My bonus is in foreign currency; how can private banking help?

Q) I receive my bonus in US dollars. Can you help me convert this?

George: Yes. At Investec, we regularly assist clients who receive their income in foreign currency, including discretionary and deferred pay.

We monitor markets, offer call alerts and place market orders to manage both clients’ immediate FX needs, as well as using hedging tools to mitigate future currency exposures.

In addition to our transactional banking accounts, we provide instant-access cash deposit accounts in 15 currencies (including interest-bearing euro and US dollar accounts). High transfer limits enable our clients to move up to £100,000. They can also view and manage their balances online.

Q) Can I secure an exchange rate ahead of receiving my bonus?

George: To hedge future currency requirements, such as an expected bonus or vesting stock award, we offer FX Forward contracts. These tools enable you to lock in a rate for transactions up to 24 months in advance of receiving any funds. Many clients feel these contracts give them greater certainty and help them to manage their anticipated cashflows.

Where you know that a bonus or other payment is likely but can’t commit to a specific fixed date, our Open Forwards may give you greater flexibility. Unlike the traditional FX Forward, Open Forwards allow a trade to be settled within a pre-agreed time window to account for a broader settlement period.

Q) Can I manage my FX payments online?

George: Yes. If you’re one of our private bank clients you can now make foreign currency payments worth up to £100,000, either through Investec online banking or using the Investec mobile app – following feedback from our clients, we’ve raised the limit from £20,000.

You also have access to a live exchange rate between 8am and 5pm and clients can transfer as much as £1m sterling from their private bank or Voyage account.

Q: How do I open an account?

George: Opening an Investec Currency Access account really couldn’t be more straightforward. You can apply online, and it usually only takes around 15 minutes.

We can help with both professional and personal currency needs, from purchasing luxury goods overseas to managing your travel spend and paying international education fees.

As an FX team, we aim to complement the wider relationship that you build with your private banker who provides access to our other specialists and services.. We specialise in working with clients with annual incomes above £300,000.

If you want to know more about private banking, our highly experienced Private Bankers would be happy to help.

Important information:

Minimum eligibility criteria and terms and conditions apply. You can only book an FX Forward which is for an underlying personal or commercial spending purpose. You cannot book an FX Forward for investment or speculative purposes, for example in order to achieve a gain based on movements in exchange rates. Also, you cannot book an FX Forward on behalf of any other person. Additional terms and eligibility criteria apply for FX Forwards.

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