Banks charge 2-3% (sometimes more) for individuals and SMEs moving money into or out of the country, and this has become so embedded in SA’s financial system that few actually challenge it.
The cost of moving money internationally through the major banks is staggering. South African Reserve bank data shows close to R2.8 trillion entering and exiting the country each year. Even at a highly conservative cost of 1% on international transactions charged by the banks, that equates to R28 billion a year.
But for most bank customers, the costs are way higher than this.
“It’s not just the high costs of moving money internationally,” says Harry Scherzer, CEO of Future Forex and a qualified actuary.
“To make matters worse, the banks’ service often falls short. You end up being pushed from pillar to post, dealing with call centre staff who simply don’t understand you or your business.”
After decades of controlling the forex market, the banks are now facing some serious competition, with Future Forex leading the charge. The multi-award-winning fintech cuts international money transfer costs by up to 50% for individuals and 30% for companies – while completely redefining the customer experience.
“That’s a huge incentive for anyone sending or receiving international payments,” says Scherzer. “Our leading financial technology and economies of scale allow us to offer significant cost savings to our clients – securing rates far lower than those typically offered by the banks.”
How much are you actually being charged?
Banks are notoriously opaque when it comes to their international transfer fees, making it difficult for customers to understand what they’re really paying.
While some costs are clearly disclosed – such as SWIFT fees (normally R500-R1 000 per transaction), admin fees and commissions – the real kicker is buried in the ‘spread’. This is simply the difference between the price at which the bank buys and sells a currency.
The spread typically varies from one bank to another, but this week most banks were buying the US dollar at around R17.02 and selling at R17.40.
That’s a difference of 38c on each dollar, equivalent to a hidden cost of 2.2%. In practical terms, if you were sending R1 million to the US, you’d be paying R22 000 in hidden costs – excluding SWIFT and other admin fees.
“That’s exactly why we’ve built our business on complete transparency,” says Scherzer. “We guide every client through how their forex fees are structured, so they understand from the outset what they’re paying for and why. More often than not, clients are shocked to see just how much they’ve been overcharged.”
Anyone doing a forex transaction through the banks should have a look at Future Forex’s Hidden Fees Calculator to see how much you’re really paying.
Redefining the international payment experience
Beyond the costs, international payments are a familiar headache among South Africans. Transactions that should be seamless often face delays, get lost, or become entangled in complex bank and regulatory processes.
A common hurdle is selecting the correct Balance of Payments (BoP) code from a daunting list – choose the wrong one, and your payment could be stalled for days.
“Navigating international payments can be incredibly frustrating,” says Scherzer. “When issues arise, you’re often left grappling with impersonal call centres or unhelpful chatbots, where no one understands your specific needs.”
That’s why Future Forex takes a different approach, assigning every client a dedicated account manager – an expert in foreign exchange who tailors solutions to that client’s unique needs, whether they’re emigrating, investing offshore or managing an import/export business.
“Our experts are on-hand throughout the process,” says Scherzer. “From ensuring compliance and assisting with tax requirements to guiding you through BoP code submissions and tracking your transactions, they’re just a phone call away for any questions or concerns.”
Future Forex also handles all necessary approvals from the South African Revenue Service (Sars) and the South African Reserve Bank (Sarb) at no additional cost, so its clients can transact seamlessly without having to worry about any red tape.
A multi-award-winning solution
Alongside its renowned white-glove service, Future Forex offers clients a highly intuitive web and mobile platform to book and track transactions with ease, upload required documents, and receive real-time updates – all from a single interface.
This innovative combination, a first of its kind in South Africa’s forex industry, has earned the company multiple awards. Among these are ‘Company of the Year’ at the 2025 Africa Career Summit and ‘Outstanding Customer Service in Forex & Payments, South Africa’ at the World Business Outlook Awards, building on a strong track record of recognition throughout 2024.
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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