Transferring funds internationally? Here’s a simpler, more cost-effective way to do it

Those moving funds internationally via the banks rarely stop to question the true cost of doing so. The problem is that the headline fee rarely tells the whole story.

In truth, the total cost of moving money into or out of the country can amount to 2-3% of the transaction value once exchange rate margins are taken into account – and that’s before the more visible transaction fees are factored in.

But beyond the financial cost, international transfers can also come with complex regulatory requirements, supporting documentation and, for many, a service experience that falls short when they need help navigating the process.

That’s why multi-award-winning fintech Future Forex has entered the market with a fundamentally different approach: combining meaningful cost savings with a far more streamlined, personalised experience.

“Banks have been getting away with exorbitant costs on international transfers for decades,” says Harry Scherzer, CEO of Future Forex and a qualified actuary.

“What’s more surprising is that despite those fees, clients are still left to navigate the complex regulatory requirements largely on their own.”

As South Africa’s largest foreign exchange intermediary, Future Forex reduces transaction costs by up to 50% for individuals and up to 30% for SMEs, while providing the dedicated support and expertise to guide clients through the process from start to finish.

But how much are the banks really charging?

“The banks’ pricing structures are intentionally complex, making it difficult to work out the true cost of a transaction,” explains Scherzer.

Some fees are visible – for example, the SWIFT fees (R500-R1 000 per transaction) as well as admin or commission costs. Less visible (but far more significant) are the costs buried in the exchange rate itself.

For example, an individual sending R1 million to the US might do a quick Google search and find out that the going rate is R16.20 to the dollar. However, a bank might quote you R16.53 instead. That seemingly small 33c difference translates to a hidden spread fee of roughly 2%.

On a R1 million transfer, a 2% margin amounts to R20 000. Do that several times a year and the costs start to mount.

“Transparency is non-negotiable in how we operate,” says Scherzer. “We believe clients should always know exactly what they’re paying, with no hidden spreads or unexpected costs.”

For individuals buying overseas property, emigrating, settling a foreign inheritance or earning foreign income, a 50% saving through Future Forex means more funds going toward your goals.

For SMEs, saving up to 30% on forex costs frees up significant capital that can be reinvested into the growth and operations of your business.

An all-in-one service experience

It’s not just about the price tag when doing forex through the banks – it’s the complexity and the impersonal service that comes with it. Clients often find themselves waiting on hold, being passed between different representatives or having to explain the same transaction more than once.

Behind that already-frictional banking experience sits another consideration: South Africa’s complex exchange-control framework. Depending on the nature and value of a your transaction, you may need to provide supporting documents, obtain regulatory approvals or secure tax clearance.

The requirements can vary significantly depending on whether the payment relates to an offshore investment, foreign property, emigration, an inheritance or commercial activity.

A missing document or incorrectly completed form can delay a transaction at precisely the moment when the exchange rate is moving against you.

These challenges have shaped Future Forex’s service model from the outset.

Every client is assigned a dedicated account manager from the moment they register – providing a single point of contact who understands their requirements and is readily available by phone, email or WhatsApp whenever they need assistance.

“Our experts are on hand to guide you through every stage of the process at no extra cost – from onboarding and compliance support to Balance of Payments [BoP] code submissions and keeping you updated on the progress of your transaction,” explains Scherzer.

For individual clients, this can include assistance with Approval International Transfer (AIT) applications, source-of-funds documentation, BoP classifications and the tax emigration process.

The aim is to take the complexity out of the process and give clients a knowledgeable point of contact whenever they need support.

For businesses, Future Forex essentially acts as an extension of your finance team.

Whether it’s managing import and export payments, handling supporting documentation, navigating BoP classifications or managing currency risk and South African Reserve Bank-related requirements, the team can take care of the complexities behind cross-border payments, allowing your business to focus on the bigger picture.

Technology designed for simplicity

Alongside its renowned white-glove service, Future Forex also offers clients a user-friendly web platform and mobile app to manage their own transactions with ease.

This intuitive platform provides live exchange rates, real-time payment tracking, straightforward document uploads and other features designed to simplify international payments.

Together, these tools make sending money across borders faster, more transparent and far easier than the traditional banking experience.

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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