-time forex rates in their app. We confirmed our rates to be among the best available across these and, in addition, meeting all seven metrics in the comparison, truly place Discovery Bank's forex accounts in a category of their own."

Our forex accounts give you real value

As new-generation forex accounts, Discovery Bank Forex Accounts give clients outstanding benefits, all conveniently packaged in the Discovery Bank app. But convenience is not the only value for clients, the inaugural SAFx Rater shows, across the board, that Discovery Bank's forex accounts are leading in terms of ease of access, convenience, functionality and competitive rates to currently make it the most comprehensive and competitive forex account in the market.

Get forex accounts instantly on our banking app

Get access to our Discovery Bank Forex Accounts (British Pounds, Euro or US Dollar accounts) on the Discovery Bank app. Enjoy real-time rates when you save and transact in foreign currency and pay no fees when you transfer and convert between your foreign currency and Rand accounts. Plus, you get a free multicurrency virtual card for fast on-the-go payments while you explore the world.

Expand your banking portfolio by opening one or more of our Discovery Bank Forex Accounts today. See how easy it is:

You need to be an existing accountholder of a Discovery Bank Transaction Account, Card Account or Suite and 18 years or older.