If you’re transferring funds internationally, here is a simpler, less costly way to do it

South Africans who default to their banks when sending or receiving money internationally could be making an expensive mistake.

South Africa’s major banks are estimated to generate more than R20 billion a year from the foreign exchange market – a lucrative, low-risk revenue stream that has offered little incentive to change.

However, South Africa’s largest foreign exchange intermediary, Future Forex, is challenging that status quo – delivering a more transparent, cost-effective and client-first approach.

“We saw an opportunity to fundamentally improve the international payments experience – not just by offering more competitive pricing, but by combining technology with the personal expertise clients need when moving significant amounts of money across borders,” says Harry Scherzer, CEO of Future Forex and a qualified actuary.

That combination of technology, scale and specialist expertise allows Future Forex to offer cross-border transfers at significantly lower cost – up to 50% less for individuals and 30% less for businesses.

So, how do the banks get away with such high fees?

“The true cost of an international payment isn’t always immediately apparent,” explains Scherzer.

“Bank pricing structures are deliberately complex, with costs sitting across different fees as well as within the exchange rate itself.”

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

For example, if you’re sending R1 million to the US, you 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 transaction, that’s R20 000 in costs you didn’t know about – and the bigger the transaction, the greater the impact.

Saving 30% to 50% through Future Forex can make a meaningful difference for individuals and SMEs managing important international payments – whether buying property abroad, investing offshore, emigrating, receiving an inheritance or paying overseas suppliers.

“One of our biggest priorities is bringing greater transparency to an industry where pricing has historically lacked clarity,” says Scherzer. “Clients should know exactly what they’re paying from the outset.”

And accessing these savings doesn’t require clients to change the way they bank. They can maintain their existing banking relationship for their everyday needs while using Future Forex for their international payments.

A different way of doing forex

Beyond the cost, the traditional banking model also falls short when it comes to service and the overall client experience.

International payments can involve a range of regulatory requirements, supporting documentation and tax considerations, and the process leaves very little room for error. For clients, this can mean navigating unfamiliar requirements, chasing up delayed payments and dealing with different departments along the way.

“Anyone who has made a cross-border transaction knows how frustrating it can be when a payment is delayed and there’s no clear explanation, or when you’re left trying to navigate the paperwork required for your transaction,” says Scherzer.

“We’ve deliberately built our model around giving clients a single point of contact who takes ownership of the process.”

Every Future Forex client is assigned a dedicated account manager – a foreign exchange specialist who understands their circumstances and manages their transaction from beginning to end.

Clients can reach their account manager directly by phone, email or WhatsApp, so they have someone familiar with their situation throughout the process.

“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. “This includes everything from tax assistance to handling your Approval of International Transfer (AIT) application.”

For businesses, Future Forex’s team acts as an outsourced forex department, supporting everything from currency risk management to regulatory compliance, including South African Reserve Bank approvals, Balance of Payments (BoP) reporting and Advance Payment Notifications (APNs) – all at no extra cost.

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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