<\/p>\n
With 2026 fast approaching and the rand\u2019s 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.<\/p>\n
But if you\u2019ve ever tried making an international payment through one of the major banks, you\u2019ll know the process feels like an uphill battle \u2013 expensive, confusing, and frustratingly slow.<\/p>\n
\u201cBanks intentionally make their pricing structures opaque, so most customers have no idea that they\u2019re being charged 2-3% on their forex transactions,\u201d says Harry Scherzer, CEO of Future Forex and a qualified actuary. \u201cAnd to make matters worse, you\u2019re left to navigate heaps of paperwork with little to no support.\u201d<\/p>\n
Future Forex is challenging the status quo by cutting forex costs by up to 50% for individuals and around 30% for businesses \u2013 while offering complete transparency and a standard of service rarely seen in SA\u2019s finance industry.<\/p>\n
\u201cIt\u2019s never been just about rolling out the latest technology \u2013 although we\u2019ve built a platform that no one else in South Africa has matched,\u201d adds Scherzer.<\/p>\n
\u201cWhat truly sets us apart is the combination of cutting-edge tech and real human expertise. When you\u2019re 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.\u201d<\/p>\n
\nBank forex fees are still shockingly high in 2025.<\/p>\n<\/blockquote>\n
Take a simple example: an importer converting R1 million into USD can still lose R20 000 or more in hidden spreads and charges \u2013 costs that most people rarely notice and almost never challenge.<\/p>\n
\u201cWhen you\u2019re making several international payments a year, those seemingly \u2018small\u2019 fees add up faster than you realise,\u201d says Scherzer. \u201cWhat appears to be a minor line item on one transaction can quietly turn into a major expense over time.\u201d<\/p>\n
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\u2019s margin.<\/p>\n
\u201cIt\u2019s 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 \u2013 we set out to change that.\u201d<\/p>\n
How the banks hide the real cost of international payments<\/strong><\/p>\n
Most people only notice the obvious charges: a SWIFT fee of R500-R1 000, and sometimes extra \u2018commission\u2019 charges that appear on your statement.<\/p>\n
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\u2019t see is the difference between the rate at which the bank buys and sells USD \u2013 known as the spread.<\/p>\n
For example, if the true mid-market rate for USD\/ZAR is 17.15, your bank might quote you 17.50 \u2013 a hidden markup of over 2%. On a single R1 million transfer, that\u2019s R20\u00a0000 lost before the funds even reach your recipient. Make a transfer every month, and the numbers quickly add up.<\/p>\n
\n\u201cBanks rely on the fact that most customers never see the real rate,\u201d adds Scherzer.<\/p>\n<\/blockquote>\n
\u201cThey change the spread from day to day, sometimes client to client, so you can never be sure what you\u2019re actually being charged. This is why we\u2019ve built our entire service around transparency, ensuring our clients understand exactly what they\u2019re paying upfront.\u201d<\/p>\n
Anyone making an offshore transfer should use Future Forex\u2019s Hidden Fees Calculator to see how much they could be losing to the banks.<\/p>\n
Where service meets expertise <\/strong><\/p>\n
When making an international payment via the banks, the process is rarely seamless \u2013 you get bounced between queues, chatbots and different departments just to have a simple query answered. \u201cThis is the complaint we hear more than any other,\u201d says Scherzer.<\/p>\n
That\u2019s why Future Forex assigns every client a dedicated account manager \u2013 an expert with deep industry knowledge who clients can call, email or WhatsApp at any time.<\/p>\n
\n\u201cHaving someone who understands your circumstances, helps you plan ahead, and navigates the regulatory hurdles on your behalf is what makes all the difference,\u201d he adds.<\/p>\n<\/blockquote>\n
\u201cFor individuals, our specialists walk you through every step of the transaction process, including all required compliance documentation \u2013 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.\u201d<\/p>\n
\u201cFor our business clients, our team of account managers and forex technical specialists effectively become your dedicated forex department,\u201d says Scherzer. \u201cWe assist with everything from SA Reserve Bank approvals to Balance of Payments codes and Advance Payment Notification applications \u2013 all included as a complimentary service.<\/p>\n
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.<\/p>\n
This combination \u2013 total transparency, cutting-edge tech, and genuine human expertise \u2013 is entirely new to SA\u2019s finance industry. It\u2019s the reason Future Forex earned \u2018Company of the Year\u2019 at the 2025 Africa Career Summit and \u2018Outstanding Customer Service in Forex & Payments, South Africa\u2019 at the World Business Outlook Awards, adding to string of recognitions in 2024.<\/p>\n
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.<\/p>\n
Brought to you by <\/em>Future Forex<\/em>.<\/em><\/p>\n
Moneyweb does not endorse any product or service being advertised in sponsored articles on our platform.<\/em><\/p>\n<\/p><\/div>\n