International Money Transfers are Now More Affordable and Easier than Ever
Moving money across borders remains one of the most intricate and costly hurdles in South Africa’s financial environment. Any international transaction—whether it’s receiving or sending—carries hefty fees attached by leading banks.
A significant number of businesses and individuals find themselves facing charges that range from 2% to 3% for each transaction, a cost that’s becoming harder to justify in today’s tech-savvy world.
“Historically, banks have kept a tight grip on the forex industry,” says Harry Scherzer, CEO of Future Forex and a certified actuary. “South Africans have endured high fees and slow, manual processes because, until recently, viable alternatives were lacking.”
This is where Future Forex disrupts the conventional paradigm, cutting forex expenses by up to 50% for individuals and 30% for businesses, all while ensuring unmatched transparency. “By harnessing our proprietary technology and the benefits of economies of scale, we can deliver remarkable savings directly to our clients, backed by clear pricing and no hidden fees.”
How do banks obscure their international transfer costs?
Banks frequently use opaque pricing tactics to their advantage. While they may reveal minor charges like SWIFT fees (ranging from R500 to R1,000) or ‘admin’ and ‘commission’ fees, the real cost is hidden in the spread—the difference between a currency’s buying and selling rates.
For instance, if you are converting R1 million to USD at a spot rate of R17.40, banks might offer you R17.76—leading to a 2% spread that lets them pocket R20,000 in concealed fees alone.
For individuals purchasing property abroad, relocating, or managing offshore assets, opting for Future Forex can yield significant long-term savings.
Small and medium enterprises (SMEs), in contrast, can reinvest a 30% cut in forex fees into hiring, inventory, or innovation, stimulating growth in a fluctuating rand economy.
As currency fluctuation and inflation rise, an economical forex solution becomes critical for offshore investments, tax emigration, estate planning, and trade operations.
A premium service
When dealing with banks, it’s not just about cost; it’s also about convoluted procedures and impersonal service. “Banks treat customers as mere statistics, often putting them on hold or passing them between different representatives,” says Scherzer.
In contrast, Future Forex assigns each client a dedicated account manager—a singular contact who thoroughly understands your specific needs, whether you’re emigrating, investing abroad, or managing an import/export enterprise.
“Our specialists are always available to assist you throughout the process—ranging from compliance support and Balance of Payment (BoP) code submissions to transaction status tracking. All these services come at no extra charge,” Scherzer adds.
An intuitive platform
Alongside personalized service, Future Forex provides a streamlined, user-friendly online platform—the first of its kind in South Africa’s forex industry. Clients seeking to manage their international payments independently can effortlessly access live exchange rates, real-time payment tracking, and easy document uploads from their smartphones or desktop computers.
Navigating regulations seamlessly
Cross-border transactions also involve a multitude of compliance challenges, but Future Forex takes care of all the necessary documentation—like advanced payment notifications (APN) and approval of international transfer (AIT) applications—at no additional cost, ensuring adherence to South African Reserve Bank and South African Revenue Service regulations.
Setting a new benchmark
The innovative approach of Future Forex has earned it the ‘Company of the Year’ award at the 2025 Africa Career Summit, along with multiple recognitions in 2024.
“We are dedicated to making cross-border transactions quicker, more affordable, and simpler for South Africans,” asserts Scherzer. “Our technology and expert team provide tailored solutions that grant clients complete control, transparency, and peace of mind with each transaction.”
Follow this link to connect with a Future Forex expert or to request a quote for your transaction. You can also reach them at 021 518 0558.
Brought to you by Future Forex.
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