If you’re moving funds to and from SA, here’s a way to save fees – and time

Have you ever made an important international payment through your bank, only to spend days chasing it, explaining your transaction to someone new every time you call, and then discover you’ve paid far more than you expected?

These are the shortcomings Future Forex, SA’s largest foreign exchange intermediary, set out to address. The fintech offers a multi-award-winning international money transfer solution, combining industry-leading rates, white-glove service and complimentary compliance support.

“Banks have traditionally been the first port of call for individuals and SMEs moving funds into our out of the country,” says Harry Scherzer, CEO of Future Forex and a qualified actuary. “It’s where they’re already set up, so it feels like the most convenient option.”

Yet the traditional banking process can be anything but straightforward.

When it comes to larger or more complex transactions, paperwork, exchange control requirements and repeated follow-ups can leave clients doing much of the legwork themselves.

And then there are the hidden costs. Many South Africans are unaware that the major banks typically bury a margin of 2% to 3% into the exchange rate, making the true cost of an international transfer far less obvious than the upfront fees suggest.

“People naturally want to get the best possible exchange rate when moving money internationally. But even if the market moves in their favour, they may not realise how much of that benefit is lost to the margin their bank adds to the rate,” says Scherzer.

So how do the banks structure their costs?

Unlike the more visible SWIFT or processing fees, the exchange rate margin (otherwise known as the ‘spread) isn’t always immediately apparent.

Say the rate on Google is R16.48 to the dollar, but your bank quotes R16.82. That seemingly small 34-cent difference amounts to a markup of roughly 2%. On a R1 million transaction, that translates to R20 000 in additional costs – and the larger the transfer, the more that hidden margin adds up.

For individuals, that could mean less value when purchasing property abroad, bringing a foreign salary home, receiving an inheritance or moving retirement savings offshore. And for SMEs making regular payments to overseas suppliers, those additional costs can accumulate across transactions, eating into profit margins over time.

Future Forex delivers savings of up to 50% for individuals and 30% for businesses. Its cutting-edge technology minimises administrative costs, while economies of scale allow the company to secure highly competitive exchange rates.

“We pass these savings directly on to our clients, giving them not only a more cost-effective way to transfer money internationally, but also the certainty of knowing exactly what their transfer will cost before they commit.”

An expert who knows your payment

The cost of a transfer is one consideration. Knowing where your transaction stands and having someone to turn to when you have questions, is another.

An importer waiting for a supplier to release goods needs to know when a payment will land. A family buying property abroad may be working towards a deadline, and someone transferring an inheritance may be navigating complex paperwork for the first time.

But with traditional banks, each call often means starting from scratch with a new consultant.

At Future Forex, each client is assigned a dedicated account manager, available by phone, email or WhatsApp. Because they understand the client’s transaction, they can provide updates, answer questions and offer expert guidance on what needs to happen next.

This white-glove service includes assistance with the documentation and regulatory steps relevant to the payment, including Sars Approval of International Transfer (AIT) applications, South African Reserve Bank (Sarb) approvals where required and Balance of Payments (BoP) submissions.

“Our experts are on hand to guide you through every stage of the process at no extra cost – from onboarding and compliance support to BoP code submissions and keeping you updated on the progress of your transaction,” says Scherzer.

For businesses making regular international payments, this can ease the administrative burden on finance teams, freeing up time otherwise spent managing documentation and following up on transfers.

Technology with someone to call

Complementing its personalised service, Future Forex’s web platform and mobile app give clients the flexibility to manage their transactions themselves. With live exchange rates, easy document uploads and real-time payment tracking, clients have all the tools they need in one place.

The result is a more streamlined way to manage international payments, combining digital convenience with expert support whenever it’s needed.

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 on News24’s 2026 list of South Africa’s fastest-growing companies.

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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