Using a bank to send money overseas or receive funds from abroad seems like the obvious choice – but for most South Africans, it’s an expensive habit they’ve never thought to question.
Customers transferring sizeable sums internationally – whether receiving a salary from a foreign employer, buying property abroad, investing offshore, managing business transactions, or emigrating – are typically charged 2-3% by major banks for what is essentially an automated electronic transaction.
However, this status quo is being challenged by multi-award-winning fintech Future Forex.
The company has entered the market with a clear goal: to make cross-border payments significantly more cost-effective and far easier to navigate.
“Whether you’re a business or an individual, it’s astonishing how moving money abroad remains so costly and fraught with difficulty,” says Harry Scherzer, CEO of Future Forex and a qualified actuary.
“Through savings of up to 50% for individuals and up to 30% for companies, Future Forex is proving to the market that the banks’ fees are entirely unjustified.
“By leveraging cutting-edge tech and our economies of scale, we’re able to pass substantial savings directly to our clients, with full pricing disclosure and no hidden fees. Beyond the numbers, our personalised, white-glove service ensures that every client receives expert guidance and support at every stage of their transactions,” explains Scherzer.
Why the banks’ fees are harder to spot than you’d think
The true cost of an international bank transfer is rarely what it appears to be.
While fees like SWIFT charges (typically R500 to R1 000 per transaction) are visible enough, the bigger hit comes from the exchange-rate spread – the gap between the rate at which a bank buys and sells foreign currency.
If you look up today’s dollar-rand exchange rate online, you’ll see what is called the mid-market rate. But the rate your bank actually gives you will be meaningfully worse. On a R1 million transfer, that difference can quietly absorb R20 000 or more – before any other charges are added.
For someone receiving a monthly salary in pounds, dollars or euros, this spread compounds with every payment. For a buyer completing an international property purchase, it can represent a significant and avoidable loss.
For those who are emigrating, getting the foreign exchange costs right matters enormously, given the volume of funds typically involved.
Focusing on service
Future Forex believes pricing is only part of the equation. The other is service – and here, too, the banks have left significant room for improvement.
International payments come with compliance requirements that are easy to underestimate.
From Balance of Payment (BoP) codes to Approval of International Transfer (AIT) applications and Advance Payment Notifications (APNs), even minor errors in the paperwork can cause significant delays in processing a transaction.
For those looking to tax emigrate, the process involves additional layers of coordination with the South African Revenue Service (Sars), which is just one of many moving parts during what can be a complex and time-consuming transition.
“Clients are often passed from department to department without ever speaking to someone who actually knows their situation,” says Scherzer. “We’ve deliberately built our model around fixing that.”
Every Future Forex client is assigned a dedicated account manager – a foreign exchange specialist who handles the process end to end.
For individuals, their offering covers everything from receiving a salary from abroad and investing offshore, to purchasing overseas property and navigating tax emigration. For businesses, it extends to managing import payments, repatriating export proceeds, paying for international licences and more.
In each case, that account manager handles the transaction start to finish – along with all the regulatory steps that go with it.
The paperwork, including Sars and South African Reserve Bank approvals and BoP submissions, is handled as part of the service, at no extra charge.
In addition, clients can access an intuitive digital platform and mobile app that provides real-time exchange-rate monitoring, seamless beneficiary management, transaction booking and payment tracking:
You can track your payments and monitor exchange rates in real time on the Future Forex app. Image: Future Forex
This powerful mix of innovative tech and personalised service has positioned Future Forex as a pioneer in SA’s foreign exchange landscape.
The company has earned multiple accolades, including ‘Company of the Year’ at the 2025 Africa Career Summit and ‘Outstanding Customer Service in Forex and Payments, South Africa’ at the World Business Outlook Awards, adding to a consistent string of recognitions in previous years.
Most recently, Future Forex ranked second on News24’s list of the fastest-growing South African companies (2026), reinforcing its rapid growth and market position.
Follow this link to get in touch with a Future Forex expert or request a quote for your transaction. You can also give them a call on 021 518 0558 or send them a message on WhatsApp.
Brought to you by Future Forex.
Moneyweb does not endorse any product or service being advertised in sponsored articles on our platform.
#Heres #simpler #costeffective #transfer #funds #South #Africa