Moving money into or out of SA? Here’s an easier, more cost-effective alternative to your bank

Moving money internationally has traditionally been a complex process, from unfavourable exchange rates and unexpected fees to the maze of regulatory requirements along the way.

For years, banks have been the default route for international transfers, despite outdated systems and opaque pricing structures.

For those emigrating, bringing a foreign salary into South Africa, transferring an inheritance, buying property abroad or making import/export payments, relying on the major banks can be costly – both financially and in the time it takes to navigate the process.

In a world where technology has streamlined so many other financial transactions, foreign exchange has been slower to evolve. However, one local fintech is changing that.

South Africa’s largest foreign exchange intermediary, Future Forex, is offering a multi-award-winning alternative to the traditional banking model, bringing together world-class technology and dedicated foreign exchange expertise.

Its end-to-end service is designed to make international transfers simpler and more cost-effective, helping individuals save up to 50% and SMEs up to 30%, while specialist compliance teams manage the regulatory requirements and paperwork on their clients’ behalf.

But perhaps the biggest shift is one of transparency.

“We believe clients should never have to wonder what they’re paying for or where their funds are in the process. That’s why we’ve made transparency a fundamental part of how we operate, from the exchange rate and fees to the progress of every transfer,” says Harry Scherzer, CEO of Future Forex and a qualified actuary.

But how much do the banks really charge?

Bank pricing can be difficult to compare, with the true cost often spread across several different charges – some obvious, others much harder to spot.

The SWIFT or processing fee may be clearly displayed, typically at around R500-R1 000 per transaction, but one of the largest costs is often hidden in the exchange rate itself.

Banks typically build a margin into the rate they offer, meaning the rate you receive can be materially less favourable than the underlying market rate.

For example, while Google may show the ZAR/USD rate at 16.38, a bank could quote 16.72. That difference represents an effective markup of around 2.05% – a cost that’s easy to overlook because it is built into the exchange rate rather than listed as a separate fee.

On a R1 million transfer, that seemingly small difference amounts to over R20 000 before any additional charges are taken into account.

For those planning their next international money transfer, Future Forex’s Hidden Fees Calculator shows how much you could be losing to the banks’ hidden margins.

“We spend a lot of time educating our new customers on how the banks pile their costs up,” says Scherzer.

“Once they have a clearer view of the pricing and understand that they can use a specialist forex provider without changing banks or paying additional fees, it becomes a much easier decision.”

Personal service paired with intuitive technology

The complexity of an international transfer doesn’t stop at understanding the costs. Knowing which paperwork, tax requirements and regulatory approvals are needed can be just as challenging – yet traditional banks often leave clients to navigate these requirements themselves or charge additional fees for assistance.

This is where Future Forex’s combination of technology and white-glove service makes all the difference.

While its digital platform allows clients to manage their own transactions with ease, every client also has access to a dedicated Account Manager who understands their circumstances and can guide them through the process from start to finish – at no additional cost.

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

“When you’re moving money internationally, you should be able to speak to a specialist who understands your transaction, rather than navigating a chatbot or call centre. For us, the real advantage is combining sophisticated technology with genuine human expertise.”

That expertise extends beyond executing the transfer itself. Future Forex specialists can assist individuals with tax documentation and Approval of International Transfer (AIT) applications, helping them navigate the regulatory requirements involved without an additional charge for this support.

For businesses, the service effectively acts as an extension of their finance function. Account Managers and forex technical specialists can assist with South African Reserve Bank approvals, Balance of Payments (BoP) codes, Advance Payment Notification (APN) applications and other requirements associated with international trade and payments.

At the same time, clients who prefer to manage their transactions digitally can use Future Forex’s online platform and mobile app to view live exchange rates, manage beneficiaries, book transactions and track payments in real time.

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 on 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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