Moving funds into and out of SA? Here’s how to save time and reduce costs

The rand can weaken or strengthen in a flash. Whether you’re bringing a foreign salary into SA, emigrating, receiving an inheritance, buying property abroad or managing business payments, waiting for the ‘right moment’ is no guarantee of a better deal.

Add bank fees, unclear requirements, delayed transfers and unhelpful call centres, and moving your money becomes a costly, frustrating exercise.

“We see this a lot,” says Harry Scherzer, a qualified actuary and CEO of multi-award-winning fintech Future Forex.

“People wait for what they think is the right moment to make an international transfer, but timing the market can be difficult. And even when the exchange rate does move in their favour, the banks’ hidden fees can erode those gains.”

The largest of these fees is often the least visible: the exchange rate spread. Say the rate on Google is R16.48 to the dollar, but your bank quotes R16.82. That 34-cent difference amounts to a markup of roughly 2%, and that’s not counting the more visible costs such as Swift (R500 – R1 000 per transaction), commissions or admin fees.

“The banks’ hidden exchange rate margin is the killer,” says Scherzer.

On a R1 million transaction, for example, a 2% spread is equivalent to R20 000. This means less profit for an importer, less value on a foreign salary or inheritance, and less to invest or spend abroad.

But cost is only part of the challenge. South Africans transferring funds internationally through traditional banks often face a lack of clear guidance, navigating multiple departments, repeating their circumstances to different call centre agents and struggling to get straightforward answers.

Future Forex was built to change that. Every client is assigned a dedicated Account Manager who understands their needs and South Africa’s exchange control requirements, providing personalised support at every step.

A better way

Combining dedicated expertise, proprietary technology and economies of scale, Future Forex reduces the cost of international money transfers by up to 50% for individuals and 30% for businesses – all while offering a white-glove service model that the banks promise but seldom deliver.

That personal touch matters when a payment involves more than entering an amount and clicking ‘Send’. A supplier may need confirmation that funds are on the way, someone transferring an inheritance may need help understanding the documentation required, or a property buyer working towards a deadline may need clarity on the next step.

At Future Forex, each client has a dedicated account manager who understands their transaction and guides them through the process, providing single point of contact who is available via WhatsApp, phone or email whenever they need an update or assistance.

An expert by your side

Sending money abroad can involve a fair amount of paperwork. South Africa’s exchange control requirements mean clients may need supporting documents, regulatory approvals, and the correct Balance of Payments (BoP) code identifying its purpose.

For someone doing this for the first time, knowing where to start can be a challenge, while businesses making regular international payments face the same administrative demands repeatedly.

Future Forex helps clients work through these requirements as a complimentary service, including Approval of International Transfer (AIT) applications, South African Reserve Bank (Sarb) approvals where needed, BoP classifications, and more.

Their account manager – who is an expert in the regulatory maze – explains what is required and follows the transaction through to completion. Whenever a question arises, clients have someone to call.

“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.

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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