Anyone who has sent or received money from abroad knows the frustrations of doing so through traditional banks. Between sky-high fees, endless delays and impersonal service, you end up losing more time and money than you should.
Despite complaining loudly about this for decades, very little has changed. Banks typically charge 2-3% per transaction, raking in over R15 billion in fees each year. For years, they operated without competition – until fintech companies like Future Forex stepped in, offering a game-changing alternative with lower fees, full transparency, and top-tier service.
In today’s tech-driven world, where digital tools have simplified so many transactions, why do cross-border payments still come with such hefty price tags? It’s a question that prompted Future Forex to develop a tech-driven solution backed by a real human touch – and one that significantly undercuts the traditional costs of forex.
“Banks have gotten away with charging 2–3% on every rand sent abroad for too long,” says Harry Scherzer, CEO of Future Forex and a qualified actuary. “It’s an outdated practice, and we’re here to give South Africans a more cost-effective and seamless option.”
Banks often hide their profits in murky pricing models. While they may list smaller fees like SWIFT charges (R500-R1 000) or “admin” and “commission” costs, the real expense lies in the hidden exchange rate spread – the gap between buying and selling rates.
Moneyweb has been tracking this over a period of several weeks, finding that spreads at South Africa’s top five banks range from 1.8% to 2.6%, sometimes jumping over 3% when markets are shaky – as has been the case in recent months. “We’re focused on educating customers about these fees because many don’t even realise how much they’re overpaying,” Scherzer explains.
Reducing forex costs by 30-50%
Future Forex is shaking up this old system, cutting costs by up to 50% for individuals and 30% for businesses, while offering a far better customer experience.
For someone buying a home overseas or investing offshore, cutting forex fees in half makes a huge difference – especially in today’s economic climate. For SMEs, saving 30% on forex costs frees up valuable capital that can be reinvested into the growth of the company. “These savings add up quickly, especially for businesses making frequent transfers,” Scherzer notes.
The demand for a better option has never been more clear. From offshore investments to tax emigration, estate planning, and import-export deals, high forex fees weigh heavily on South Africans, particularly at a time when trading margins are under pressure due to a weaker rand and rising production costs.
Streamlining forex
Future Forex provides an all-in-one solution: lower fees, total transparency, dedicated expertise and a platform that seamlessly handles everything from compliance to payment execution. “This is the change South Africans have been waiting for,” says Scherzer.
Banks also fall short on service, often leaving customers stuck in call centre loops or dealing with unhelpful chatbots.
“We hear this complaint all the time from people switching to us,” Scherzer adds. “In fact, this was what prompted us to develop a solution that combined tech and human expertise, so our customers could get all their questions answered by someone with in-depth knowledge of the international payment space. But just as importantly, to ensure that their transactions safely and swiftly completed.”
Tech meets personal support
Future Forex blends cutting-edge technology with a truly personalised approach. Each client gets a dedicated account manager from the start, who is readily available to help navigate payments and regulations. For those who prefer to manage their payments autonomously, the Future Forex web and mobile app (accessible online or on Apple and Google Play) offers an easy way to book transactions, track payments, and upload documents in just minutes, avoiding the hassle of bank processes.
Simplifying compliance challenges
South Africa’s strict exchange controls only add to the complexities of the process, but the teams at Future Forex handles it all at no extra cost.
They manage approvals with the South African Revenue Service (Sars) and South African Reserve Bank (Sarb), including Advanced Payment Notification (APN) numbers and Approval of International Transfer (AIT) applications, so clients can focus on what matters without having to worry about the red tape.
Ultimately, banks rely on unclear pricing and slow systems, but Future Forex offers a clear, efficient alternative that saves money and eliminates the hassle. As Scherzer puts it, “Why overpay for less when you can save more 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.
Moneyweb does not endorse any product or service being advertised in sponsored articles on our platform.