Banking – Multicurrency Accounts

Cash can be stored in many currencies

Multi currency accounts are no substitute for cash savings in the bank, but they can provide greater flexibility within cash investments, as well as, diversify your savings and preserve global purchasing power.

With the recent strength of the Australian Dollar, Investec Bank has seen an increased demand from clients seeking flexibility to hold cash deposits denominated in foreign currencies.

Utilising its local capabilities and global presence, Investec delivers a competitive multi-faceted foreign currency deposit and trading service. This consists of foreign currency deposit accounts based in US dollar, British Pound, Euro and Japanese Yen that pay very attractive deposit rates of interest

This type of product often provides a solution for migrating investors transferring money into Australia from offshore.

When it comes to transferring your personal savings to Australia, foreign currency deposit accounts, such as the one offered by Investec, provides the flexibility to keep your savings in foreign currency such as Pounds Sterling or US dollars for example.  This allows you to avoid having to convert these funds into Australian dollars particularly when the exchange rate is unfavourable and you can manage your funds accordingly.

Foreign currency deposit accounts also provide flexibility when an Australian-based investor has a view on currency movements and wants to exchange a portion of their Australian dollars into foreign currency.

Going for Gold

Investing in foreign currencies and gold and silver provides a way to gain exposure to global financial markets as part of an overall investment strategy.

Gold and silver are often considered to be a safe haven for investments during volatile times.  The continued uncertainty surrounding Europe and the US economy has driven interest from investors seeking to diversify some of their cash deposits in silver and gold as a way to access this investment option.  

The demand for competitive foreign currency deposit accounts and real time foreign exchange and precious metals trading services has led Investec to develop a trading system that enables the front line relationship bankers to deliver an instant trading capability to their private clients. 

It is a single account interface that essentially allows investors to execute foreign exchange trades over the phone at any time. Like moving money between savings accounts, investors can switch their savings into different currencies in response to any market event.