From trolleys to tabs | How South Africans are shopping in multiple currencies

In an episode of Everything Counts, host Motheo Khoaripe had a conversation with Dan Buntman, product lead for international banking, and Bonnie Dalglish, Private Banking Foreign exchange lead. They unpacked what this new reality means for how South Africans spend, save and manage money in a world where a shop can be in Shenzhen, Sheffield or Sandton.

A market that moved fast

The scale of South Africa’s shift to online shopping and international payments have surprised even seasoned observers of the retail and payments landscape. What was once seen as a niche or convenience channel has rapidly become a core part of how people buy everyday goods and services.

“Our lifestyles are really totally multicurrency,” says Dan. “Streaming servers, global sports apps, ride hailing, online shopping late at night. We are paying across borders almost every day.”

This behaviour is backed up by hard numbers. According to research referenced in the conversation, online retail sales in South Africa reached around R71 billion in 2023, accounting for more than 6% of total retail spend. After growing by almost 30% in a single year, e-commerce turnover is expected to nearly double again to around R130 billion, approaching 10% of the entire retail market.

That trajectory does not appear to be slowing. Another survey suggests double-digit growth rates through to 2027, pointing to a market that could exceed R200 billion in value. As Dan notes, “That is not a small trend.”

Just as important as the growth itself is where South Africans are shopping. “Logistics data shows that 91% of local consumers browse online shopping sites at least once a week, and 43% buy that often. More than 70% complete purchases on their smartphones. Crucially, 74% of South African online shoppers buy from retailers based in other countries, well above the global average.”

Better prices, wider choice and access to products that may not be available locally all play a role. But the result is that payments, currencies and exchange rates are no longer abstract concepts reserved for international travel. They are part of everyday life.

Global habits, local realities

From a global perspective, South Africans are participating in the same digital shopping economy as consumers elsewhere. Peak online sales events now stretch across entire seasons. Buy now, pay later options are common. Artificial intelligence tools increasingly influence how deals are discovered and when purchases are made.

“When you look at the global perspective, online spending keeps breaking records,” says Bonnie. “As South Africans, we are also part of that story too. We are using the same tools to stretch our salaries further, hunt for great bargains, access global brands.”

But there is a flip side. Buying globally introduces new risks and complexities. Exchange rate movements can change the final cost of a purchase. Fees can appear unexpectedly. Fraud remains a concern. And impulse buying becomes dangerously easy when the checkout is always open.

This is where the conversation shifts from consumer behaviour to the role of banks. As Motheo points out, a fast-moving world requires financial infrastructure that can keep up with how people actually live and spend.

“How does that banking world adjust to this fast movement of currency and also how we shop lately?” he asks.

When payments support behaviour

None of the changes in shopping habits would be possible without equally dramatic changes in payments. Cards, banking apps and digital wallets have reduced friction to the point where paying on almost any site, in any time zone, feels effortless.

“Payments have to catch up to behaviour,” says Dan. Behind the scenes, banks have invested heavily in systems that make cross-border payments feel seamless. For most users, this technology fades into the background. A transaction either works or it does not. When it works well, it is barely noticed.

Dan describes a moment where this quiet efficiency became tangible for him. 

“A transaction completed smoothly, without prompts or confusion, brought the multicurrency world to life”. 

Living across borders

Online shopping is only one part of the story. Increasingly, South Africans are living lives that stretch across borders and look for ways to move money overseas.

Holidays are no longer once-a-year events funded by cash and traveller’s cheques. Accommodation and experiences are booked online, sometimes months in advance, sometimes minutes before arrival. Payments are made in foreign currencies, managed through apps while on the move.

Beyond travel, there are digital nomads earning in one country, living in another and spending across several at once. There are South Africans working abroad while supporting families back home, juggling exchange rates, transfer fees and multiple banking systems. There are children studying overseas, with parents funding school fees, rent and living expenses in foreign currencies. And there is investment, as individuals look offshore to diversify portfolios and protect purchasing power.

“All of this has one thing in common,” says Bonnie.

“Money is moving more often, more quickly, and more invisibly across borders. A swipe, a tap or a scheduled transfer can now support a life lived in multiple places at once.” 

Rethinking currency management

Handling multiple currencies introduces a range of considerations, from exchange rate volatility to compliance rules, tax implications and hidden costs. These factors all shape the value that eventually arrives at the other end of a transaction.

“That was at the heart of how we designed our new multicurrency pockets,” says Bonnie. “We wanted the seamlessness of one card simplicity and you are saving 2.5% when using your pockets.”

The Private Bank Account with multicurrency pockets is designed to reflect how clients actually think about money today. Rather than forcing all decisions to happen at the moment of payment, it allows clients to separate the decision to buy foreign currency from the decision to spend it.

South Africans, Bonnie notes, are increasingly savvy when it comes to currency. “Many want the freedom to buy foreign currency when the rand is strong, even if they do not need to spend it immediately. Instead of waiting until the exact moment a payment is due, they convert rands into dollars or other currencies at levels they are comfortable with and then spend later.”

When the rand is trading at some of its strongest levels, many clients to step into the market and fund their dollar currency pockets in advance. This approach provides flexibility. If the rand strengthens further, clients can convert more at better levels. If it weakens, they are protected by having locked in earlier exchange rates.

One card, multiple currencies

For Dan, the evolution of multicurrency pockets represents a broader shift in how banking should feel. In the past, going global often meant juggling multiple accounts, cards and physical wallets. “Why should money get more complicated just because you cross a border?” he asks.

“The answer was to build multicurrency pockets integrated into a single Private Bank Account. Clients use the same card and the same account they are used to, but within it sit multiple pockets in different currencies, accessible side by side.”

The real innovation sits behind the scenes. A technology known as Intelligent Routing™ ensures that when a client transacts, the system automatically selects the appropriate currency if sufficient funds are available. There are no forced conversions, awkward prompts or second guessing.

“This removes the need for clients to mentally calculate which currency to use or where funds will be drawn from. The system recognises the source currency of the transaction and checks the client’s balances. If there are enough dollars, euros or pounds in the relevant pocket, it uses those. If not, it seamlessly falls back to the rand balance, ensuring the transaction still goes through. That is why I say the card does the thinking for you,” explains Dan.

Planning ahead

One of the most significant advantages of multicurrency pockets is the ability to plan weeks or even months ahead, avoiding the stress of currency fluctuations at the moment of payment. As Dan explains, 

“Clients can choose to transact at the going rate on the day or plan in advance by ensuring their pocket is funded with the required currency.” 

Bonnie emphasises that this approach is rooted in choice rather than prescription. “The bank’s role is to enable clients, not dictate decisions. Whether someone prefers to hedge currency risk in advance or transact at spot rates, the system supports both. This flexibility allows clients to manage currency in a way that aligns with their own risk appetite, spending patterns and financial planning.”

For Motheo, this marks a clear departure from earlier experiences of living and spending abroad, where constant calculations were required just to understand what transactions really cost in rand terms. Today, innovation has made it possible to manage currency without that ongoing mental arithmetic, letting the system quietly handle complexity in the background.

This naturally raises a broader question. If someone already has a bank account and a card that works internationally, why add multicurrency pockets at all?

Dan frames the answer not as a replacement, but as an evolution. “While traditional solutions offer access, modern clients want simplicity, transparency and control. By enabling multicurrency pocket functionality within a single account, clients can fund currency at a time of their choosing, use one card everywhere, and rely on Intelligent Routing™ to automatically select the appropriate source of funds when they transact.”

This stands in contrast to solutions that require carrying multiple cards for different regions, each with its own balance, rules and decision-making burden. As Dan puts it, “With our solution, you tap your one card, the card you use every day, in SA or online.”

Uptake and real-world use

New technology often faces scepticism. According to Dan, around 10% of eligible Investec clients are actively using pockets on a regular basis, with close to 25% having opened a multicurrency pocket.

Practical use cases are driving adoption. Clients use pockets for online shopping, subscriptions, travel budgeting and gradually funding future purchases or holidays. Overseas cash withdrawals are simplified, with no transaction fees from Investec and clear visibility of remaining balances.

“There is something psychologically easier about enjoying a $5 coffee than an R80 coffee,” says Dan, noting how pockets help clients stay within budget without constantly translating costs back into rand.

Bonnie shares a personal example from her own travels in Europe. “When I needed to top up my pocket at the till, I was able to do so quickly, fund it and tap my card without breaking the flow of the transaction. It is a small moment, but one that reflects the design philosophy behind the product.”

A quiet revolution

For Bonnie, over the past three years, there has been a concerted effort to simplify and enhance the international payments experience.

“In the last two years alone, the number of clients making and receiving foreign currency payments has grown by 31%, indicating strong demand for this functionality in everyday life."

Dan looks ahead to further enhancements, including the ability to pay and receive international electronic payments. But for him, the broader significance lies in reducing the mental load associated with managing money across borders.

“This is not about making foreign exchange slightly easier,” he says. “It is about removing it from the mental load altogether when money fades into the background.”

He describes this as a quiet revolution. One where people gain the freedom to travel, shop, budget and live globally without constantly thinking about currency and exchange rates.

In a world where shopping trolleys have become tabs and lives span multiple countries, that quiet support may be exactly what modern banking is meant to provide.