Moving money internationally? You finally have an easier, cheaper option

Combining intuitive tech and dedicated expertise, award-winning fintech Future Forex is redefining the entire international money transfer process.

South Africans sending or receiving money internationally via the major banks have long faced steep and unclear charges, a widespread issue that many still don’t fully grasp. Whether for business or personal needs, it’s common to pay between 2% and 3% in fees for what should be a straightforward electronic payment.

Multi-award-winning fintech Future Forex has turned this traditionally clunky and overpriced market on its head.

Through its integrated foreign-exchange platform, the company reduces transaction costs by as much as 30% for businesses and 50% for individuals.

“Cutting the cost of international payments is completely achievable,” says Harry Scherzer, CEO of Future Forex and a qualified actuary.

“For too long, banks have profited heavily while their customers foot the bill. For us, it’s not simply a matter of deploying the very latest technology, though we do that in a way no one else has. It’s the blend of leading tech with expert human interaction that makes the difference.

“When sending money abroad, you want to be able to pick up the phone and instantly speak to a specialist who understands you or your business, and the regulations around forex.”

Forex fees charged by the banks remain inexplicably high. Consider an import business that needs to purchase R1 million in USD. The hidden charges on this could easily reach R20 000 – an expense that often goes unnoticed or unchallenged.

“When you make multiple international payments annually, these amounts compound far quicker than you realise,” Scherzer adds. “What looks like a small charge on a single transaction can translate to tens of thousands of rands lost over the long term.”

For people emigrating, investing offshore, purchasing property abroad, or paying for a child’s international education, these obscured costs mean that significantly less money reaches its destination.

SMEs feel the pinch just as sharply: every percentage point saved can be redirected into growth or operational expansion.

How the fees are hidden

Banks typically apply a visible SWIFT fee, generally between R500 and R1 000, plus possible extra commissions. However, these upfront charges are only a small part of the story.

The major expense is embedded in the exchange rate margin, or ‘spread’. For instance, if the market rate for USD/ZAR is 17.15, a bank might offer you 17.50 – effectively adding a hidden markup of over 2%. On large or regular transfers, this margin quickly accumulates into a considerable sum.

Future Forex’s goal is to disrupt the long-standing dominance of traditional banks. “Using our own technology and scale, we’ve removed the inefficiencies built into the legacy system,” says Scherzer.

He identifies a key problem as customer unawareness. “Many South Africans don’t realise what they’re really paying, because banks not only charge high spreads but apply them inconsistently, keeping the true cost unclear. We do the opposite: a highly competitive, fixed, and transparent fee with no hidden markups.”

Anyone making an offshore transaction should use Future Forex’s Hidden Fees Calculator to see how much they could be losing to the banks.

Service as a priority

If you’re transacting through the banks and need to speak to someone, chances are you’ve had to deal with an impersonal chatbot or call centre, only to find you end up running around in circles. This is where personalised service is paramount.

“We survey all our clients and this is the most common gripe about the banks – apart from the high costs,” says Scherzer. “They can’t easily speak to a human when they need to, and this is particularly important because one mistake can hold up a transfer for days. That’s why we allocate a dedicated account manager to each client – a foreign exchange expert that you can call at any time for guidance and updates.”

For those who prefer to manage their payments independently, Future Forex’s intuitive online platform allows users to book transactions with ease, manage beneficiaries, view live rates, and track payments in real time.

“For our business clients, our team of account managers and forex technical specialists effectively become your dedicated forex department,” says Scherzer. “We assist with everything from SA Reserve Bank approvals to Balance of Payments codes and Advance Payment Notification applications – all included in our service at no extra cost.

“For individuals, our experts provide full support through the transfer process and necessary documentation, again at no additional charge. Whether it’s tax-related guidance or helping with a South African Revenue Service Approval for International Transfer [AIT], we manage it all for you.”

Clients also benefit from a suite of complimentary, easy-to-use currency risk management tools, including forward exchange contracts and foreign currency accounts.

This pioneering blend of transparency, technology, and service – a first in South Africa’s forex sector – has earned the company several prestigious awards. These include ‘Company of the Year’ at the 2025 Africa Career Summit and ‘Outstanding Customer Service in Forex & Payments, South Africa’ from the World Business Outlook Awards, adding to a string of accolades received in 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.

Moneyweb does not endorse any product or service being advertised in sponsored articles on our platform.