Investec Bank Foreign Currency Account: Complete Guide

Need to manage your money in a different currency? You might want to look into opening a foreign currency account.

This kind of account is ideal for people who live an international life. This includes travellers, freelancers, international students and professionals, along with people who have family in other countries.

Here in this helpful guide, we’ll be taking a close look at the Investec Bank foreign currency account. We’ll walk you through how it works and what features it offers, plus details of fees, exchange rates, currencies and anything else you need to know.

We’ll also show you an alternative which could be a better fit for your needs. Open a Wise multi-currency account and you can hold money in 40+ currencies, as well as sending money worldwide for low fees and great exchange rates⁴.

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

How does a foreign currency account work?

The Investec Foreign Currency Call Deposit account is essentially a savings account. It’s designed for receiving, keeping and saving money in a foreign currency. However, you can still access your savings whenever you need to.

It’s only available to Investec Private Banking clients, and you can open it in one of three major currencies.¹

Here’s an at-a-glance look at all the key features and facts of the foreign currency savings account with Investec Bank:

Feature	Offered by Investec Foreign Currency Call Deposit account
No of available currencies	3
Multi currency availability	No - only one currency per currency account
Interest	Yes - for balances of $1000+ (or currency equivalent)
Credit/overdraft facilities	No
Debit card	No
Rewards/benefits	None
Deposits and withdrawals permitted	Yes
International payments	Yes

USD account, Euro account, GBP account

You can open the Investec foreign currency account in one of three major currencies.¹

This is fewer than some of the bank’s offers in other countries, such as the Investec Currency Access Account available in the UK - which offers a choice of up to 15 currencies.²

Options include:¹

• Investec USD Account
• Investec GBP Account
• Investec EUR Account

You should also be aware that this isn’t a multi-currency account, which means that you can only open it in one currency. If you need access to another currency, you’ll need to open a separate account.

Mid-market rates help you save with Wise’s multi currency account

Holding and sending foreign currencies in a single account can be tricky, expensive and simply difficult to manage.

Wise is a money service business, which offers a multi-currency account, international money transfer services and a debit card, among other products⁷. Need to receive money from overseas? You can do it in just a few clicks with Wise, for low fees⁴ and the mid-market exchange rate. There’s even a handy Wise app, so you can track your transfers and manage your account on the move.

Wise makes it easy and cost effective, letting you hold, send and receive multiple currencies all in one place. As a bank alternative, you can manage your money in 40+ currencies at once, and convert between them whenever you need to.

You will find that it is also easy⁶ to open a Wise account(unlike with some banks) and you can do everything online.

How to open an Investec Bank foreign currency bank account?

To open a foreign currency savings account with Investec, you’ll need to be a private banking customer.

The only way to get the account is to contact your private banker. Here’s how to get the ball rolling:¹

1. Go to the Investec website and read the details, terms and conditions for the Foreign Currency Call Deposit Account
2. Scroll to the bottom of the page and select either ‘Email me’ or ‘Call me back’
3. Provide your preferred contact details
4. Wait for an Investec private banker to get in touch, and talk you through how to open an account.

Investec Bank foreign currency account fees and charges

Like many accounts, the Investec foreign currency account does have some fees and charges. It doesn’t however have any monthly fees, as long as you’re able to meet the minimum balance requirements.

The account does charge some fees for making payments, including transfers from your rand account and transfers out. Let’s take a look:¹

Transfer type	Investec Bank fee
Payments from rand account to Foreign Currency Call Deposit account	R180
Payments from Investec USD account	$13 USD
Payments from Investec GBP account	£10 GBP
Payments from Investec EUR account	€11 EUR

When it comes to converting currency, Investec Bank uses its own exchange rates.

These rates are likely to include a mark-up on top of the mid-market exchange rate. The mid-market rate rate is what banks use when trading currency with each other, and it’s believed to be one of the fairest rates you can get. By adding its own mark-up, the bank can make money from the transfer. But unfortunately, this makes it a little more expensive for you.

Take a look here for full information about real-time FX rates and specialist foreign exchange services offered by the bank.

When you send money with Wise, you’ll always get the mid-market exchange rate with no margins or mark-ups⁴.

Debit/credit card features for foreign currencies

The Investec foreign currency account doesn’t come with a debit or credit card, as it’s primarily a savings account.

So if this is a feature you’re interested in, you may need to shop around for a transactional or everyday foreign currency account with another provider.

Investec Bank foreign currency account requirements

To apply for an Investec Bank foreign currency account, you’ll need to be an existing private banking customer. You’ll also need to make an initial deposit and maintain a minimum balance of 1,000 in your chosen currency.¹

For other eligibility requirements, you’ll need to contact your Investec private banker.

How to transfer funds to and from a Investec Bank foreign currency account

You can deposit money in your Investec foreign currency account straight from your rand (ZAR) account.

When it comes to accessing your money, you can set up withdrawals back to your rand (ZAR) account. There’s no notice period, you can do it at any time and your transfer will be initiated instantly. Just bear in mind that it may take up to 2 business days for the payment to clear.¹

Interest on Investec Bank foreign currency account

The Investec Foreign Currency Call Deposit account does pay interest on balances over 1,000 in your chosen base currency. It uses market related interest rates, which accrue daily and are compounded monthly.³

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And that’s it - everything you need to know about the Investec foreign currency account. We’ve covered all the main facts, features and fees, plus exchange rates, interest rates and more.

So you should be all set to make an informed decision on whether it’s right for your needs.

Just remember to compare all of the alternatives first. The Wise account could be a better fit for your needs. You can open it online, manage 40+ currencies at once and send money worldwide for low fees⁴ and great exchange rates.

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Sources:

1. Investec - Foreign Currency Account
2. Investec UK - Currency Access Account
3. Investec - Investec USD Foreign Currency Call Deposit - Product Rules
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.
6. Eligibility is subject to verification of customers identity. Wise may request additional documents to verify a customer's identity.
7. Please note that certain products or features may not be available in all regions. Please visit www.wise.com to check for availability and learn more about our offerings.

Sources last checked on date: 13-Sep-2023