New Discovery Bank app feature makes forex transactions easy

Transacting in foreign currencies doesn’t have to involve cumbersome forms, unclear transaction costs or delays in settlements, with Discovery Bank’s latest forex feature on their banking app. 

The bank has removed the challenges of transacting in foreign currencies for its customers. 

In under a minute, clients can seamlessly add a dollar, pound or euro account to their banking portfolio and instantly convert their rand amount to save and transact at real-time conversion rates on the Discovery Bank app. 

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

“One such aspect is accounts for foreign currency trading, saving and payments — all valued services in a world that is getting smaller. Considering the changing needs and demographics of banking clients, Discovery Bank’s development of forex accounts looked to define and incorporate functionality that placed forex accounts in a unique category: a new-generation account that meets every need,” says 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. 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. 

Ease of use 

There is no need to submit additional paperwork or documents — Discovery Bank clients must simply ensure they’re on the latest version of the Discovery Bank app. Once they’ve added their choice of Discovery Bank Forex Accounts on the Discovery Bank app, clients can start transacting in foreign currencies immediately. 

This includes receiving payments in British pounds, euros, US dollars and rand, and making international payments in more than 60 currencies. 

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.

With no minimum balance, Discovery Bank Forex 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 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.

“Discovery Bank has built this offering around convenience so clients can manage their forex transactions alongside their other Discovery Bank accounts. This is just one of many enhancements to the bank’s product and feature line-up that will be introduced over the course of the year,” says Kallner.