With the new year upon us, South Africans will be mapping out their financial plans for 2026 – and for many, that involves moving money abroad to achieve their goals.
“Before making any moves, it’s worth pausing to consider the true cost of your international money transfers,” says Harry Scherzer, CEO of Future Forex and a qualified actuary.
Sending and receiving international payments remains one of the most challenging and costly aspects of South Africa’s financial industry. Any transaction that moves across the border – whether incoming or outgoing – typically sees major banks charging margins of 2-3%.
The banks have long held an oligopoly over the forex industry,” says Scherzer. “South Africans have tolerated sky-high fees and slow, manual process because, until now, there was never an alternative.”
However, multi-award-winning Future Forex is tackling the banks head-on, reducing forex costs by up to 50% for individuals and 30% for businesses, all while delivering unmatched transparency.
“By leveraging our proprietary tech and economies of scale, we pass substantial savings directly to our clients, with full pricing disclosure and no hidden fees.”
Future Forex’s edge comes from merging intuitive systems with expert human insight. “While we’ve developed a platform that’s unmatched locally, technology alone isn’t enough. When transferring funds internationally, you should be able to call and speak to a specialist who understands you or your business’s unique requirements, and the latest regulatory shifts,” says Scherzer.
Even in today’s tech-driven world, the banks’ foreign exchange charges remain exorbitantly high. For instance, an importer converting R1 million to US dollars might lose over R20 000 in hidden spreads and fees – expenses that often go unnoticed and unqueried.
“Frequent international payments mean these ‘small’ costs accumulate significantly,” Scherzer points out. “What looks minor on a single transaction can become a substantial expense over time.”
Whether you’re emigrating, investing offshore or purchasing property abroad, bank fees heavily diminish the amount that arrives on the other side. Small and medium businesses feel the impact too: every percentage saved on forex can be redirected into operations, stock, or expansion rather than lost to banking margins.
How banks conceal their transaction costs
Most customers only focus on visible costs like SWIFT fees (R500-R1 000) or small commissions, but the biggest expense is usually hidden – embedded quietly in the exchange rate spread.
Essentially, banks quote a rate to buy foreign currency that’s marked up from the true spot rate. For example, if the actual USD/ZAR rate is 17.15, you might be offered 17.50 or higher – a hidden margin of over 2%. On a R1 million transfer, this can mean at least R20 000 lost before your payment is even processed.
Thousands of South Africans aren’t aware of what they’re really paying, because banks not only charge high spreads but apply them inconsistently, masking the true cost. However, Future Forex takes the opposite approach: a highly competitive, fixed, and transparent fee with no hidden markups.
Service that puts people first
Along with exorbitant costs, the banks’ service levels leave much to be desired – if you have a query or want to follow up on a transaction, you’re left to deal with a call centre, a chatbot, or multiple different bank representatives who don’t understand your specific circumstances.
“This is a frequent frustration we hear [about],” Scherzer says. “That’s why Future Forex pairs each client with a dedicated account manager: an expert that you can call anytime, who knows you and your business, helps you plan ahead, and guides you through all the regulatory requirements.
“For individuals, our specialists provide comprehensive support through the transfer process and necessary documentation, all at no extra cost. Whether it’s tax-related guidance or helping with a South African Revenue Service Approval for International Transfer (AIT), we take care or all the details so you don’t have to worry about it.
“For our business clients, our team of account managers and forex technical specialists effectively become your in-house forex department,” adds Scherzer.
“We assist with everything from SA Reserve Bank approvals to Balance of Payments codes and Advance Payment Notification applications – all included in our service at no extra cost.”
You’ll 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 the first of its kind in SA’s finance industry.
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, following multiple accolades 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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