South Africans are fed up with the exorbitant costs of sending money overseas, and with good reason: the banks charge 2-3% per international transaction, collectively pocketing over R15 billion annually in fees.
For decades they faced no real opposition – until fintechs like Future Forex entered the industry. The company has revolutionised international transfers with radically lower costs, transparent pricing and premium service.
In a digital age where technology has streamlined the way we work and transact, why are cross-border payments still plagued by steep fees? With the rand’s volatility only amplifying the burden, it’s no surprise that individuals and businesses are seeking smarter, more affordable ways to move money globally.
“High fees are so entrenched in banking that they’re rarely questioned, but we’re changing that,” says Harry Scherzer, a qualified actuary and CEO of Future Forex.
“Charging 2-3% for every rand that crosses the border is no longer justifiable, if it ever was, and it’s time for South Africans to have access to better, more efficient ways of moving their funds abroad.”
Banks profit significantly by using opaque pricing structures to their advantage. “A primary focus of ours is to educate the market on exactly how these fees are charged, as many clients are simply unaware of the hidden costs involved,” says Scherzer.
While Banks typically disclose minor charges like SWIFT fees (R500-R1 000) or “admin” and “commission” costs, the real expense is baked in the spread – the difference between buy and sell rates. A Moneyweb analysis shows spreads at South Africa’s big five banks range from 1.8-2.6%, sometimes spiking above 3% in volatile markets. These margins are not only hidden but also charged inconsistently, leaving customers in the dark about the true cost of their transfers. “South Africans have long been misled into trusting banks for forex transactions,” Scherzer explains.
Future Forex has disrupted this outdated model, cutting costs by up to 50% for individuals and 30% for businesses.
By leveraging cutting-edge technology and economies of scale, the company undercuts banks while delivering superior service. For individuals buying property abroad or investing offshore, halving forex fees means more money stays in their pockets. Small and medium enterprises (SMEs) benefit too, with 30% savings freeing up capital for growth.
“These savings compound over time, making a real difference to the bottom line – particularly for businesses that transact regularly,” says Scherzer.
The need for alternatives has never been more evident. Offshore investments, tax emigration, estate planning, and import-export deals are burdened by excessive forex costs, only worsened by South Africa’s economic challenges.
Future Forex offers a one-stop solution: competitive rates, full transparency, human expertise, and a platform that handles everything from compliance to execution. “This is the disruption the market’s been longing for,” Scherzer says.
Beyond costs, the banks’ dismal service – characterised by endless call centre loops and unhelpful chatbots – makes an unnecessarily frustrating process even more tedious. “This is one of the major gripes that we hear from bank customers who turn to us to handle their international payments,” says Scherzer.
Blending technology with personal expertise
Future Forex combines award-winning tech with a human touch. Every client is assigned a dedicated account manager from signup, guiding them through payments and regulatory complexities. For those who prefer to manage their payments independently, the Future Forex app, available on Apple and Google Play, provides a sleek interface to book transactions, track payments and upload documents in minutes, bypassing bank bureaucracy.
Taking complexities out of compliance
South Africa’s stringent exchange controls add another layer of complexity to international transfers, yet Future Forex simplifies this, managing compliance with the South African Revenue Service (Sars) and South African Reserve Bank (Sarb) at no extra cost. From securing Sarb approvals to handling Advanced Payment Notification (APN) numbers and Approval of International Transfer (AIT) applications, their team eliminates all the red tape so you don’t have to worry about it.
The bottom line: banks thrive on opacity and outdated systems, but Future Forex is delivering a transparent, efficient, and much-needed alternative. The savings and simplicity are undeniable, and as Scherzer puts it: “Why pay more when you can pay less and get better service?”
Contact
Future Forex can be contacted via email or by phone at 021 518 0558. For more information, go to Personal Forex or Business Forex.
Brought to you by Future Forex.
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