Discovery Bank

Is it possible to make International payments from a Discovery bank account?
 
AirWolf said:
Not to a branch. Joined them from their app beginning of January 2021. Moved all my funds/accounts/debit orders from FNB. Was with them for 16 years or so. Just as I was closing my FNB accounts I see they launched virtual cards - Discovery already had that when I joined. Quite a nifty feature - use different virtual cards for different purposes and cut down change of physical card being cloned [POS cloning still not avoidable - but your digital spend can proceed unhindered]. Originally joined to test their advert off Facebook about opening an account in 5 minutes - they held up to that, so giving them a go.

Opened a transaction account (cheque account equivalent - side note - will cheque accounts not be called cheque accounts now that cheques are phased out?), credit card account and a few savings accounts. All the above done in app with zero interaction with anyone at Discovery - I like DIY - not for everyone.

I also see that Discovery were voted worst bank last year in a survey - so far I haven't had any issues [touch wood].

FNB's app had a million menu options - far more than I ever used. Discovery has a far simpler interface - which I like - again this will be down to user preference.
Possibly a big factor for many people - no proper online banking with Discovery - everything done in app. This can be a make or break point (far more than anything above).

Fees: R185 [R90 account fee, R60 credit facility fee, R35 Vitality money rewards program] - similar to FNB excluding the rewards program fee.

Rewards program: Different approach to FNB eBucks. The more financially stable you are the higher level you will be. They don't restrict points (to move up the levels) to Discovery products only - my RAs with 2 other providers still earned me points / moved me up. In addition to better earn at linked partners, you pay lower credit card rates (not really too much of a concern to me as I pay well before due date) and earn better interest (interest earned on transaction account as well as savings accounts - savings earn a higher rate).

If you do have Discovery Health packages you do get a bit more out of the rewards program [I don't have Discovery Medical aid or any other Discovery product outside of the banking].

Incoming payments - payments from other banks to Discovery clear the same day (after 6pm) if paid before 4pm. After, next day.

My experience so far...
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Thanks for this input; I have been considering moving from FNB too.

How has your experience been since this post?
 
Tander said:
Thanks for this input; I have been considering moving from FNB too.

How has your experience been since this post?
Click to expand...
Haven't had any issues with Discovery - working great.

I'm not with Discovery Health, so my rewards earn is lower than FNB.

On the flip side, I earn more interest than FNB, as you also earn on the cheque account.

So overall, for me, more functional banking with somewhat overall equivalent "reward".

Also, love that the pending card transactions show the details immediately on card account.
 
AirWolf said:
Haven't had any issues with Discovery - working great.

I'm not with Discovery Health, so my rewards earn is lower than FNB.

On the flip side, I earn more interest than FNB, as you also earn on the cheque account.

So overall, for me, more functional banking with somewhat overall equivalent "reward".

Also, love that the pending card transactions show the details immediately on card account.
Click to expand...

Did you switch your salary / income to Discovery as well?

I'll have to keep my FNB account open for now as I do regular forex payment to a UK bank. Discovery don't do international payments. Hope that's in the works...

I have Medical Aid with Discovery as well; so my rewards should be a little higher than the eBucks stuff I currently have with FNB.

I'm going to try this out slowly I think first. Moving all online payments and subscriptions over first and use Discovery account for my day to day banking.
 
Tander said:
Did you switch your salary / income to Discovery as well?

I'll have to keep my FNB account open for now as I do regular forex payment to a UK bank. Discovery don't do international payments. Hope that's in the works...

I have Medical Aid with Discovery as well; so my rewards should be a little higher than the eBucks stuff I currently have with FNB.

I'm going to try this out slowly I think first. Moving all online payments and subscriptions over first and use Discovery account for my day to day banking.
Click to expand...
I moved all my banking to Discovery in June 2019 when they opened to the public. There were a few issues in the beginning but everything has been ironed out now. Really happy with them...

They do have a SWIFT code so I’m sure they’ll launch international payments at some point.
 
ies87 said:
I moved all my banking to Discovery in June 2019 when they opened to the public. There were a few issues in the beginning but everything has been ironed out now. Really happy with them...
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Who did you move from and why did you move to Discovery so early on.
 
2 weeks on and Discovery Bank still hasnt changed my numbers on the system can just imagine how useless the rest of the service is.
 
Nate3268 said:
2 weeks on and Discovery Bank still hasnt changed my numbers on the system can just imagine how useless the rest of the service is.
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You change it yourself on the App. I’ve changed mine in the past.
 
ies87 said:
You change it yourself on the App. I’ve changed mine in the past.
Click to expand...
My problem is I want to join Discovery Bank and on the app when I register its pointing to my old number as i cant get an OTP on my new number as the id number doesnt match what they have on the system, I have called twice and emailed them no luck, guess i wont be joining them.
 
Tander said:
Did you switch your salary / income to Discovery as well?

I'll have to keep my FNB account open for now as I do regular forex payment to a UK bank. Discovery don't do international payments. Hope that's in the works...

I have Medical Aid with Discovery as well; so my rewards should be a little higher than the eBucks stuff I currently have with FNB.

I'm going to try this out slowly I think first. Moving all online payments and subscriptions over first and use Discovery account for my day to day banking.
Click to expand...
Yes, switched over everything to Discovery. Only account on my FNB is eBucks.
 
Nate3268 said:
My problem is I want to join Discovery Bank and on the app when I register its pointing to my old number as i cant get an OTP on my new number as the id number doesnt match what they have on the system, I have called twice and emailed them no luck, guess i wont be joining them.
Click to expand...
Oh sorry thought you were a client already.

Not sure if this would work for you, but OTP settings get updated on the Discovery website, not the bank app (changing numbers on the bank app only changes where your SMSes for transaction updates go to). Maybe give it a try?
 
Nate3268 said:
My problem is I want to join Discovery Bank and on the app when I register its pointing to my old number as i cant get an OTP on my new number as the id number doesnt match what they have on the system, I have called twice and emailed them no luck, guess i wont be joining them.
Click to expand...
How did they get the incorrect details in their system in the first place?
 
Nate3268 said:
My problem is I want to join Discovery Bank and on the app when I register its pointing to my old number as i cant get an OTP on my new number as the id number doesnt match what they have on the system, I have called twice and emailed them no luck, guess i wont be joining them.
Click to expand...

Contact them on social media
 
AirWolf said:
How did they get the incorrect details in their system in the first place?
Click to expand...
I had medical aid with them many moons ago, so when i called them the banker said she cant change it and has to refer it to the back office, which is probably still on holiday.
 
Tander said:
Is it possible to make International payments from a Discovery bank account?
Click to expand...
Are you referring to online purchases?

I bought something from Amazon and had two options. To use Amazon's currency conversion, or pay in dollars. I researched if this is possible with the Discovery card, but found nothing, not even forex rates, to see if it would be cheaper paying in dollars with a currency conversion charge. I ended up just paying in rands.

If anyone knows if paying in dollars is possible, I'd like to know.
 
ies87 said:
No
Click to expand...

vancity33 said:
Are you referring to online purchases?

I bought something from Amazon and had two options. To use Amazon's currency conversion, or pay in dollars. I researched if this is possible with the Discovery card, but found nothing, not even forex rates, to see if it would be cheaper paying in dollars with a currency conversion charge. I ended up just paying in rands.

If anyone knows if paying in dollars is possible, I'd like to know.
Click to expand...
You can do online purchases in foreign currency. You cannot EFT into a foreign account.
 
NightCrawlerNic said:
Why not use an app like 22seven that will load all your transactions for analysis?
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Is anyone experiencing issues with duplicate transactions on 22seven with Discovery Bank?

Been having this problem and sent it to 22seven support. Having to wait for feedback now.

There is a missed opportunity for Bank to enable a similar service in their app...
 
Any like to explain best way to make miles?
Make a decent buck on uCount and only R200-300 on eBucks so considering moving my secondary account to Discovery.

Better? Worse?
 
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