Discovery Bank Foreign Currency Account: Complete Guide

Discovery Bank offers foreign currency accounts to anyone who is an existing account holder with Discovery Bank and is over 18 years old¹.

Discovery bank markets their foreign currency accounts as a way to save, make transactions, and invest in foreign currencies. You can open three different types of currency accounts with Discovery bank.

Opt for a Wise multi-currency account (a.k.a. Wise Account) to send and receive in currencies such as GBP, USD, and EUR among many others*! With mid-market exchange rates, low, transparent fees, and simple and quick processes, Wise makes it easy to manage money globally⁴.

*Currently users in South Africa can only receive payments in ZAR. Support for other Wise products coming soon.

Let's take a look at how a foreign currency account with Discovery bank works and the fees, requirements, and processes associated with opening a foreign currency account with them.

How does a foreign currency account work?

Foreign currency accounts allow you to store, send, and receive payments in foreign currencies. Therefore, if you’re someone that is getting paid in different currencies or you’re an expat, for example, you can manage your money more easily with a foreign currency account.

Rather than having to make international transactions regularly, having a foreign currency account makes it easier to manage your money, globally.

Discovery bank USD account, EUR account, and GBP currency accounts

Discovery allows you to hold foreign currency accounts in three different foreign currencies: USD, EUR, and GBP¹.

The requirements and account availability are the same for each foreign currency account, regardless of the currency of the account you want to open. When you are transferring money from or to your foreign currency accounts with Discovery, there are no fees¹.

However, there are charges associated with opening a foreign currency account with Discovery, depending on which account you hold with them. Plus, Discovery doesn’t use a mid-market exchange rate. Therefore, this means that you will be charged an interbank exchange rate plus a percentage on top of it added by Discovery - this will make a difference to the final amount that you receive or send, whether making an international transaction or transferring between accounts.

Mid-Market Rates Help You Save with Wise’s Multi-Currency Account

For those of you looking to get a foreign currency account, take a look at bank alternatives such as Wise. Wise provides a great solution if you want to manage, store, send and receive money globally, allowing you to hold and send multiple currencies in one place and making international transfers low-cost and simple⁴.

Whether you travel regularly, get paid in foreign currency, or want to send and receive foreign currencies quickly, Wise supports global money management*.

The benefits of a Wise Muti-Currency account:*

• Free to open
• Quick and easy to create online
• Features profile authentication for security
• Ability to hold local bank account details in 5 different countries
• Ability to store, send, and receive money in more than 40 currencies
• See the currency exchange rate in seconds, with a mid-market rate
• Always low, transparent fees⁴

*Currently users in South Africa can only receive payments in ZAR. Support for other Wise products coming soon.

How to open a Discovery foreign currency bank account?

You can open a foreign currency account with Discovery if you are¹:

• Over 18 years old
• Hold a Discovery Bank transaction account, card account, or suite
• Have a South African ID number

If you are able to open a Discovery foreign currency bank account you can open one by using the Discovery mobile banking app. You won’t need to provide any additional documentation and paperwork to open a foreign currency account².

1. Log in to the Discovery banking app.
2. Click “Accounts”.
3. In the top-right-hand corner click, “Add account”
4. Click on “Forex Accounts” and select a British Pound, Euro or US Dollar Account. You can also click more than one, or even all three.
5. Review the documentation, details, and accept the T&Cs. Then click “Accept”.
6. The accounts will then be opened and you can start converting your Rands to GBP, EUR, or USD.

Discovery foreign currency account fees and charges

There are fees associated with opening a foreign currency account with Discovery, depending on which Discovery account or suite you have.

Let’s take a look at these fees³:

Account Type	Fee
Discovery Bank Purple Suite	FREE³
Discovery Bank Black Suite	FREE³
Discovery Bank Gold or Platinum Suite, Discovery Bank Card Account, or Discovery Bank Transaction Account with bundled fees	R17.501 for each forex account³
Discovery Bank Transaction Account with pay-as-you-transact fees	R351 for each forex account³

Although you can transfer between your Discovery Rand account and your foreign currency accounts for free, there will be exchange rates associated with each transaction.

You can see the fees and charges associated with receiving and sending international transfers with Discovery in the table below - they offer different types of transfer, meaning which you choose depends on who pays the fees (the sender of the beneficiary).

Sending international payments³	Minimum - Maximum fee³	Additional fees³
SHA³ The transfer fees are shared by the sender and beneficiary. The final payment amount the beneficiary receives is lower because of the deduction of these fees.	R175-R750	R175 (if source currency is ZAR)
OUR³ The sender pays all fees, including Discovery’s fees and the intermediary bank fees. The person receiving the payment will receive the full amount.	R175-R750	Destination bank fee of R175 and optional fee of R175 (if source currency is ZAR)
BEN³ The beneficiary is responsible for all fees. All banks in the payment process deduct their fees from the payment amount. The final payment amount the beneficiary receives is lower because of the deduction of these fees.	R175-R750	R175 (if source currency is ZAR)

Discovery also charges 0.55% of all transactions, regardless of the method you choose to send an international transaction.

Receiving international payments³	% of transaction value³	Minimum- Maximum fee³
SHA³ The receiver is responsible for Discovery’s fees, and the intermediary banks' fees are deducted from the amount paid to them.	0.55%	R175-R750
OUR³ The payer chooses to pay all fees upfront, including fees from intermediary banks and Discovery’s fees. The receiver will receive the full payment amount without paying any fees.
BEN³ The payer makes the receiver responsible for all fees. Therefore, they have to pay fees from intermediary banks and Discovery. The final amount the receiver will get will be lower because of the deduction of these fees.	0.55%	R175-R750

Discovery Debit/ Credit Card features for foreign currencies

Discovery offers both digital cards and physical cards for foreign currency accounts. There are charges associated with physical cards and international ATM withdrawals.

Card Type	Fee
Virtual cards³	FREE
One-off physical card issuing fee³	R200
One-off additional and secondary physical cards³	R200
ATM Withdrawal fees (apart from those with Purple Suite, Black Suite and Black Transaction Account with bundled fees who get 0 fees)³	R80

How to transfer funds to and from Discovery foreign currency account

To transfer funds from your Discovery bank account to your Discovery foreign currency account, you will can:

• Open the Discovery online banking app
• Tap on your foreign currency account
• Convert Rands to the foreign currency account, with 0 transaction fees^

^Exchange rates still apply.

With a Wise multi-currency account, you can add, send, and receive money across your foreign currency accounts easily and quickly⁵. You can also see the exchange rate and low cost fee you will pay for your transactions, in seconds*.

*Currently users in South Africa can only receive payments in ZAR. Support for other Wise products coming soon.

Interest on Discovery foreign currency account

Discovery doesn’t state that it provides interest rates to foreign currency accounts.

Discovery allows you to have foreign currency accounts in 3 different currencies and depending on which account type you hold with them you may be able to get 0 fees on transferring between accounts¹.

Discovery also lets you send and receive money internationally in multiple ways, allowing you to decide whether the beneficiary or sender pays the fees³. However, if you don’t have certain Discovery account status, you may incur fees and exchange rates are applied to all transactions.

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Having a multi-currency account with Wise allows you to hold and use multiple currencies, as well as send, spend, and receive money globally. Wise uses mid-market exchange rates, has low, transparent fees⁴, and simple and quick processes, making it easy to manage money globally*.

*Currently users in South Africa can only receive payments in ZAR. Support for other Wise products coming soon.

Join Wise!

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Sources

1. https://www.discovery.co.za/bank/forex-account
2. https://www.discovery.co.za/bank/news-new-forex-accounts
3. https://www.discovery.co.za/bank/forex-account-fees
4. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
5. Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.

All sources checked as of 18/08/2023.