Future Forex on cheaper global money transfers

There’s no doubt that if you’re moving funds internationally through SA’s major banks, you’re likely paying far more than you should – and receiving subpar service in return.

In most cases, South Africans are charged 2-3% on every rand that crosses the border, despite the process being largely electronic. Add in opaque pricing, lengthy turnaround times and layers of paperwork, and the experience quickly becomes anything but seamless.

However, Future Forex has entered the market with a fundamentally different approach: combining substantial cost savings with a far more streamlined process.

The multi-award-winning fintech reduces transaction costs by up to 50% for individuals and up to 30% for businesses, successfully challenging the long-standing dominance of traditional banks.

“There’s no clear rationale for the level of fees South Africans are paying to move money abroad,” says Harry Scherzer, CEO of Future Forex and a qualified actuary.

“We’re proud to deliver a white-glove experience at a significantly lower cost – proving that premium service doesn’t require premium fees.”

Against a backdrop of currency volatility and global economic uncertainty, an easier and more cost-effective forex solution is crucial when it comes to managing offshore portfolios, emigration, estate planning and international trade flows. 

What are you really being charged by the banks?

“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 R16.85 to the dollar. However, a bank might quote you R17.20 instead.

That seemingly small 35c difference translates to a hidden spread fee of roughly 2% (around R20 000) before any SWIFT fees or commissions are added.

“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 or investing offshore, a 50% saving through Future Forex means more funds going toward your goals.

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

Premium service at no extra cost

It’s not just about the price tag when doing forex via the banks – it’s the complexity and impersonal service that comes with it. Banks treat customers like a number in the system, often leaving them on hold or bounced between multiple representatives.

It’s these challenges that shaped Future Forex’s business model from the outset. The company pairs every client with a dedicated account manager from the moment you register – a single point of contact who understands your specific requirements, whether you’re emigrating, investing offshore, or running an import/export business.

“While we’ve built a platform that’s world class, technology alone isn’t enough. When you’re transferring funds internationally, it’s important to have access to a specialist who understands your circumstances and the latest regulatory environment. It’s that human touch that makes all the difference,” adds Scherzer.

“Our experts are on hand to guide clients through every stage of the process – from onboarding and compliance support to Balance of Payment (BoP) code submissions and tracking the progress of transactions.”

Navigating the regulatory maze is one of the more frustrating issues when it comes to cross-border payments. However, Future Forex manages all the paperwork involved – including Approval of International Transfer (AIT) applications – at no extra cost, ensuring seamless compliance with the South African Reserve Bank and South African Revenue Service.

For South Africans moving or living abroad, their team also assists with the entire tax emigration process.

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 & Payments, South Africa’ at the World Business Outlook Awards, adding to a consistent string of recognitions in previous years.

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.

Moneyweb does not endorse any product or services being advertised in sponsored article on our platform.

#Future #Forex #cheaper #global #money #transfers