Moving money to or from South Africa should be a seamless process. Yet many South Africans who rely on their bank for larger international transfers find themselves paying far more than they realise – while also navigating complex exchange control requirements, extensive documentation and unexpected delays.
Whether you’re purchasing property abroad, relocating overseas, bringing foreign income back to SA or managing import/export payments for your business, there are hidden costs to understand, regulations to comply with and documentation to complete before funds can move.
Recognising that international payments had become unnecessarily complex, South Africa’s largest independent foreign exchange intermediary, Future Forex, set out to offer a better alternative.
Combining regulatory expertise with purpose-built technology and dedicated account managers, the company has transformed the way individuals and SMEs transact internationally – making international transfers simpler, more transparent and far more cost-effective.
According to Harry Scherzer, CEO of Future Forex and a qualified actuary, one of the biggest misconceptions is that the high cost of moving money internationally is simply unavoidable.
“For too long, people have accepted pricing that just isn’t justified,” he says.
“We’ve shown that international payments can be delivered at a fraction of the cost while providing the specialist expertise, transparency and support clients actually need.”
Future Forex offers international transfer fees that are up to 50% lower for individuals and up to 30% lower for businesses than those typically charged by major banks.
For clients making regular international transfers – or moving larger sums of money – that can translate into substantial savings, alongside a premium client experience.
Looking beyond the headline fee
One of the biggest misconceptions is that the processing or SWIFT fee shown on a bank statement reflects the total cost of an international transfer. In reality, one of the largest costs is often built into the exchange rate itself.
An online search for the rand-dollar exchange rate will typically display the mid-market rate, but this won’t be the rate customers receive.
Instead, banks generally build a hidden margin of around 2-3% into the exchange rate they offer, a difference that can translate into thousands of rands on larger transfers.
On a R1 million transaction, for example, a seemingly small 2% difference equates to R20 000 before any more visible charges are taken into account.
For an individual, that could mean less funds available for an offshore investment, overseas property purchase or a new life abroad. For a business, it could mean tighter margins, higher import costs or less working capital.
That’s why Future Forex shows clients the applicable exchange rate, the total cost of the transaction and exactly how much money will arrive at the other end before they commit to the transfer.
“We believe clients should have complete clarity from the outset,” says Scherzer. “Once you understand the full cost of the transaction, you can make a meaningful comparison.”
Expert guidance through a complex process
Every international transaction must also comply with South Africa’s complex exchange control framework, which can involve additional tax approvals, supporting documentation and regulatory reporting depending on the nature of the payment.
Future Forex guides clients through these requirements at no additional cost, assisting with Approval of International Transfer (AIT) applications, South African Reserve Bank (Sarb) approvals where required, Advance Payment Notification (APN) submissions and Balance of Payments (BoP) reporting.
By ensuring the correct documentation is in place from the outset, the team helps minimise delays and keeps transactions moving as smoothly as possible.
For clients permanently relocating abroad, Future Forex also provides specialist assistance with ceasing South African tax residency and other tax emigration requirements.
“Our role is to remove the complexity,” says Scherzer. “Clients shouldn’t have to become experts in exchange control or tax compliance simply to move money internationally.”
Blending technology and personalised support
Complementing its white-glove service, clients can access live exchange rates, request quotes, upload documentation, manage beneficiaries and track their payments through Future Forex’s intuitive online platform and mobile app.
Much of the administrative work is handled digitally behind the scenes, ensuring transactions move seamlessly.
However, Scherzer believes technology alone isn’t enough.
“Our clients consistently tell us they value knowing there’s someone they can call who understands their transaction,” he says.
“Technology delivers speed and convenience, but having a real expert by your side makes all the difference.”
Every client is supported by a dedicated account manager who remains their single point of contact throughout the process, eliminating the frustration of being passed between departments or having to explain the same transaction multiple times.
The result is a service that combines the convenience of a modern fintech platform with the reassurance of expert, personalised support.
Source: Future Forex
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 and Payments, South Africa’ at the World Business Outlook Awards, adding to a consistent string of recognitions in previous years.
Most recently, Future Forex was ranked second in News24’s fastest-growing South African companies (2026), reinforcing its rapid growth and position in the market.
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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