Discovery Bank to offer multicurrency accounts, share trading and travel discounts

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Discovery Bank will soon offer its customers a multicurrency foreign exchange account, a platform to buy and trade shares, and discounts on their travels, highlighting its focus on attracting more businesspeople. Picture: Supplied
Discovery Bank will soon offer its customers a multicurrency foreign exchange account, a platform to buy and trade shares, and discounts on their travels, highlighting its focus on attracting more businesspeople. Picture: Supplied

Discovery Bank will soon offer its customers a multicurrency foreign exchange account, a platform to buy and trade shares, and discounts on their travels, highlighting its focus on attracting more businesspeople.

The digital bank said that between October and the first quarter of 2022 it will implement a host of digital and fintech innovations to become more of a one-stop-shop to its customers.

The bank said it has received a dealer license, and now its clients will be able to set up forex accounts in Euros, US dollars and British pounds without any additional documents.

"Clients can use the Discovery Bank app to transact and trade in real-time in these currencies and, with the Multicurrency FX Account, clients can receive international payments and choose to pay in more than 60 currencies," the bank said in its annual new product announcement.

The bank also partnered with EasyEquities to give its clients a platform to trade local and international shares inside the Discovery Bank app. The share trading can also be done in rands and US or Australian dollars through the banking app at no additional cost.

A new Discovery Bank travel platform will give clients wider travel benefits and discounts on local and international flights, accommodation and holiday packages based on their Vitality Health, Vitality Drive and Vitality Money statuses.

Other new features will include a Discovery Pay platform which can pay pharmacies, doctors and gyms while rewarding customers who use this with Discovery Miles.

The stiff competition among local banks has seen the release of many add-ons on the banking apps and online platforms this year.

FNB recently launched a share trading account with no monthly fees. Standard Bank announced in August that it is building ten digital platforms. Absa's plans to launch a sovereign digital ID in SA, and Nedbank is constantly sprucing up its Avo "super app".

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