Future Forex is challenging one of the banks’ most lucrative markets – foreign exchange – amid growing frustration over the banks’ sky-high fees. South African banks rake in over R15 billion annually from forex charges, with most customers unaware they’re paying an average of 2-3% per transaction.
“High fees are so entrenched within traditional banking systems that they’re rarely challenged, but we’ve set out to change that,” says Harry Scherzer, CEO of Future Forex and a qualified actuary. Unless you’re a large corporation that may be able to negotiate better forex rates, the odds are stacked against you – SMEs and individuals have been paying a premium for far too long.
Banks bury the actual costs in convoluted fee structures. Beyond obvious costs like SWIFT fees (R500-R1 000) or admin charges, the real cost is buried in the spread, which is the difference between a currency’s buy and sell price, masked by a misleading mid-market rate.
For instance, if you’re sending R1 million to the US at a spot rate of R17.70 to the dollar, a bank might charge you R18.06 instead. That 36c difference translates to a hidden cost of R20 000 – a 2% markup on the transaction – and that’s not counting the SWIFT fees or admin costs.
“Banks have hidden these costs for decades,” Scherzer says. “We prioritise transparency, showing clients exactly what they’re paying. They’re stunned when they see the true cost.”
Offshore investments, tax emigration, estate planning, and import-export deals are all weighed down by excessive forex costs, with the rand’s volatility only magnifying the strain on individuals and businesses in SA.
A smarter, cheaper solution
Future Forex has disrupted this outdated banking model with fully transparent pricing, while at the same time reducing costs by up to 50% for individuals and 30% for businesses.
As an individual, whether you’re purchasing a property abroad or investing offshore, a 50% saving on forex fees leaves you with significantly more at your disposal. The same is true for SMEs: a 30% reduction means more money to reinvest into the growth of your business.
“We blend cutting-edge tech with economies of scale to significantly undercut banks,” Scherzer explains. “Our research showed huge frustration with fees and poor service – we’re successfully transforming both.”
Future Forex’s solution is a one-stop shop: lower costs, transparent pricing, human-centred expertise, and a platform handling everything from compliance to execution. “Paying 2-3% to move money is absurd when tech can make it affordable and seamless,” says Scherzer.
Personalised, hassle-free service
Beyond fees, banks often leave customers with impersonal call centres, unhelpful chatbots, and endless paperwork. However, Future Forex solves this with a personalised, efficient approach, blending intuitive technology with white-glove support. Clients can manage transactions via an online account (available via mobile app or on desktop), but they’re also assigned a dedicated account manager to handle compliance, track payments, and resolve issues.
This approach earned Future Forex the ‘Company of the Year’ award at the 2025 Africa Career Summit. “We’re delighted to have been recognised for the innovation and impact we have been able to bring to the forex market. We’ve simplified international transfers while cutting costs dramatically,” Scherzer says.
Navigating red tape
South Africa’s strict exchange controls add complexity to forex, but Future Forex manages compliance with the South African Revenue Service (Sars) and South African Reserve Bank (Sarb) at no extra cost. From securing Advanced Payment Notification (APN) numbers to processing Approval of International Transfer (AIT) applications, the company saves clients time and stress.
Future Forex is revolutionising South Africa’s forex industry with a cost-effective, transparent, and premium service. So why settle for outdated, costly banking methods?
Contact
Future Forex can be contacted via email at info@futureforex.co.za or by phone at 021 518 0558. For more information go to https://futureforex.co.za/forex/personal (Personal Forex) or https://futureforex.co.za/forex/business (Business Forex).
Brought to you by Future Forex.
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