Cheaper International Transfers | Future Forex

For many South Africans, the idea of moving away from their bank for international money transfers can feel like a step into the unknown – but it’s a shift that makes both practical and financial sense.

“For a start, if you’re sending or receiving funds internationally through a bank, you’re likely paying far more than you should,” says Harry Scherzer, CEO of Future Forex and a qualified actuary.

“The major South African banks charge an average of 2-3% per transaction – which is simply too high. Beyond that, there’s often very little transparency around how these fees are structured.”

This is one area where Future Forex has fundamentally changed the equation, reducing costs by up to 50% for individuals and 30% for businesses. Over time, these savings compound substantially, particularly for those making regular transactions.

When you factor in the banks’ murky pricing structures, slow processing times, and excessive paperwork, the traditional approach to international payments begins to feel not only outdated, but unnecessarily inefficient.

In today’s environment of currency volatility and economic uncertainty, having access to a more affordable and efficient foreign exchange solution has become essential – whether for offshore investments, international property purchases, emigration, estate planning, or cross-border trade.

“There is simply no justification for the high fees South Africans are currently paying to move money offshore,” says Scherzer.

“Our research consistently shows that customers feel frustrated about the costs and service they receive from their banks, often overpaying without fully understanding what they’re being charged for.”

Future Forex has successfully tackled both sides of the problem. Its highly intuitive platform walks clients through every step of their transactions, clearly disclosing the rates, fees, and exactly what each cost covers before they confirm the transfer.

On top of this, every client benefits from a dedicated specialist who is always on hand to assist throughout the process.

What are the banks really charging you?

Bank pricing is often deliberately complicated, making it hard for customers to understand the real cost of a transfer.

While some charges – such as SWIFT fees (typically R500 to R1 000) and ‘commissions’ – are visible, the largest cost is usually hidden in the exchange rate itself.

For instance, when sending R1 million to the United States, the spot rate might be around R16.50 to the dollar, but a bank could quote you R16.85. That small difference of 35 cents per dollar adds up to a hidden spread of around 2% (R20 000) before any additional fees are even applied.

“Transparency is at the core of everything we do,” explains Scherzer.

“Clients deserve to know exactly what they are paying, with no hidden spreads or unexpected charges.”

For individuals purchasing property abroad, emigrating, or investing offshore, the savings through Future Forex can be life-changing.

Small and medium enterprises (SMEs) feel the impact too: reducing forex costs by up to 30% frees up valuable capital that can be reinvested into business growth and operations.

Premium service without the premium price

Beyond the cost, one of the biggest frustrations with traditional banks is the impersonal and cumbersome service. Customers are often left on hold, shuffled between departments, and treated as just another number.

Future Forex set out to change exactly that.

From day one, every client is paired with a dedicated account manager, a single point of contact who understands their unique needs and is readily available via phone, WhatsApp or email – ensuring a truly white-glove service experience.

“Technology is important, but it’s not enough on its own,” explains Scherzer. “When moving money internationally, clients need expert support from someone who understands both their personal situation and the constantly changing regulatory landscape.

“It’s this combination of human expertise and user-friendly technology that makes all the difference.”

Its team of experts handle every stage of the transaction cycle, from onboarding and compliance to submitting Balance of Payments (BoP) codes and tracking transactions. They also manage all necessary paperwork, including Approval of International Transfer (AIT) applications, at no extra charge, ensuring seamless compliance with the South African Reserve Bank and the South African Revenue Service (Sars).

For those relocating or living abroad, Future Forex also supports clients with their full Sars tax emigration process.

Backed by world-class technology

In addition to a high-touch service experience, Future Forex clients also benefit from a streamlined, intuitive web and mobile app that allows them to manage their own transactions with ease.

Features include live exchange rates, real-time tracking, simple document uploads, and more — all designed to make international money transfers faster, clearer, and far less stressful than the traditional banking route.

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.

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