Making important international payments to or from SA? Here’s a simpler, cheaper way

For many South Africans, there’s an inevitable feeling of dread every time they have to move funds internationally. That’s hardly surprising when the experience has long been defined by legacy banking processes.

The first frustration is often the cost. Traditional banks charge anywhere between 2-3% of the transaction value in hidden exchange rate margins alone – a significant premium for what should be a straightforward digital transaction.

Then comes the uncertainty. International transfers can be delayed for a variety of reasons, particularly when administrative requirements aren’t met or an incorrect Balance of Payments (BoP) code is used.

In some cases, funds can remain in limbo for weeks while the issue is resolved.

And perhaps most frustrating is what happens when you need assistance. Whether you’re tracking the status of a transfer or trying to resolve a regulatory issue, you’re often met with your bank’s automated chatbots, lengthy call centre queues, or multiple handovers before reaching someone who can provide a clear answer.

Recognising these challenges, Future Forex, South Africa’s largest independent foreign exchange intermediary, set out to redefine the traditional international money transfer experience.

The multi-award-winning fintech combines industry-leading exchange rates with dedicated foreign exchange specialists and end-to-end support, giving South Africans and SMEs a simpler, more cost-effective way to move money internationally.

By leveraging proprietary technology, economies of scale, and strong banking partnerships, Future Forex is able to deliver savings of up to 50% for individuals and 30% for businesses compared to traditional providers.

“For too long, people have accepted pricing that simply isn’t justified,” says Harry Scherzer, Future Forex CEO and a qualified actuary.

“We’ve shown that international payments can be delivered at a fraction of the cost, without compromising on the specialist expertise, transparency and white-glove support that clients deserve.”

How much are the banks actually charging?

Many customers assume the processing or SWIFT fee (typically between R500 and R1 000) shown on their bank statement represents the full cost of an international transfer. In reality, the largest cost is often far less visible, buried in the exchange rate itself.

An online search for the Rand/Dollar exchange rate will typically display the mid-market rate. However, banks apply their own hidden margin to this, increasing the effective cost of the transaction by around 2-3%.

On a R1 million transfer, a 2% exchange rate margin equates to R20 000 before any visible fees are even taken into account.

Whether you’re buying property abroad, emigrating, repatriating a foreign salary, or settling an offshore inheritance, hidden foreign exchange costs can leave significantly less money where it matters most. For businesses, they can result in higher import costs, tighter margins, and reduced working capital.

To eliminate this uncertainty, Future Forex provides clients with full transparency upfront – showing the applicable exchange rate, total transaction cost, and exact amount the recipient will receive before the transfer is confirmed.

“One of our biggest priorities is bringing greater transparency to an industry where pricing has historically lacked clarity,” says Scherzer. “Our goal is to ensure every client understands the true cost of their transaction and exactly what they’re paying for from the moment a quote is provided.”

Navigating exchange control requirements

However, price is only one aspect to consider when making an international payment. Each transfer must also comply with South Africa’s complex exchange control framework, with the documentation and regulatory requirements varying according to the size and purpose of the payment.

Missing information, incorrect Balance of Payments (BoP) codes, or outstanding approvals can all lead to costly delays.

However, Future Forex has streamlined every step of the compliance process. Each client is paired with a dedicated account manager who serves as a single point of contact throughout, providing support with everything from Sars Approval of International Transfer (AIT) applications and South African Reserve Bank approvals to Advance Payment Notification (APN) submissions and Balance of Payments reporting – all at no extra cost.

Clients relocating permanently can also receive specialist assistance with ceasing South African tax residency and dealing with the associated tax emigration requirements.

Digital convenience backed by personal service

Future Forex’s all-in-one solution combines the speed and convenience of modern fintech with the expertise and personalised support of dedicated foreign exchange specialists.

Through its online platform and mobile app, clients can access live exchange rates, request quotes, upload documents, manage beneficiaries, and track the progress of their transfers in real time.

“Customers moving funds abroad want those funds to move as quickly as possible with minimal obstacles. That’s where technology comes in,” says Scherzer.

“But when they need guidance on exchange control requirements or want an update on their transaction, they want to speak to someone who understands the regulations and can answer their questions. That’s why we believe technology should enhance the client experience – not replace the human expertise that clients rely on.”

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 was ranked second in News24’s fastest-growing South African companies (2026), reinforcing its rapid growth and position in the market.

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.

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