Transferring funds internationally? Here’s a simpler, less costly way to do it

There’s a simple question anyone using a bank to transfer money internationally should ask before confirming the transaction: how much foreign currency will actually arrive on the other side?

It may sound obvious, but it’s frequently overlooked.

Whether you’re buying property abroad, emigrating, receiving foreign income or making any other significant payments to or from South Africa, the cost of moving those funds through one of the major banks can add up quickly – and the same is true for SMEs making regular international transactions.

While there are the more visible costs, such as SWIFT fees (R500-R1 000 per transaction) and commission charges, many banks and other providers also build a 2-3% hidden margin into the exchange rate – otherwise known as the ‘spread’.

Because this spread isn’t usually disclosed as a separate fee, it can be surprisingly easy to miss.

For example, if you’re sending funds 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%.

A 2% margin on a R1 million transfer amounts to R20 000. On R5 million, that’s R100 000 – before any additional transaction or admin fees are even taken into account.

And when clients may still have to navigate extensive paperwork, administrative requirements and delays with limited support, those hidden costs become particularly difficult to justify.

It’s a pricing model that has remained largely embedded in traditional banking for years. However, growing demand for transparency and advances in financial technology are creating room for alternatives to challenge the status quo.

Local fintech Future Forex is leading this shift, combining industry-leading rates with fully transparent pricing, user-friendly tools and white-glove support.

Through proprietary technology and economies of scale, the multi-award-winning company reduces foreign exchange costs by up to 50% for individuals and 30% for businesses.

“For too long, the true cost of international money transfers hasn’t always been clear to clients. We believe you should know exactly what you’re paying, while also having access to the level of support you’d expect when you’re making important transactions,” says Harry Scherzer, CEO of Future Forex and a qualified actuary.

Navigating the compliance hurdles

The cost of an international transfer is only one consideration. Navigating South Africa’s exchange control framework can be equally challenging, with certain transactions requiring additional tax approvals, supporting documentation and regulatory reporting.

Yet for many bank clients, navigating these requirements can mean working through different departments, repeating information or simply trying to establish what paperwork is needed in the first place.

Future Forex has built its service around addressing this very gap, using technology to simplify every step while keeping dedicated expertise at the centre of the client experience.

“When clients send funds abroad, they want the process to be fast and seamless – that’s exactly what our technology delivers,” says Scherzer.

“Yet when questions about regulations arise, or clients want to track their transfers, they need a real person – someone knowledgeable who can provide clear answers without bouncing them between departments.”

That is why every Future Forex client is assigned a dedicated account manager, available via WhatsApp, phone or email, to guide them through the process, provide updates and assist with regulatory requirements as a complimentary service.

Whether you’re transferring money for personal or business reasons, the team takes care of the regulatory and administrative requirements on your behalf – from AIT applications and South African Reserve Bank approvals to the correct Balance of Payments (BoP) codes and supporting documentation.

“We aim to be a one-stop shop for our clients,” says Scherzer. “There’s a lot that goes into moving money across borders, and we want to make that process as straightforward as possible – from managing the transfer and paperwork to helping clients manage their currency risk.”

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.

Future Forex is an authorised financial services provider (FSP 51884) and a South African Reserve Bank-approved foreign exchange intermediary.

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