<\/p>\n
Using a bank to send money overseas or receive funds from abroad may seem like the obvious choice, but what if there were a better alternative? One that not only comes at a fraction of the usual cost, but also simplifies what has traditionally been a complex and time-consuming process.<\/p>\n
Whether you\u2019re buying property abroad, earning a foreign income, emigrating, investing offshore or making any other high-value international payment, major banks typically charge hidden margins of 2-3%, while offering little in the way of support.<\/p>\n
Businesses are no exception, with importers, exporters and globally operating SMEs often paying substantial hidden margins on cross-border payments.<\/p>\n
Award-winning fintech Future Forex, one of South Africa\u2019s largest foreign exchange intermediaries, is challenging the traditional banking model by offering a simpler, more transparent and far more cost-effective way to make international payments.<\/p>\n
\u201cMany of our new clients are shocked when they discover what their banks were actually charging them,\u201d says Harry Scherzer, CEO of Future Forex and a qualified actuary.<\/p>\n
\u201cWe built Future Forex around the idea that international payments should be transparent, fairly priced and backed by expert guidance.\u201d<\/p>\n
With savings of up to 50% for individuals and up to 30% for SMEs, Future Forex is proving that lower costs don\u2019t have to come at the expense of personalised service.<\/p>\n
By combining world-class technology with economies of scale, the company passes substantial savings directly to clients while maintaining complete pricing transparency.<\/p>\n
\u201cBeyond the numbers, our personalised, white-glove service ensures that every client receives expert guidance and support throughout the process,\u201d adds Scherzer.<\/p>\n
The cost you may not see<\/p>\n
The true cost of an international bank transfer isn\u2019t always obvious.<\/p>\n
While banks generally disclose charges such as SWIFT fees \u2013 typically between R500 and R1 000 per transaction \u2013 the largest cost is often hidden in the exchange-rate spread: the difference between the mid-market exchange rate and the less favourable rate offered to the customer.<\/p>\n
The exchange rate displayed online is generally the mid-market rate. However, banks then build their own margin into the rate they offer, typically without disclosing it as a separate fee.<\/p>\n
A Moneyweb analysis of the ZAR-USD exchange rate this week shows a buy-sell spread of about 38 cents \u2013 that\u2019s the difference between the price you receive if you are selling USD (R16.30) or buying USD (R16.68), a margin of about 2.3%.<\/p>\n
On a R1 million transfer, a 2% exchange-rate margin amounts to R20 000 before SWIFT fees, commissions or other transaction charges are even considered.<\/p>\n
For someone receiving a monthly salary in pounds, dollars or euros, those costs can quietly accumulate with every payment. If you\u2019re buying property abroad, emigrating or transferring an offshore inheritance, even a seemingly small difference in the exchange rate can translate into tens of thousands of rand in hidden costs on a single transfer.<\/p>\n
Businesses face the same challenge: hidden margins on supplier payments, imports and other cross-border transactions can erode profit margins and tie up valuable working capital that could otherwise be reinvested in inventory, expansion or business growth.<\/p>\n
More than competitive pricing<\/p>\n
However, when it comes to moving larger sums abroad, price is only part of the equation.<\/p>\n
International payments often involve regulatory and administrative requirements that can be just as challenging as securing a competitive exchange rate.<\/p>\n
Balance of Payments (BoP) codes must be selected correctly, while certain transactions require Approval of International Transfer (AIT) applications or Advance Payment Notifications (APNs). Errors or incomplete documentation can delay payments and, in some cases, trigger penalties.<\/p>\n
For South Africans emigrating or moving wealth offshore, tax compliance can introduce another layer of complexity, requiring coordination with the South African Revenue Service (Sars) and compliance with South African Reserve Bank exchange control regulations.<\/p>\n
Businesses face similar regulatory obligations, particularly when importing goods, making advance payments or managing complex cross-border transactions.<\/p>\n
\u201cOne of the biggest frustrations we hear from clients is how difficult it can be to get clear answers or compliance support from their bank,\u201d says Scherzer.<\/p>\n
\u201cClients are often transferred from one department to another whenever they have a question or need to follow up on a transaction. At Future Forex, every client works with a dedicated Account Manager who understands both the regulations and the practical aspects of international payments. They manage the process from start to finish and remain a single point of contact throughout.\u201d<\/p>\n
For individuals, Future Forex assists with receiving foreign income, investing offshore, purchasing overseas property, transferring retirement funds, moving money as part of an emigration and other high-value international payments.<\/p>\n
For businesses, it extends to managing import payments, repatriating export proceeds, paying for international licences and more.<\/p>\n
In each case, that account manager handles the transaction start to finish \u2013 along with all the regulatory steps that go with it. The paperwork, including Sars and South African Reserve Bank approvals and BoP submissions, is handled as part of the service, all at no extra cost.<\/p>\n
Clients can also use Future Forex\u2019s digital platform and mobile app to monitor live exchange rates, manage beneficiaries, book transactions and track payments with ease \u2013 while still having direct Access to their Account Manager whenever they need it.<\/p>\n
The result is a service that blends competitive exchange rates, white-glove support, and intuitive technology into one seamless international payment experience \u2013 particularly valuable when larger sums are involved.<\/p>\n
You can track your payments and monitor exchange rates in real time on the Future Forex app. Image: Future Forex<\/p>\n
This powerful mix of innovative tech and personalised service has positioned Future Forex as a pioneer in SA\u2019s foreign exchange landscape.<\/p>\n
The company has earned multiple accolades, including \u2018Company of the Year\u2019 at the 2025 Africa Career Summit and \u2018Outstanding Customer Service in Forex and Payments, South Africa\u2019 at the World Business Outlook Awards, adding to a consistent string of recognitions in previous years.<\/p>\n
Most recently, Future Forex ranked second on News24\u2019s list of the fastest-growing South African companies (2026), reinforcing its rapid growth and market position.<\/p>\n
Follow\u00a0this 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\u00a0send them a message on WhatsApp.<\/p>\n
Brought to you by\u00a0Future Forex.<\/p>\n
Moneyweb does not endorse any product or service being advertised in sponsored articles on our platform.<\/p>\n
#Making #large #international #payment #Heres #simpler #costeffective #transfer #funds<\/p>\n","protected":false},"excerpt":{"rendered":"
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