For decades, South Africans moving money into or out of the country have navigated a system defined by the banks’ high costs, manual processes and frustrating delays.
It’s a market that rakes in more than R15 billion a year for South Africa’s major banks combined – and that’s because most customers are unaware they’re losing an average of 2-3% per transaction to hidden fees.
“And it’s not just the high costs of moving money internationally,” says Harry Scherzer, CEO of Future Forex and a qualified actuary. “To make matters worse, the banks’ service often falls short. You end up being pushed from pillar to post, dealing with call centre staff who simply don’t understand you or your business.”
After decades of controlling this market, the banks are now facing some serious competition, with Future Forex leading the charge.
Through its economies of scale, advanced fintech tools and personalised, white-glove service, the multi-award-winning fintech reduces transaction costs by up to 50% for individuals and up to 30% for SMEs.
How much are you actually being charged by the banks?
Banks are notoriously opaque when it comes to their international money transfer fees, making it difficult for customers to understand what they’re really paying.
While some costs are clearly disclosed – such as SWIFT fees (normally R500-R1 000 per transaction), admin fees or commissions – the real kicker is buried in the ‘spread’. This is simply the difference between the price at which the bank buys and sells a currency.
Take a R1 million conversion to USD at a spot rate of R16.20. A bank might quote you R16.54 – that seemingly small 34c difference equates to roughly 2% of the transaction value.
In this case, the bank effectively pockets around R20 000 in hidden costs alone.
“That’s exactly why we’ve built our business on complete transparency,” says Scherzer. “We guide every client through how their forex fees are structured, so they understand from the outset what they’re paying for and why.”
For individuals buying property abroad, emigrating, or managing offshore investments, the savings through Future Forex can compound into life-changing capital. SMEs, meanwhile, can redirect a 30% saving on forex fees back into hiring, inventory, or growth.
Service that outshines the banks
“We mapped out the entire remittance journey, pinpointed every inefficiency, and built a modern system that removes friction through world-class technology and hands-on expertise,” says Scherzer.
Unlike banks, where customers are often stuck repeating information over multiple calls and receive little guidance on regulatory matters, Future Forex operates on an entirely different model.
Its platform is fully digital and highly automated, removing unnecessary steps at every stage – but its tech is only one part of the equation.
“When clients send funds abroad, they want the process to be fast and seamless – that’s exactly what our tech delivers,” explains Scherzer.
“Yet when questions about regulations arise, or clients want to track their transfers, they need a real person – someone knowledgeable who can provide clear answers without bouncing them between departments.”
That’s why each Future Forex client gets a dedicated account manager – available via WhatsApp, call or email – to guide them through the full process, provide timely updates, and offer expert compliance support as a complimentary service.
These foreign exchange specialists handle everything from Sars Approval of International Transfer (AIT) applications and South African Reserve Bank approvals to ensuring that the correct Balance of Payments (BoP) codes are submitted – all at no extra cost. For South Africans moving or living abroad, Future Forex also assists with the full tax emigration process.
“Our philosophy is simple: combine expert, hands-on support when it matters with intuitive technology that takes care of the rest,” says Scherzer.
Top-rated technology
For clients who like to manage their own transactions, Future Forex’s intuitive web and mobile app offers live exchange rates, real-time payment tracking, easy document uploads and more – making forex payments simpler, faster, and more convenient than ever.
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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