For high-net-worth individuals

Currency Access Account

Exclusive to Investec Private Banking clients

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Bank without boundaries
As part of our private forex service, you’ll receive your own Currency Access Account to hold funds before and after exchange. This foreign currency account makes sending money abroad quick and easy, and also helps you in countries where it is difficult to open a local bank account.

Client eligibility

  • £300k minimum yearly earnings 
  • £3m minimum net worth
  • UK resident

Your benefits

  • See all your foreign currency balances in one place
  • Transfer money abroad in all major currencies
  • Free UK transfers without having to open a separate UK bank account
  • Regular Payment Plan designed to minimise currency fluctuations in your monthly outgoings
  • Holds funds in over 15 different currencies, free of charge
  • Variable interest rates on your balance, paid monthly. Useful when you’re transferring larger amounts.

Your currency account can be used for

  • Buying or selling a property abroad whether you’re transferring funds for the deposit or outright purchase
  • Mortgages on properties
  • Repatriating your salary back to the UK or making frequent international transfers to friends or relatives
  • One-off foreign exchange payments abroad for art or a vehicle
  • Education payments to schools or universities.

How your Currency Access Account works

Withdrawal and access

No notice, easy access.

Access your account information via online and telephone banking.

There are different cut-off times for different currencies and different types of electronic payment instructions. Please read our schedule of cut-off times relevant to your currency.

Eligibility

The Currency Access Account is suitable for individuals who earn a minimum of £300,000 a year and have a net worth in excess of £3 million. Not sure if you fit the criteria? Our team can discuss your options designed to suit your individual needs.

Tax status

Interest is paid without tax being deducted from 6 April 2016.

How you are taxed on this interest will depend on your individual circumstances and you should seek professional tax advice if you have specific questions. Guidance can also be found on the HMRC website.

Please note that your tax treatment may be subject to change in the future.

Interest rates

AER* variable interest is paid monthly and is not compounded. The interest paid differs according to currency held – but please note that not all currencies earn interest at the moment. See table below with full details.

Your protection

You’re protected under the UK’s Financial Services Compensation Scheme (FSCS). Please read this important information about your rights. 

Your questions

More information

We've answered your questions about Investec’s private foreign exchange services and Currency Access Account. Visit the frequently asked questions page below.

Interest rates

You can hold funds in up to 15 currencies. The table below shows the current interest rates available with our Currency Access Accounts.

 

ProductCurrencyGrossAER*
SterlingGBP3.69%3.75%
South African RandZAR3.20%3.25%
US DollarUSD2.96%3.04%
Australian DollarAUD0.10%0.10%
New Zealand DollarNZD0.10%0.10%
Canadian DollarCAD0.10%0.10%
EuroEUR1.95%2.00%
Danish KronaDKK0.00%0.00%
Hong Kong DollarHKD0.00%0.00%
Israeli ShekelILS0.00%0.00%
Japanese YenJPY0.00%0.00%
Norwegian KronaNOK0.00%0.00%
Singapore DollarSGD0.00%0.00%
Swedish KronaSEK0.00%0.00%
Swiss FrancCHF0.00%0.00%
 

* AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once a year. "Gross" is the contractual interest rate paid before the deduction of any tax.

** Interest is paid gross, without the deduction of tax. In accordance with the EU Savings Tax Directive, automatic exchange of information applies where individuals are resident in the European Union.

Ready to talk to a private banker about your FX needs?

FAQs

We’ve answered your most common questions about our foreign exchange services and the Currency Access Account.

Read the FAQs >

Financial Services Compensation Scheme (FSCS) information

Please read this important information about your rights under the United Kingdom’s Financial Services Compensation Scheme. 

FSCS information >

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