Sending money to South Africa is still costly and slow

In an era where almost every financial transaction happens instantly, the traditional process of sending funds to South Africa from abroad remains surprisingly inefficient.

For most South Africans, the experience still comes down to two familiar frustrations: exorbitant bank costs and unpredictable delays.

Between unclear fee structures and layers of manual paperwork, the traditional banking model simply hasn’t kept pace with modern expectations of speed, transparency, and efficiency.

Alongside widely criticised service levels, the major banks are deliberately vague about their pricing.

While SWIFT fees and commissions are usually visible, the primary cost is built into the exchange rate spread – where, in many cases, a 2-3% markup is applied to the prevailing spot rate you’d find on Google.

“Charging 2-3% on every transaction that crosses the border simply can’t be justified anymore,” says Harry Scherzer, CEO of Future Forex and a qualified actuary.

“The banks continue to charge these fees because ‘this is the way it’s always been’, despite the financial burden it places on thousands of individuals and businesses.”

But the days of this legacy approach are fast drawing to a close. Multi-award-winning fintech Future Forex has disrupted this model entirely, reducing fees to up to a fifth of those charged by banks – while also radically improving transaction turnaround times.

Its pioneering solution makes the process far quicker, easier, and more cost-effective for both individuals and SMEs.

By blending advanced technology with personalised, high-touch client service, the company ensures offshore funds land in South Africa rapidly – cutting out the heavy paperwork and manual processes that traditionally cause delays.

It’s a compelling alternative for those:

Receiving a salary from overseas;
Bringing back investment profits or the proceeds from selling foreign property;
Managing an offshore inheritance;
Running a business and repatriating foreign revenue to their South African operations; or
Returning to South Africa on a ‘swallow’ visa and needing fast access to funds for accommodation or investments.

“Whether you’re bringing funds into SA or sending funds abroad, the experience through the banking system is the same – costly, slow and unnecessarily complex,” says Scherzer.

“We’re seeing more South Africans returning home, alongside growing international interest in South African property and investment opportunities.

“Yet the banks’ unclear charges, complex forms, and unpredictable timelines often create last-minute panic when buying property, moving investment funds, or seizing time-sensitive opportunities. Our aim is to eliminate those obstacles entirely.”

What sets Future Forex apart

For most clients, the frustration with the banks isn’t just the cost – it’s the experience.

“It’s the back-and-forth, the lack of clarity, and the feeling that no one is really owning the process,” says Scherzer.

“That’s exactly what we set out to change. We looked at every step involved in sending funds into South Africa from abroad, identified the friction points, and rebuilt the process using world-class technology and real expertise.”

Instead of navigating a bank’s call centre or being passed between multiple representatives, Future Forex clients work with a dedicated account manager – a foreign exchange specialist who understands the intricacies of South Africa’s regulatory landscape and manages every transaction from start to finish.

This means a high-touch service experience, clearer communication, and no need to chase updates.

“Our expert account managers are available via WhatsApp, phone, or email, providing proactive updates, white-glove support and full compliance assistance at no extra cost,” says Scherzer.

Meanwhile, the company’s fully digital processes keep everything running seamlessly behind the scenes, removing the need to resubmit documents or deal with unnecessary admin.

For those who prefer self-service, Future Forex also offers an intuitive web and mobile app. You can access live rates and real-time quotes, book transactions, track funds, and manage your account with ease – all from one convenient platform.

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.

For those still relying on traditional bank transfers, the difference is becoming increasingly difficult to ignore.

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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