The rand at around R16.41 to the US dollar this week is the strongest it’s been in years, hitting levels not seen since 2022 amid a remarkable rally (up nearly 13-14% in 2025, its best annual performance in over a decade).
For those planning to send money abroad – whether for offshore investments, emigration, property purchases or business reasons – now is an ideal time to transact, as a stronger rand helps you maximise value when converting to foreign currencies.
Even for those bringing funds into South Africa, it could pay to act sooner rather than later.
With the rand’s next move always uncertain, locking in a rate now is a smart way to hedge against those unexpected swings. Some analysts even predict the currency could strengthen to around R14 to the USD if current trends continue.
“The rand’s recent trajectory has opened a window to move funds abroad,” says Harry Scherzer, CEO of Future Forex and a qualified actuary. “But whether you’re bringing funds into the country or sending them out, using a traditional bank can easily cost you thousands in fees before you even notice.”
While the banks’ hidden costs have long affected South Africans, the true scale of the problem remains largely unrecognised.
Most individuals and businesses are still paying 2-3% for what is essentially little more than an electronic transfer.
Future Forex has redefined this decades-old banking model, leveraging proprietary technology and economies of scale to reduce transaction costs by up to 50% for individuals and up to 30% for businesses – all while delivering a premium, white-glove service.
Over time, and with regular transactions, these savings can free up substantial capital for long-term goals, investments, or scaling a business.
“Reducing international money transfer costs is entirely possible,” says Scherzer. “The reality is that traditional banks have little incentive to change a system that has worked in their favour for years. Our mission is to challenge that status quo and remove the inefficiencies built into the outdated model.”
How much are the banks really charging?
For every transaction, banks charge a SWIFT fee (typically R500-R1?000), often accompanied by additional commissions or admin charges. These are the more visible costs, usually disclosed upfront – but they’re relatively minor.
The real cost to watch out for lies within the hidden exchange rate margin, or the ‘spread’. The wider the spread, the more you pay – yet few customers understand how it works.
To illustrate, while Google may show the ZAR/USD rate at 16.38, a bank could instead quote 16.72 – effectively adding a hidden markup of 2.05%.
One only has to run the numbers to see how easily this cost can pile up. On a R1 million transfer, this means a loss of over R20 000 before the payment is even processed.
“Banks depend on customers not seeing the true rate,” says Scherzer. “Spreads vary daily and by client, making the true cost difficult to spot. We’ve changed that by offering a fixed, transparent fee so our clients understand exactly what they’re paying for and why.”
Premium service at no extra cost
Beyond cost savings, Future Forex pairs leading financial technology with a genuinely personal touch – offering the level of service the banks have long promised but always failed to deliver.
“While we’ve developed a platform that’s unmatched locally, technology alone isn’t enough,” Scherzer explains.
“Our edge comes from blending sophisticated systems with actual human insight. When transferring funds internationally, you should be able to call and speak with an expert who knows exactly what’s happening with your transaction.”
That’s why every Future Forex client is assigned a personal account manager – a specialist who understands their specific forex needs, and proactively ensures they stay ahead of regulatory shifts. This means no more waiting on hold or chasing queries through bank call centres and chatbots.
For those who prefer to manage their transactions independently, Future Forex’s user-friendly online platform offers a convenient way to book transactions and manage recipients, complete with live exchange rates and real-time transaction tracking.
Taking care of regulatory requirements
“For individuals, our experts are on hand to guide you through the entire transaction cycle and any required paperwork, all as a complimentary service,” says Scherzer.
“Whether you need tax assistance or you need to submit a Sars approval for international transfer (AIT) application, we’ve got you covered.”
If you’re a business, Future Forex’s team of account managers and technical specialists essentially acts as your outsourced forex department, guiding you through every step of the process – from navigating regulatory approvals with the South African Reserve Bank to handling Balance of Payments (BoP) code submissions and Advance Payment Notification (APN) applications – all at no extra cost.
You also gain complimentary access to risk-management tools like forward contracts and foreign currency accounts, services for which the banks usually charge a premium. This blend of full transparency, modern technology, and reliable human support remains a first of its kind in South Africa.
It’s why Future Forex earned ‘Company of the Year’ at the 2025 Africa Career Summit and ‘Outstanding Customer Service in Forex & Payments, South Africa’ from the World Business Outlook Awards.
No matter which direction the rand takes in 2026, partnering with a more transparent, cost-effective and efficient provider like Future Forex means maximising value – without compromising on service.
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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