Discovery Bank products

Discovery Bank has a wide range of banking products designed with you in mind. Here you will find all the information you need about our range of savings solutions, day-to-day transaction accounts, state-of-the-art credit cards, full banking suites and more.

Discovery Bank has a wide range of banking products designed with you in mind. Here you will find all the information you need about our range of savings solutions, day-to-day transaction accounts, state-of-the-art credit cards, full banking suites and more.

Discovery Bank products

What products does Discovery Bank offer?

Discovery Bank has a wide range of banking products to suit every need, including:

What is the difference between the different Discovery Bank Collection colours?

Discovery Bank clients can sign up for products from one of four different collections. The collections you have access to depend on your qualifying gross annual income. This is done to ensure that you get the most out of our products and the Vitality Money programme, which is tailored to your income.

The different collections and their qualifying annual income are:

  • The Gold Collection: Lower than R350 000 a year
  • The Platinum Collection: From R350 000 to R850 000 a year
  • The Black Collection: More than R850 000 to R2.5 million a year
  • The Purple Account: More than R2.5 million a year.

For more information on these collections, please see the Explore accounts.

Where can I find more information about Discovery Bank accounts and products?

For more information about any Discovery Bank products, accounts, and their features, visit the Explore accounts page and choose the relevant product.

How do I apply for Discovery Bank products?

To apply for any Discovery Bank product, download the Discovery Bank app and open your account in under five minutes. You can also leave your details on the Discovery website and we'll call you back.

What credit products does Discovery Bank offer?

With Discovery Bank, you get a single credit facility that can be linked to a credit card account, an overdraft facility on your transaction account, or both.

For more information, see The single credit facility section.

Discovery Bank Suites

What is a Discovery Bank Suite?

A Discovery Bank Suite is a full banking suite comes with an enhanced credit card, paired with a superior transaction account, unlimited savings accounts, and the most flexible single credit facility in the market.

For more information about Discovery Bank Suites, please visit our Explore accounts page. You can also find out more about the single credit facility in the single credit facility section of Info and tips.

Why would I choose a Discovery Bank Suite over a Discovery Bank Card Account?

If you choose a Discovery Bank Suite over a standalone Discovery Bank Card Account, you get a state-of-the-art credit card that comes with up to 55 days of interest-free credit for select credit card transactions and built-in full transactional capabilities. You will also get access to:

  • A transaction account with an overdraft facility included
  • The bundled fee payment option
  • Even higher boosted rewards
  • Even better Dynamic Interest Rates
  • The Vitality Money gym benefit
  • Free Health Banking.
Why would I choose a Discovery Bank Suite over a Discovery Bank Transaction Account?

If you choose a Discovery Bank Suite over a standalone Discovery Bank Transaction Account, you get a transaction account for your day-to-day banking needs with an overdraft facility. You will also get access to:

  • A state-of-the-art credit card that comes with up to 55 days of interest-free credit for select credit card transactions and built-in full transactional capabilities
  • Dynamic Discounts, like up to 75% back on HealthyFood purchases and more
  • The bundled fee payment option
  • Even better Dynamic Interest Rates
  • Health Banking included for free
Where can I find out more about Discovery Bank Suites?

To find more information about the Discovery Bank Suites or to compare our full banking suites with other Discovery Bank products, please visit the Explore our products page.

Discovery Bank Card Accounts

What is a Discovery Bank Card Account?

The Discovery Bank Card Account gives you an enhanced state-of-the-art credit card and offers you unique rewards on a pay-as-you-transact price plan. 

This state-of-the-art credit card comes with up to 55 days of interest-free credit for select credit card transactions, as well as built-in full transactional capabilities so you can create third-party debit orders, make and receive digital payments and receive salary deposits. 

Where can I find out more about Discovery Bank Card Account?

To find more information about the Discovery Bank Card Account or to compare it with other Discovery Bank products, please visit the Explore accounts page. 

Ðiscovery Account

What is a Ðiscovery Account?

The Ðiscovery Account is a fully digital banking account, with unique travel and lifestyle rewards, innovative payment capabilities, as well as Vitality Money. This account is available exclusively to Discovery clients, with zero monthly fees.

Your Ðiscovery Account is a digital transaction account that you can use for:

  1. Vitality Travel - access the travel booking platform exclusive to Discovery Bank clients
  2. Health Pay - instantly settle out-of-pocket medical expenses without the hassle of paperwork or queues
  3. Vitality Pay - access Discovery Vitality's network of fitness partners on a pay-per-visit basis with Vitality Pay as you Gym
  4. Contact Payments - pay other Discovery clients using just their cellphone number

The Ðiscovery Account also gives you access to Discovery Miles, our rewards currency that's more valuable than cash.

Who qualifies for a Ðiscovery Account?

You have to be a South African citizen or foreign national with permanent residency and an SA ID number, 18 years or older, and have either a Discovery Life plan, Discovery Insure plan, Discovery Invest policy, qualifying Discovery Health plan or Vitality Health membership.

If you're already a primary accountholder of a Discovery Bank transaction or credit card account, or have the previous Discovery Card first issued before we launched Discovery Bank, you don't qualify to open a Ðiscovery Account. If you have a Discovery Bank Transaction Account, Card Account or Suite you can already access all the great features of the Ðiscovery Account with your current product.

How do I open a Ðiscovery Account?

To open a Ðiscovery Account, simply:

  1. Download the Discovery Bank app and log in using your Discovery login details.
  2. Set up you unique Facial ID.
  3. Choose Ðiscovery Account and view the account benefits.
  4. Accept the T&Cs and select Next.
  5. Enter your personal details and set up your virtual card.
  6. Select Done once complete.
Do I qualify for a Ðiscovery Account if I am already a Discovery Bank client?

If you are already a primary accountholder of a Discovery Bank transaction or credit card account, or have the previous Discovery Card first issued before we launched Discovery Bank, you don't qualify to open a Ðiscovery Account. If you have a Discovery Bank Transaction Account, Card Account or Suite you can already access all the great features of the Ðiscovery Account with your current product.

If you are a primary accountholder of a Discovery Bank savings account only, or a secondary cardholder without your own Discovery Bank product, and you have a qualifying Discovery product or policy, then you can add the Ðiscovery Account using the Discovery Bank app.

Can I close my Discovery Bank accounts and open a Ðiscovery Account instead?

It is possible to close all your Discovery Bank accounts so you qualify for a Ðiscovery Account, but you'll miss out on the rewards that your current Discovery Bank product gives you.

Can I downgrade my Discovery Bank Transaction Account, Discovery Bank Credit Card Account or Discovery Bank Suite and open a Ðiscovery Account instead?

For now, it isn't possible to downgrade to the Ðiscovery Account. You'll have to close all your Discovery Bank accounts to open a Ðiscovery Account, but you'll miss out on the rewards that your current Discovery Bank product gives you.

I only have a Discovery Bank savings account. Can I qualify for a Ðiscovery Account?

If you are a primary accountholder of a Discovery Bank savings account, and you have a qualifying Discovery product or policy, then you can add the Ðiscovery Account using the Discovery Bank app.

If I'm an existing Discovery client, why must I verify my identity during the Ðiscovery Account activation process?

When you join Discovery Bank, you'll quickly and easily set up a facial ID to authenticate and verify your identity. That way, no one else can have access to your banking app except you. You'll then be able to log in to your banking app with a secure fingerprint or Facial ID, the most advanced facial recognition technology available.

If I'm an existing Discovery client, why must I provide my ID number again during the Ðiscovery Account activation process?

While your existing Discovery details will be prepopulated as far as possible during the account activation process, you may need to provide certain details like your ID number again for us to further verify this information. This is because South African banks are required to hold the latest and most accurate information about all their customers in compliance with the Financial Intelligence Centre Act 38 of 2001 (FICA).

Discovery Bank Transaction Accounts

What is a Discovery Bank Transaction Account?

The Discovery Bank Transaction Account provides you with a transaction account (also known as a cheque account) for your day-to-day banking needs and is available on both bundled fee and pay-as-you-transact price plans. This product comes with an optional overdraft facility.

For more information about the overdraft facility, please see The single credit facility. 

Where can I find out more about Discovery Bank Transaction Account?

To find more information about the Discovery Bank Transaction Account or to compare it with other Discovery Bank products, please visit the Explore accounts page. 

Discovery Bank Forex Accounts

How do I open a foreign currency account?

You can quickly and easily open one of our Discovery Bank Forex Accounts (British Pounds, Euro or US Dollar Account), or all three, on the Discovery Bank app. To add these accounts, simply:

  1. Log in to the Discovery Bank app.
  2. Scroll to the end of your portfolio of accounts.
  3. Tap Add Account.
  4. Tap Foreign Currency.
  5. Enter your tax number (if it isn't there already).
  6. You'll be able to open a British Pound, Euro or US Dollar Account.

You can open only one British Pound, one Euro and one US Dollar Account.

How does a foreign currency account work?

It works like a transaction account. You can receive money, make cross-border payments and do inter-account transfers between this and your other Rand accounts. All transactions are in the currency of the account, which is GBP (British Pounds), EUR (Euros) or USD (US Dollars).

You can also choose to pay an external beneficiary in more than 60 other currencies.

We use the exchange rate at the time when you complete a transaction.

Do I get the usual 55 days interest free when I buy with my multicurrency card?

No, because your multicurrency card is a debit card.

If you have enough money in your foreign currency account to cover the transaction, interest doesn't apply. If you don't have enough money in your foreign currency account, the transaction will be declined.

Do I get the usual 55 days interest free when I pay in a foreign currency with my credit card?

Yes, there is no change to this.

Foreign currency transactions using your existing credit or debit card are charged to your account in rands, Visa will apply an exchange rate to the transaction.

 

Exchange control

What's a Single Discretionary Allowance (SDA)?

The Single Discretionary Allowance is an amount of R1 million that the South African Reserve Bank allows you to spend outside South Africa each calendar year for specific payments.

South African residents who are 18 years or older can use this SDA for foreign transactions, including foreign exchange bought in South Africa.

The SDA covers transactions for:

  • Travel, gifts, alimony and loans to non-residents
  • Online and physical card payments related to travel.
What's a Capital Allowance?

The Capital Allowance is an annual amount of up to R10 million. Individual South African taxpayers who are 18 years or older can make investment-related transactions up to R10 million a calendar year in foreign currency.

To make foreign investments, you must have a Tax Compliance Status (TCS) PIN, which SARS will only issue if your tax affairs are in order. You can apply for the TCS PIN on SARS eFiling.

SARS can limit the Capital Allowance amount they approve for you. We'll only approve transactions within the amount that SARS allows you.

What's a Repatriated Balance?

Your Repatriated Balance is money you previously sent out of South Africa, or transferred into one of your foreign currency accounts at Discovery Bank, and then personally paid back into a Rand account at Discovery Bank.

Money that someone else from overseas paid into your Rand account won't be added to your Repatriated Balance. Your Repatriated Balance isn't linked to a calendar year and doesn't expire. It's all the money you brought back into South Africa during your lifetime as a Discovery Bank client.

Will my TCS PIN for my Capital Allowance be safe?

Yes, your Tax Compliance Status (TCS) PIN will be safe because keeping your information secure and private is our top priority. All our systems comply with the Protection of Personal Information Act (POPIA).

How do I know how much of my Single Discretionary Allowance or Capital Allowance I've used so far?

We can only show you how much you've used when you transact from your Discovery Bank accounts. We don't know about forex transactions you've done at any other bank. You can see the amounts you've transacted using Discovery channels in the Discovery Bank app:

  1. Log in to the Discovery Bank app.
  2. On the home page, tap More.
  3. Tap Foreign Currency Allowances.
Why is my account locked when I try to make a foreign currency transaction?

Please call us and we'll get our Exchange Control team to investigate.

The reason could be that the South African Reserve Bank needs more information or that we've been advised you've reached your limits by transacting through another authorised dealer in addition to us.

Why can't I make an international transaction?

Please call us and we'll get our Exchange Control team to investigate.

The reason could be that the South African Reserve Bank needs more information or that we've been advised you've reached your limits by transacting through another authorised dealer in addition to us.

Why can't I make a foreign currency transfer when my balances are available?

Please call us and we'll get our Exchange Control team to investigate.

The reason could be that the South African Reserve Bank needs more information or that we've been advised you've reached your limits by transacting through another authorised dealer in addition to us.

What should I do if I don't agree with foreign currency allowance amounts and limits?

Please call us and we'll get our Exchange Control team to investigate.

I've used up my allowances. Can I ask for more from the Reserve Bank?

You can email a request to our Exchange Control team at Finsurv-Applications@discovery.bank.

How do I know which Balance of Payments (BOP) category to choose for a foreign exchange transaction?

Inter-account transfers will automatically show the correct category in the Discovery Bank app. For incoming and outgoing payments you'll only see a selection of applicable categories. Choose the most appropriate one.

If you're unsure, please call us and we'll get our Exchange Control team to assist.

I used the wrong balance of payments (BOP) category on a transaction; can I change it?

Please call us and we'll get our Exchange Control team to assist.

I've repatriated money as I was told to do. What's next?

Please call us and we'll get our Exchange Control team to assist.

I got a message that my Capital Allowance transaction must be validated; what now?

You must confirm any transaction that uses your Capital Allowance with SARS. You need a Tax Compliance Status (TCS) PIN, which SARS will only issue if your tax affairs are in order.

You can apply for the TCS PIN on SARS eFiling and our Exchange Control team will validate your TCS PIN with SARS. It'll take up to 24 hours.

You'll get a message in the Discovery Bank app when you'll be able to complete your transaction.

I want to transact with my Capital Allowance but I must provide my TCS PIN and expiry date. What's this for?

You must confirm any transaction that uses your Capital Allowance with SARS. You need a Tax Compliance Status (TCS) PIN, which SARS will only issue if your tax affairs are in order.

You can apply for the TCS PIN on SARS eFiling and our Exchange Control team will validate your TCS PIN with SARS. It'll take up to 24 hours.

You'll get a message in the Discovery Bank app when you'll be able to complete your transaction.

Can I use money that I repatriated from the foreign currency account earlier for a forex transaction now?

Yes, if it's money you previously sent out of South Africa or transferred into one of your foreign currency accounts at Discovery Bank, and then personally paid back into a Rand account at Discovery Bank. This will be part of your Repatriated Balance and you can see the amounts in the Discovery Bank app:

  1. Log in to the Discovery Bank app.
  2. On the home page, tap More.
  3. Tap Foreign Currency Allowances.

Multicurrency card

How can I get a physical multicurrency card that is linked to my forex accounts?

You can do this on the Discovery Bank app:

  1. Log in to the app.
  2. Tap Cards.
  3. Choose between a physical or virtual card.
  4. Choose the account for which you would like to add the card (British Pound, Euro or US Dollar).

You can choose any of the three forex accounts to add the multicurrency card to. The card will automatically link to other forex accounts if you have them, and will also be linked to your nominated Rand account for fees and transactions in currencies other than USD / GBP / EUR. For physical cards, you'll also need to enter your delivery information.

Enter relevant information and select Next. Enter and confirm your PIN.

If you choose to add the card for a secondary cardholder, then you need to enter the cardholder's details. Remember that any payments made with this secondary card will use your own SDA allowance, and not the SDA allowance of the cardholder. We're working on allocating payments to the SDA allowance of the secondary cardholder as the person transacting.

How can I get a virtual multicurrency card linked to my forex accounts?

You can do this on the Discovery Bank app:

  1. Log in to the app.
  2. Tap Cards.
  3. Choose between a physical or virtual card.
  4. Choose the account for which you would like to add the card (British Pound, Euro or US Dollar).

You can choose any of the three forex accounts to add the multicurrency card to. The card will automatically link to other forex accounts if you have them, and will also be linked to your nominated Rand account for fees and transactions in currencies other than USD / GBP / EUR.

Enter relevant information and select Next. Enter and confirm your PIN. Your card is ready to use.

You can also add it on your favourite smart device to use at tap-and-go payments using Apple Pay, Fitbit Pay, Garmin Pay and Samsung Pay.

If you choose to add the card for a secondary cardholder, then you need to enter the cardholder's details. Remember that any payments made with this secondary card will use your own SDA allowance, and not the SDA allowance of the cardholder. We're working on allocating payments to the SDA allowance of the secondary cardholder as the person transacting.

How does the multicurrency card work?

The Multicurrency card is linked to any forex accounts you have with Discovery Bank (British Pound, Euro or US Dollar). It's also linked to a nominated South African Rand account you chose when opening your forex accounts.

You can use this one card for international transactions in various currencies and it'll automatically link to the relevant forex account based on the currency you're transacting in. For example, if you travel to the United States and use your card there, it'll automatically charge the transactions to your US Dollar Account. If you use your multicurrency card at an online merchant who uses British Pounds, it'll automatically process the transaction from your British Pound Account. If the account has insufficient funds your transaction will decline.

If you transact in a currency for which you don't have a forex account, the transaction will be processed to your nominated South African Rand account. If your nominated South African Rand account has insufficient funds, the transaction will also decline.

Your multicurrency card is blocked for transacting in South African Rands, at a South African ATM or with a merchant located in South Africa. This means that these transactions will fail.

Can I pay for iTunes (USA) with my foreign currency card?

No, unfortunately not. You can't pay for anything on iTunes or from Apple in the USA with a card that doesn't have a US billing address because the pricing is set per region. That's why South African cardholders can't buy USA content from Apple. You have to buy from a South African Apple outlet.

You can't buy from Apple USA with PayPal either.

Exchange rates

Why did I get a different exchange rate to what I saw on the internet?

The rate on the internet isn't live or current. It's the rate from some time earlier. The internet rate is also not an accurate buy-or-sell rate but rather an average or mid-rate.

When you make your transaction, we quote the real-time rate, which refreshes every 60 seconds for the British Pound, Euro and US Dollar, and at regular intervals during the day for all other currencies.

If you don't finish your transaction within this time, you'll get an updated rate. The final rate you get is the rate that you accept when you finish your transaction.

How long is the quoted exchange rate valid for?

It's a real-time rate that's valid for 60 seconds for the British Pound, Euro and US Dollar, but changes at regular intervals during the day for all other currencies.

We'll quote a new rate every 60 seconds until you complete your transaction. The final rate you get is the rate you accept when you finish your transaction.

Can I negotiate a better rate with Discovery Bank?

Unfortunately, not. You get the Discovery Bank foreign exchange rates, which are very competitive and apply to everyone and every transaction.

Why did my exchange rate change from when I started to when I finished my transaction?

When you make your transaction, we quote the real-time rate, which refreshes every 60 seconds for the British Pound, Euro and US Dollar, and at regular intervals during the day for all other currencies.

If you don't finish your transaction within this time, you'll get an updated rate. The final rate you get is the rate that you accept when you finish your transaction.

Which exchange rate applies for a payment I get from outside South Africa?

When you receive a foreign currency payment, you'll get a message on the Discovery Bank app telling you what to do to accept the payment.

We quote the real-time exchange rate when you complete the exchange control information for the payment, and the rate refreshes every 60 seconds for the British Pound, Euro and US Dollar, and at regular intervals during the day for all other currencies.

If you don't accept the rate within this time, you'll get an updated rate. The final rate you get is the rate you accept when you finish your transaction.

Do I pay the 2.5% VISA charge if I use my foreign currency card outside South Africa?

If you have a foreign currency account in the same currency as you're paying, the 2.5% charge won't apply. But if the payment is in a currency that you don't have an account in, the purchase will go to the Rand account you specified for your foreign currency account fees and the 2.5% charge will apply.

What card do I use outside South Africa if I don't want to use my multicurrency card?

You can use any of your other existing Discovery Bank debit or credit cards to make payments.

Correspondent bank details

Why am I being asked for correspondent bank details for my forex payment?

Some international banks or financial institutions will ask for Discovery Bank's correspondent bank details if they don't have them. The information is listed on the SWIFT network and on the Bankers Almanac.

You can also download the correspondent bank details for Discovery Bank payments here and provide to the payer or the remitting bank.

Who is Discovery Bank's correspondent bank for international foreign currency payments?

Our correspondent bank is HSBC Bank Plc, which is located in the United Kingdom (UK). Their BIC/SWIFT code is MIDLGB22.

Where can I find the correspondent bank details for a payment into my Discovery Bank account?

We have provided the correspondent bank details for Discovery Bank below, but you can also download the correspondent bank details for Discovery Bank payments here and provide to the payer or the remitting bank.

Correspondent bank details for a forex payment

For a payer to make a forex payment to a Discovery Bank client in South Africa, they can provide the following BIC code for our correspondent bank, if required by the remitting bank:

Account Name Discovery Bank Limited
Bank name HSBC Bank Plc
Location United Kingdom
BIC MIDLGB22

Discovery Bank Savings Accounts

Does Discovery Bank have savings accounts?

At Discovery Bank, you have access to a wide range of savings accounts and you can add as many free savings accounts to your banking portfolio as you want. 

The savings account options at Discovery Bank include: 

  • A free Vitality Savings Account for your personal savings goals.
  • Free short- and medium-term savings accounts, such as:
    • Demand Savings Accounts
    • Notice Savings Accounts
    • Tax-Free Demand Savings Accounts
  • Free long-term savings accounts that:
    • Include a range of Fixed Deposit Accounts that offer you access to your money after the investment term. Investment terms can range from 3 to 24 months.
    • Gives you the option to have interest paid out monthly, upfront or on maturity
Where can I find out more about Discovery Bank savings accounts?

To find more information about Discovery Bank's savings accounts or to compare our different savings accounts, please visit the Saving with Discovery Bank page.

Where can I find out more about all of Discovery Bank's savings rates?

For more information about the competitive savings rates Discovery Bank offers through its wide range of savings and investment accounts, please see the Savings accounts rates and fees page.

Do I get a card if I open a savings account?

Our savings accounts don't come with bank cards. You get physical or virtual bank cards with transaction or credit card accounts.

Discovery Bank Revolving Credit Facility

When will the Revolving Credit Facility become available?

The Revolving Credit Facility will be available soon. Keep an eye on our channels for more information about the upcoming product launch.

How does the Revolving Credit Facility work?

The Discovery Bank Revolving Credit Facility makes credit available to you if you qualify.

You'll go through our credit validation process to see how much you qualify for.

You can only get a Revolving Credit Facility if you have one or more of the following accounts:

  • Credit card account
  • Transaction account
  • Ðiscovery Account.

With the Revolving Credit Facility, you can get money when you need it. You'll transfer the money from the facility into a Discovery Bank account where you can make payments or cash withdrawals.

You'll only pay for the facility when you use it, meaning if you have an end-of-day debit balance of at least R500 at any point during the statement period.

I only have a Discovery Bank savings account. Can I get a Revolving Credit Facility?

No, unfortunately our Revolving Credit Facility is only available if you're already a Discovery Bank primary accountholder with Vitality Money, meaning you have a transaction or credit card account or Ðiscovery Account.

You can add a qualifying account in the Discovery Bank app.

Then you can open a Revolving Credit Facility in the app.

I haven't joined Discovery Bank; can I open just a Revolving Credit Facility on its own?

No, unfortunately our Revolving Credit Facility is only available if you're already a Discovery Bank primary accountholder with Vitality Money, meaning you have a transaction or credit card account or Ðiscovery Account.

You can download the Discovery bank app and join with a qualifying account.

Then you can open a Revolving Credit Facility in the app.

I still have only the credit card from before you launched Discovery Bank and no other Discovery Bank products. Can I open a Revolving Credit Facility?

No, unfortunately the Revolving Credit Facility is only available if you're already a Discovery Bank primary accountholder with Vitality Money, meaning you have a transaction or credit card account or Ðiscovery Account in good standing.

You can download the Discovery bank app and join with a qualifying account.

Then you can open a Revolving Credit Facility in the app.

How are fees charged on the Revolving Credit Facility?

The first time you use your Revolving Credit Facility, either to transfer money out of it or pay money into it, we'll charge you a once-off initiation fee of R350.

We'll charge you the standard monthly facility fee of R69 only if you have an end-of-day debit balance of at least R500 at any point during the statement period.

Discovery Bank Fees

What do Discovery Bank products cost?

The monthly fees will depend on the banking product and card colour you choose. Select a Discovery Bank product below for detailed information about its fees structure. You can also find the fees guide for each product on that product's page in the Explore accounts section of our website.

Ðiscovery Account

The Gold collection

The Platinum Collection

The Black Collection

The Purple Suite

 
 
 
 
Discovery Bank Limited. Registration number 2015/408745/06.
Discovery Bank is an authorised financial services provider (FSP48657) and registered credit provider (NCRCP9997)
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