If you’re moving funds to or from South Africa, here’s the easier, more affordable way to do it

For most South Africans, using a bank to send or receive international payments is simply the default. Yet for those moving larger amounts internationally, what appears to be the most convenient option can quickly become a costly headache.

Whether you’re buying property abroad, earning a foreign income, emigrating, investing offshore or making any other high-value international payment, major banks typically charge hidden margins of 2-3%, while offering limited guidance through what can be a complex process.

Businesses face a similar challenge.

Importers, exporters and globally operating SMEs can incur substantial foreign exchange costs on cross-border transactions, while also having to navigate the regulatory requirements that come with moving funds abroad.

It’s this gap between the cost and complexity of traditional international payments that multi-award-winning fintech Future Forex set out to address.

As one of South Africa’s largest foreign exchange intermediaries, the company is challenging the traditional banking model with a simpler, more transparent and cost-effective approach.

“Many of our new clients are shocked when they discover what their banks were actually charging them,” says Harry Scherzer, CEO of Future Forex and a qualified actuary. “We built Future Forex around the idea that international payments should be transparent, fairly priced and backed by expert guidance.”

With savings of up to 50% for individuals and up to 30% for SMEs, Future Forex is proving that lower costs and premium service can go hand-in-hand.

“Beyond the numbers, our personalised, white-glove solution ensures that every client receives specialist support throughout the process,” explains Scherzer.

And rather than replacing the relationship clients already have with their bank, Future Forex complements it – allowing clients to retain their existing banking arrangements while accessing a more competitive and supported solution for their international payments.

How much are the banks really charging?

Some of the banks’ costs are visible enough – SWIFT fees of between R500 and R1 000 per transaction, plus admin fees or commissions.

What’s less visible is the largest cost, buried away in the exchange rate spread: the difference between the mid-market exchange rate and the less favourable rate offered to the customer.

To illustrate, while Google may show the ZAR/USD rate at 16.38, a bank could instead quote 16.72 – effectively adding a hidden markup of 2.05%.

One only has to run the numbers to see how easily this cost can pile up. On a R1 million transfer, this means a loss of over R20 000 before the payment is even processed.

For someone receiving a monthly salary in pounds, dollars or euros, those costs can quietly accumulate with every payment.

If you’re buying property abroad, emigrating or transferring an offshore inheritance, even a seemingly small difference in the exchange rate can translate into tens of thousands of rand in hidden costs on a single transfer.

Businesses face the same challenge: hidden margins on supplier payments and other cross-border transactions can erode profit margins and tie up valuable working capital that could otherwise be reinvested in inventory or expansion.

“Banks depend on customers not seeing the true rate,” says Scherzer. “Spreads vary daily and by client, making the true cost difficult to spot. We’ve changed that by offering a fixed, transparent fee so our clients understand exactly what they’re paying for and why.”

A high-touch service experience at no extra cost

Beyond cost savings, Future Forex pairs leading financial technology with a genuinely personal touch, offering the level of service the banks have long promised but always failed to deliver.

“While we’ve developed a platform that’s unmatched locally, technology alone isn’t enough,” Scherzer explains.

“Our edge comes from blending sophisticated systems with actual human insight. When transferring funds internationally, you should be able to call and speak with an expert who knows exactly what’s happening with your transaction.”

That’s why every Future Forex client is assigned a personal account manager – a specialist who understands their specific forex needs, and proactively ensures they stay ahead of regulatory shifts.

This means no more waiting on hold or chasing queries through bank call centres and chatbots.

For those who prefer to manage their transactions independently, Future Forex’s user-friendly online platform offers a convenient way to book transactions and manage recipients, complete with live exchange rates and real-time transaction tracking.

Taking care of regulatory requirements

“For individuals, our experts are on hand to guide you through the entire transaction cycle and any required paperwork, all as a complimentary service,” says Scherzer.

“Whether you need tax assistance or you need to submit a Sars [South African Revenue Service] approval for international transfer (AIT) application, we’ve got you covered.”

If you’re a business, Future Forex’s team of account managers and technical specialists essentially acts as your outsourced forex department, guiding you through every step of the process – from navigating regulatory approvals with the South African Reserve Bank to handling Balance of Payments (BoP) code submissions and Advance Payment Notification (APN) applications – all at no extra cost.

You also gain complimentary access to risk-management tools like forward contracts and foreign currency accounts, services for which the banks usually charge a premium.

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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