With 2026 fast approaching and the rand’s strong performance in recent weeks, now is an ideal time for South Africans to send funds abroad and maximise their annual foreign exchange allowances before they reset on 1 January.
But if you’ve ever tried making an international payment through one of the major banks, you’ll know the process feels like an uphill battle – expensive, confusing, and frustratingly slow.
“Banks intentionally make their pricing structures opaque, so most customers have no idea that they’re being charged 2-3% on their forex transactions,” says Harry Scherzer, CEO of Future Forex and a qualified actuary. “And to make matters worse, you’re left to navigate heaps of paperwork with little to no support.”
Future Forex is challenging the status quo by cutting forex costs by up to 50% for individuals and around 30% for businesses – while offering complete transparency and a standard of service rarely seen in SA’s finance industry.
“It’s never been just about rolling out the latest technology – although we’ve built a platform that no one else in South Africa has matched,” adds Scherzer.
“What truly sets us apart is the combination of cutting-edge tech and real human expertise. When you’re moving money overseas, you want the option to pick up the phone at any time and speak to a specialist who actually understands you or your business, and the ever-changing forex regulations.”
Bank forex fees are still shockingly high in 2025.
Take a simple example: an importer converting R1 million into USD can still lose R20 000 or more in hidden spreads and charges – costs that most people rarely notice and almost never challenge.
“When you’re making several international payments a year, those seemingly ‘small’ fees add up faster than you realise,” says Scherzer. “What appears to be a minor line item on one transaction can quietly turn into a major expense over time.”
For individuals emigrating, investing offshore or buying property abroad, every rand lost to bank fees is money that never reaches its intended destination. For SMEs, the impact is just as real: every percentage point saved on forex frees up valuable capital that can go straight back into hiring, inventory, or growth instead of disappearing into a bank’s margin.
“It’s time to stop overpaying by default, says Scherzer. South Africans have accepted exorbitant fees and outdated manual processes simply because there was no real alternative – we set out to change that.”
How the banks hide the real cost of international payments
Most people only notice the obvious charges: a SWIFT fee of R500-R1 000, and sometimes extra ‘commission’ charges that appear on your statement.
However, the real cost is buried in the exchange-rate spread. The rate you are quoted for buying USD is known as the mid-market rate. But what you don’t see is the difference between the rate at which the bank buys and sells USD – known as the spread.
For example, if the true mid-market rate for USD/ZAR is 17.15, your bank might quote you 17.50 – a hidden markup of over 2%. On a single R1 million transfer, that’s R20 000 lost before the funds even reach your recipient. Make a transfer every month, and the numbers quickly add up.
“Banks rely on the fact that most customers never see the real rate,” adds Scherzer.
“They change the spread from day to day, sometimes client to client, so you can never be sure what you’re actually being charged. This is why we’ve built our entire service around transparency, ensuring our clients understand exactly what they’re paying upfront.”
Anyone making an offshore transfer should use Future Forex’s Hidden Fees Calculator to see how much they could be losing to the banks.
Where service meets expertise
When making an international payment via the banks, the process is rarely seamless – you get bounced between queues, chatbots and different departments just to have a simple query answered. “This is the complaint we hear more than any other,” says Scherzer.
That’s why Future Forex assigns every client a dedicated account manager – an expert with deep industry knowledge who clients can call, email or WhatsApp at any time.
“Having someone who understands your circumstances, helps you plan ahead, and navigates the regulatory hurdles on your behalf is what makes all the difference,” he adds.
“For individuals, our specialists walk you through every step of the transaction process, including all required compliance documentation – at no extra cost. From tax-related guidance to assisting with your South African Revenue Service Approval for International Transfer (AIT), we handle it all on your behalf.”
“For our business clients, our team of account managers and forex technical specialists effectively become your dedicated forex department,” says Scherzer. “We assist with everything from SA Reserve Bank approvals to Balance of Payments codes and Advance Payment Notification applications – all included as a complimentary service.
Future Forex clients also enjoy access to a range of complimentary and easy-to-use risk-management tools that banks normally charge heavily for, such as forward contracts and foreign currency accounts.
This combination – total transparency, cutting-edge tech, and genuine human expertise – is entirely new to SA’s finance industry. It’s the reason Future Forex earned ‘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 string of recognitions in 2024.
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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