A cheaper way to transfer funds internationally

Most South Africans moving money offshore – or receiving funds from abroad – still assume their bank is the simplest, most cost-effective option.

What they rarely realise is how much that assumption is costing them: in hidden fees, outdated processes and a level of service that’s barely evolved in decades.

For years, banks have controlled the cross-border payments market, typically charging margins of between 2% and 3% on every international transaction.

In a world where most transactions are processed electronically and fintech innovation is reshaping financial services, these fees are increasingly difficult to justify – particularly when they come packaged with slow turnaround times, impersonal service and a near-total lack of pricing transparency.

The scale of the market explains why so little has changed.

Banks collectively earn more than R20 billion a year from international money transfer fees – money that flows directly out of the pockets of the individuals and businesses making those transactions. It’s no surprise why forex remains one of the most profitable lines in banking.

“South Africans have tolerated sky-high fees and subpar service because, until now, there was never a real alternative,” says Harry Scherzer, CEO of Future Forex and a qualified actuary. “That’s exactly what we set out to change.”

Through a combination of proprietary technology, scale and transparent pricing, local fintech Future Forex has reduced the cost of moving funds internationally by up to 50% for individuals and 30% for businesses – while also delivering a standard of service that the banks have rarely come close to matching.

How banks hide the true cost of international transfers

Most of the cost of an international transfer doesn’t appear as a fee. It’s buried in what’s known as the spread – the difference between the rate at which banks buy foreign currency and the rate at which they sell it to you.

Customers seldom notice this, because they’re generally quoted a mid-market rate: a figure midway between the two that gives no indication of how wide the gap actually is.

The result is that the largest cost of every transfer is effectively invisible.

To put it into perspective: 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 difference of 35 cents per dollar amounts to a hidden spread of around 2%, or R20 000.

That’s before the more visible SWIFT charges (generally R500-R1 000 per transaction), admin fees or ‘commissions’ are added on top.

For a business buying stock abroad, this is capital that never reaches the supplier. For an individual investing offshore, it’s money that stops working for you the moment it leaves your account.

Lower costs, better service – and no-trade off between the two

The problem with banks isn’t only what they charge. Customers are routinely bounced between departments, passed to chatbots, and left to chase updates with no clear sense of when their funds will arrive.

For those navigating South Africa’s exchange control requirements for the first time, the experience can be genuinely stressful.

“That’s exactly why Future Forex pairs every client with a dedicated account manager – an expert who knows you or your business, helps you plan ahead, and guides you through every regulatory requirement from start to finish,” says Scherzer.

Whether you’re emigrating, investing abroad, buying offshore property or managing international trade payments, the same specialist is on hand throughout – available via phone, WhatsApp or email – at no extra cost.

“For us, it’s never been just about the technology – although we’ve built a platform that no one else in South Africa has matched,” says Scherzer.

“What truly sets us apart is combining cutting-edge tech with real human expertise and full transparency. When you’re moving money internationally, you want to know exactly what you’re paying, and you want the option to speak to a specialist who actually understands your situation.”

Future Forex gives clients full visibility into the true cost of their transaction – the exchange rate, all applicable charges, and exactly what each cost covers – before committing to a transaction.

Its compliance specialists also manage all required documentation, including Approval of International Transfer (AIT) and Advance Payment Notification (APN) applications, as well as Balance of Payments (BoP) submissions required by the South African Reserve Bank and Sars – ensuring full regulatory alignment at every step, leaving no paperwork to chance.

Award-winning platform

For clients who prefer to manage transactions themselves, an intuitive web and mobile app provides live exchange rates, real-time payment tracking, beneficiary management and transaction booking – all from a single, 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 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.

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