For most South Africans, sending money abroad through the big banks still comes at a premium – both in cost and convenience. Despite the process being largely digital, clients often find themselves paying 2-3% per transaction, while still dealing with admin, back-and-forth, and delays that make the experience feel far from seamless.
Part of the problem lies in how the banks disclose their fees. While some charges are more visible – such as SWIFT fees (typically R500-R1 000 per transaction) and other admin costs – the biggest part of the cost is buried in the exchange rate itself, otherwise known as the ‘spread’.
For example, a quick online check might show the market rate at R16.85 to the dollar, yet a bank could offer closer to R17.20. That 35-cent difference translates into a hidden spread of roughly 2% – equating to around R20 000 on a R1 million transfer – before any additional admin or processing fees are even factored in.
It’s this lack of transparency that has opened the market to disruption, with multi-award-winning fintech Future Forex leading the shift. The company is reshaping an outdated model through substantial cost savings, transparent pricing, and a level of service banks have long promised but rarely delivered.
How much can clients save with Future Forex?
Through economies of scale and world-class tech, Future Forex reduces transaction costs by as much as 50% for individuals and up to 30% for SMEs.
“Transparency has always been fundamental to our model,” says Future Forex CEO Harry Scherzer, a qualified actuary. “Clients deserve full visibility over the cost of their transactions, as well as a high-touch service experience throughout the process.”
The high fees charged by the banks for international transfers lack any real justification, adds Scherzer. “These pricing models have gone largely unchallenged for years. We saw an opportunity to introduce a more transparent, cost-efficient alternative without compromising on service quality.”
For those purchasing foreign real estate, relocating abroad, or investing offshore, these savings can make a meaningful difference to your long-term financial goals. SMEs – a cornerstone of the South African economy – benefit too, with savings of up to 30% on forex costs freeing up more capital for expansion, operations, and growth.
White-glove service at no extra cost
Beyond the fees, relying on the banks often comes with an impersonal, bureaucratic experience – long turnaround times, multiple handovers, and limited guidance when it matters most. Future Forex set out to challenge exactly that.
From the moment a client registers with Future Forex, they’re assigned a dedicated Account Manager – a foreign exchange specialist with deep industry expertise who provides tailored support for each client’s unique circumstances – whether that’s tax emigration, offshore investing or managing import/export payments.
“Advanced tech is crucial, but it’s not the whole story. International transactions are often tied to personal circumstances and evolving regulations. Having an expert on hand who understands the detail and guides you through it is what makes a real impact,” adds Scherzer.
Their team manages the entire international money transfer process end-to-end: from onboarding, and regulatory compliance through to Balance of Payments (BoP) coding and transaction monitoring.
Along with this, their compliance specialists handle any required paperwork, including Approval of International Transfer (AIT) applications, ensuring seamless adherence to South African Reserve Bank and South African Revenue Service requirements. This one-stop solution comes at no extra cost.
A platform built for ease and clarity
Complementing its personalised approach, Future Forex provides an intuitive online desktop and mobile app. Features include real-time rates, instant tracking, simple beneficiary management, and other user-friendly tools to make international payments quicker and more straightforward than ever.
This combination of expert guidance and modern technology delivers faster, clearer, and far less stressful international transfers than the outdated banking routine.
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 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.
Moneyweb does not endorse any product or services being advertised in sponsored article on our platform.
#Future #Forex #offers #cheaper #move #funds