Empowering international lifestyles with new Intelligent Routing™

Investec is rewriting the rules of banking with the announcement of its market-leading multicurrency pockets feature on its Private Bank Accounts. This new feature allows clients to transact seamlessly in four currencies as they cross borders, so that they can travel, spend and purchase with ease using a single account on one credit card. A card that automatically does the thinking for them and allows clients to earn unlimited Investec Rewards on all their spend, regardless of the transaction currency. 

“In today’s interconnected world, our clients demand banking solutions that align with their international lifestyles,” says Itumeleng Merafe, Head of Investec Private Bank. “Whether they are digital nomads, frequent travellers, or managing international expenses, they need an elegant, intuitive and integrated way to transact in multiple currencies without the hassle. Our multicurrency pockets for Private Bank Accounts have been designed precisely to meet these evolving needs in an increasingly digital and borderless financial landscape.”

Investec Private Banking clients can instantly open and fund their multicurrency pockets via Investec Online or the Investec app. With just five clicks, they can open currency pockets for dollars, pounds, and euros while keeping their existing rand account. Their current Investec credit card - physical or digital - is multicurrency enabled, removing the need for multiple cards when traveling or shopping online. 

One of many innovations underpinning this upgrade to the account, lies in Investec’s Intelligent Routing™, which ensures that transactions are automatically processed in the relevant currency pocket or in rands without manual intervention. Whether dining in Cape Town, shopping in Paris, or subscribing to a service priced in dollars, the technology intuitively selects the appropriate currency pocket, providing a seamless card payment experience.

“Clients no longer need to juggle separate single-currency cards or worry about the exchange rate at the time they transact. They want foreign currency transactions to happen instantly, converted from their everyday account. With one account, one card, and four currencies, they now have complete control and convenience at their fingertips. We are the only bank to offer multicurrency with unlimited rewards on all our client spend,” adds Merafe.

Beyond ease of use, the Investec multicurrency account offers substantial financial advantages. Clients can fund their currency pockets in seconds, mitigating foreign exchange volatility and enabling strategic currency management. Although the funds remain in South Africa, they are viewed as offshore from a regulatory perspective, eliminating unnecessary administrative and cost burdens.

“Our approach is fundamentally different from what global fintechs offer. We’re not just providing a multicurrency feature; we’re delivering a fully integrated, private banking experience that aligns with our clients’ sophisticated financial needs. This is a revolution in cross-border banking,” says Merafe.

For added flexibility, clients can switch off Intelligent Routing™ for a specific pocket or for the account, allowing them to preserve foreign currency funds for future use. For example, a client saving for an overseas holiday can hold onto their dollars, and if the rand strengthens during their trip, they have the option to transact from their ZAR balance instead. This functionality enables strategic financial planning with real-time decision-making.

With cross-border transactional banking capabilities increasingly essential, Investec is redefining international banking. South African residents with global financial commitments - whether sending money to family abroad, managing offshore expenses, or traveling extensively - now have a banking solution tailored to their needs.

“Investec has always been at the forefront of innovation. We didn’t just bring another multicurrency product to market; we leapfrogged existing solutions to deliver a truly borderless private banking experience. It’s more than a new feature - it’s a gateway to a seamless international lifestyle,” concludes Merafe.