Moving funds cross-border? Here’s a simpler, more cost-effective way of doing it

Sending funds into or out of the country may seem straightforward until you try work out what it’ll actually cost you.

When you dig beneath the surface, the costs are frightening. While SWIFT fees (R500-R1 000 per transaction) and commission fees are more visible, traditional banks often charge between 2-3% of the transaction value in hidden exchange rate margins – otherwise known as the ‘spread’.

The banks’ hidden fees become particularly significant when you’re dealing with larger or more complex international transactions.

Whether you’re bringing a foreign salary into South Africa, emigrating, settling a foreign inheritance, buying property abroad or managing international business payments, getting the process right can make a meaningful difference to the cost and time involved.

If a bank builds a 2% margin into the Google exchange rate, the effective cost on a R1 million transfer is R20 000. For individuals, that’s money that could have gone towards a deposit on a home, an offshore investment or another important financial goal, while businesses making regular international payments can see these fees steadily erode their margins.

“Beyond the cost, there’s a lot of complexity behind an international transaction,” says Harry Scherzer, CEO of multi-award-winning fintech Future Forex and a qualified actuary.

“The process often involves a lot of paperwork, manual processes and very little support from the banks, which leaves clients to navigate the process largely on their own.”

For a long time, customers had little choice but to accept high fees and a poor service experience. But the industry is now changing, with fintechs such as Future Forex offering a more streamlined approach.

The local fintech combines cutting-edge technology, economies of scale and strong banking partnerships to deliver industry-leading rates, with savings of up to 50% for individuals and 30% for businesses.

Backed by dedicated foreign exchange specialists, Future Forex’s multi-award-winning solution provides end-to-end support, giving South Africans and SMEs a simpler, more cost-effective way to move money internationally.

Price is only part of the difference

Cross-border payments also raise questions that go beyond simply submitting a form. Which documents are required? Does a transfer need regulatory approval? And which exchange control requirements apply?

This is another area where Future Forex takes a different approach to the banks.

Every client is paired with a dedicated account manager who is available via WhatsApp, phone or email to provide expert guidance, help with the required documentation, and answer questions throughout the process.

“Clients want a competitive rate, but they also want to know that someone is looking after their transfer and can give them a clear answer when they need one,” says Scherzer. “They shouldn’t have to chase different departments or be passed from pillar to post just to get a transaction over the line.”

Help with the paperwork

South Africa’s exchange control requirements can make an international transfer more involved than one might expect.

Depending on the size and purpose of the transaction, clients will likely need supporting documents, an Approval of International Transfer (AIT) and the correct Balance of Payments (BoP) classification.

For someone making a once-off transfer, it may be unfamiliar territory. For a business making regular payments, it can become a recurring administrative burden.

Future Forex assists clients with the applicable documentation and regulatory steps, including Approval of International Transfer (AIT) applications, South African Reserve Bank approvals, and BoP codes – all at no extra cost.

Technology designed for simplicity

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

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

“While we’ve developed a platform that we believe is unmatched locally, technology alone isn’t enough,” says Scherzer. “Our technology streamlines the routine steps, making the process faster and more efficient, while experienced experts are on hand to provide clarity and guidance whenever clients need it.”

This best-of both-worlds approach makes 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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