In a world where personal and professional lives increasingly cross borders, Investec has launched a new multi-currency feature tailored to the needs of globally connected individuals.
The offering enables Investec Private Bank clients to hold, manage and transact in dollars, pounds and euros – all through a single, integrated card.
Itumeleng Merafe, head of Investec Private Bank, says Investec is one of the few banks offering both debit and credit functionality on one card on one account.
“We wanted to do something similar with multi-currency,” he explains. “The idea is that the card in your pocket automatically adapts to the currency of the country you’re in.”
Investec’s clients typically include frequent travellers, digital nomads who earn in one currency and spend in another, and individuals who pay for international services.
“The world has become borderless for many of our clients,” says Merafe. “This is about fitting into that lifestyle – and removing the friction.”
Always on, always available
A key consideration in the development of the multi-currency feature was 24/7 access to foreign currency.
“Clients can fund their currency pockets instantly — even from the backseat of a London taxi — and get immediate visibility into their available balances,” Merafe says.
Beyond convenience, the ability to pre-fund currency pockets gives clients a strategic advantage. When the rand strengthens, they can lock in favourable exchange rates and avoid currency volatility down the line.
“So, when the rand rallies, for example, that would be a good time to fund one of the pockets,” he adds.
The feature is powered by Investec’s Intelligent Routing™ technology, which automatically selects the correct currency pocket based on where the client is transacting.
There is no need to manually switch between currencies — but for those who want to preserve a specific currency balance, the feature can be temporarily disabled.
“If the preferred currency isn’t available, or if a client wants to preserve their dollar balance, the relevant pocket can be switched off. The card will then default to another source, such as the rand account. This gives clients full control,” says Merafe.
Simplifying life for digital nomads
Many of Investec’s clients work remotely, living in one country while earning income in another.
For these clients, the multi-currency feature removes the need to juggle multiple bank accounts or cards.
“You could be a coder living in Spain and working for a US company, earning in dollars but spending in euros. This platform helps manage that currency exposure more effectively,” Merafe says.
It also simplifies cross-border transfers for families with global connections, eliminating the usual administrative overhead associated with offshore banking.
Smarter payments for global subscriptions
The multi-currency account is also a cost-efficient way to pay for international services in their native currencies, avoiding unnecessary cross-border charges.
“Increasingly, people’s lives are not confined to one country,” says Merafe. “Our clients subscribe to international news platforms, streaming services and cloud tools – often billed in dollars or euros.”
By paying directly from the relevant currency pocket, clients avoid conversion costs and international transaction fees, which can add up significantly over time.
Offshore convenience, without the paperwork
Although the funds in each currency pocket remain within South Africa, they are treated as offshore from a regulatory perspective.
“The multi-currency pockets allow clients to transact in hard currencies without the usual administrative burden,” Merafe explains.
Investec secures upfront approval from the South African Reserve Bank, so clients do not need to complete paperwork later.
The platform also includes a built-in alert system that tracks how much of a client’s single discretionary allowance (SDA) has been used through Investec – offering transparency and peace of mind.
Investec Product Manager, Dan Buntman, worked on the development/delivery of the product
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