Earning in a foreign currency has its advantages. But for South Africans bringing that income home, the amount arriving in their bank accounts can be a disappointment once bank fees and currency conversion costs have taken their share.
These costs can eat up 2-3% of a payment, reducing the benefit of earning dollars, pounds or euros while living in SA.
The same applies to ‘swallow’ visitors who spend several months of the year in South Africa while working for overseas clients. A favourable exchange rate may stretch their earnings further, but the cost of transferring those funds can erode that advantage.
“This has become a serious problem for those earning funds abroad,” says Harry Scherzer, a qualified actuary and CEO of award-winning fintech Future Forex.
“For someone bringing money home every month, the cost of converting foreign earnings into rands becomes a recurring expense. It deserves the same scrutiny as an insurance premium or a monthly debit order.”
Future Forex reduces the costs of bringing funds into SA by up to 50% for individuals and 30% for companies. For those transferring money regularly, those savings soon add up.
Look beyond the transaction fee
Understanding what a transfer actually costs is not always straightforward. Some charges are clearly listed, such as SWIFT fees, administration fees and commissions. Others are less obvious, particularly the buy-sell spread built into the exchange rate.
The rate displayed by a Google search is generally the mid-market rate. It is a useful reference point, but it is not necessarily the rate you will receive when converting your foreign earnings into rands.
A Moneyweb analysis shows banks this week were buying USD at about R16.48 and selling at R16.80 – a difference of about 2%. Add the other costs – SWIFT (R500-R1 000 per transaction, plus admin fees and commissions) and the total can total 3% or more.
On a $10 000 transfer, that exchange rate difference alone could amount to amounts to more than R3 000.
Future Forex is able to slash these costs by about half for individuals, which adds up to at least R36 000 over the course of a year.
What’s more, the company offers a single, transparent fee – with no hidden costs.
Make getting paid simpler
For freelancers and consultants, earning an income already involves managing clients, submitting invoices and following up on payments. Bringing that money home should not add another layer of administration.
Future Forex assigns clients a dedicated account manager who assists with the documentation required for their transfers and guides them through the process.
That continuity is particularly useful for people receiving funds regularly. A consultant paid by several overseas clients may have different requirements from an employee receiving a fixed monthly salary, or someone working abroad and sending money home to support family.
Having an account manager familiar with those circumstances can make each subsequent transfer easier to handle.
Support for South Africans with international income
Future Forex’s service caters for people who are:
- Living in SA and receiving a salary from a foreign employer;
- Working abroad and sending money home for family support, living expenses or investments;
- Bringing accumulated savings or investment returns back to SA; or
- Returning to South Africa permanently and needing assistance transferring their funds home.
Supporting that personal service is an online platform and mobile app through which clients can access live exchange rates, request quotes, upload documents and track payments.
By simplifying document collection and reducing manual administration, the technology helps speed up the process and minimise avoidable delays.
Whether it’s a monthly salary, freelance income or savings accumulated overseas, the aim is the same: less time spent managing transfers, greater clarity about the costs and more of your earnings reaching your South African account.
Technology with personal support
Clients can use Future Forex’s online platform and mobile app to request quotes, upload documents and track payments. Those who prefer to speak to someone can arrange transactions through the dealing room or their account manager.
For businesses, the platform also offers customisable approval workflows, allowing companies to determine who must authorise a transaction before it proceeds.
Complementing Future Forex’s white-glove service is its purpose-built technology, which streamlines much of the administration behind the scenes.
Through its online platform and mobile app, clients can access live exchange rates, request quotes, upload documentation and track payments in real time.
By reducing manual administration and simplifying document collection, the platform helps improve turnaround times while minimising delays.
From straightforward monthly salary transfers to more complex cross-border transactions, Future Forex combines specialist expertise with intuitive technology to make moving money to South Africa faster, more transparent and significantly easier.
You can track your payments and monitor exchange rates in real time on the Future Forex app. Image: Future Forex
Future Forex’s approach has earned consistent industry recognition, including ‘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.
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.
#Earning #salary #Heres #bring #money #home