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With the new year upon us, South Africans will be mapping out their financial plans for 2026 \u2013 and for many, that involves moving money abroad to achieve their goals.<\/p>\n
\u201cBefore making any moves, it\u2019s worth pausing to consider the true cost of your international money transfers,\u201d says Harry Scherzer, CEO of Future Forex and a qualified actuary.<\/p>\n
Sending and receiving international payments remains one of the most challenging and costly aspects of South Africa\u2019s financial industry. Any transaction that moves across the border \u2013 whether incoming or outgoing \u2013 typically sees major banks charging margins of 2-3%.<\/p>\n
The banks have long held an oligopoly over the forex industry,\u201d says Scherzer. \u201cSouth Africans have tolerated sky-high fees and slow, manual process because, until now, there was never an alternative.\u201d<\/p>\n
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.<\/p>\n
\n\u201cBy leveraging our proprietary tech and economies of scale, we pass substantial savings directly to our clients, with full pricing disclosure and no hidden fees.\u201d<\/p>\n<\/blockquote>\n
Future Forex\u2019s edge comes from merging intuitive systems with expert human insight. \u201cWhile we\u2019ve developed a platform that\u2019s unmatched locally, technology alone isn\u2019t enough. When transferring funds internationally, you should be able to call and speak to a specialist who understands you or your business\u2019s unique requirements, and the latest regulatory shifts,\u201d says Scherzer.<\/p>\n
Even in today\u2019s tech-driven world, the banks\u2019 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 \u2013 expenses that often go unnoticed and unqueried.<\/p>\n
\u201cFrequent international payments mean these \u2018small\u2019 costs accumulate significantly,\u201d Scherzer points out. \u201cWhat looks minor on a single transaction can become a substantial expense over time.\u201d<\/p>\n
Whether you\u2019re 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.<\/p>\n
How banks conceal their transaction costs<\/strong><\/p>\n
Most customers only focus on visible costs like SWIFT fees (R500-R1 000) or small commissions, but the biggest expense is usually hidden \u2013 embedded quietly in the exchange rate spread.<\/p>\n
Essentially, banks quote a rate to buy foreign currency that\u2019s 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 \u2013 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.<\/p>\n
Thousands of South Africans aren\u2019t aware of what they\u2019re 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.<\/p>\n
Service that puts people first<\/strong><\/p>\n
Along with exorbitant costs, the banks\u2019 service levels leave much to be desired \u2013 if you have a query or want to follow up on a transaction, you\u2019re left to deal with a call centre, a chatbot, or multiple different bank representatives who don\u2019t understand your specific circumstances.<\/p>\n
\u201cThis is a frequent frustration we hear [about],\u201d Scherzer says. \u201cThat\u2019s 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.<\/p>\n
\u201cFor individuals, our specialists provide comprehensive support through the transfer process and necessary documentation, all at no extra cost. Whether it\u2019s 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\u2019t have to worry about it.<\/p>\n
\n\u201cFor our business clients, our team of account managers and forex technical specialists effectively become your in-house forex department,\u201d adds Scherzer.<\/p>\n<\/blockquote>\n
\u201cWe assist with everything from SA Reserve Bank approvals to Balance of Payments codes and Advance Payment Notification applications \u2013 all included in our service at no extra cost.\u201d<\/p>\n
You\u2019ll also gain complimentary access to risk-management tools like forward contracts and foreign currency accounts, services for which the banks usually charge a premium.<\/p>\n
This blend of full transparency, modern technology, and reliable human support remains the first of its kind in SA\u2019s finance industry.<\/p>\n
It\u2019s why Future Forex earned\u00a0\u2018Company of the Year\u2019\u00a0at the 2025 Africa Career Summit and\u00a0\u2018Outstanding Customer Service in Forex & Payments, South Africa\u2019\u00a0from the World Business Outlook Awards, following multiple accolades 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