In most areas of finance, technology has made transactions faster, cheaper and more transparent. Yet when it comes to sending funds to and from South Africa, thousands of individuals and SMEs still face long delays and frustratingly high costs.
“This is exactly what prompted us to investigate the global payments market in SA,” says Harry Scherzer, CEO of Future Forex and a qualified actuary. “What we found was a market dominated by the banks, one that remains extremely inefficient and expensive – for reasons that are difficult to justify.”
For decades, South Africans have struggled to move money in and out of the country. The traditional banking system has been defined by high costs, manual processes, and underwhelming customer service.
Today, the market generates close to R20 billion a year in revenue for South Africa’s major banks combined — largely because customers are unaware they’re losing an average of 2-3% on every international transaction.
“Hidden fees are the real problem,” says Scherzer.
“What many clients don’t realise is that a significant portion of the cost sits inside the exchange rate itself. Add to that outdated service models, and customers often find themselves pushed from pillar to post, dealing with call centre staff who don’t fully understand their needs or their business.”
These longstanding inefficiencies have created space for alternative providers to bring greater transparency and efficiency to the industry. Multi-award-winning Future Forex is leading this shift, reducing forex costs by up to 50% for individuals and up to 30% for businesses.
“By leveraging proprietary tech and our economies of scale, we’re able to pass substantial savings directly to our clients,” adds Scherzer. “Just as importantly, our clients have full visibility of pricing upfront, with no hidden fees.”
The company’s edge comes from blending intuitive systems with expert human insight. “While we’ve developed a platform that’s unmatched locally, technology alone isn’t enough. When transferring funds internationally, you should be able to call and speak to a specialist who understands your unique circumstances, and the latest regulatory shifts.”
How much are you actually being charged by the banks?
Banks are notoriously opaque about the true cost of international money transfers, making it hard for customers to understand what they’re really paying – until you run the numbers.
While some fees are clearly disclosed, such as SWIFT charges (typically R500 to R1 000 per transaction) or admin fees/commissions, the biggest cost is often buried in the spread.
For example: Converting R1 million from ZAR to USD at the spot rate of R16/$ might see a bank quote closer to R16.35. That seemingly small difference means the bank effectively pockets around R20 000 in hidden costs on a single transaction — equivalent to roughly 2% on top of everything else.
“That’s why transparency is fundamental to how we’ve built Future Forex. We make sure our clients understand exactly what they’re paying from the outset, with no buried spreads or unexpected charges,” explains Scherzer.
Whether you’re buying property abroad, emigrating, managing offshore investments, the savings with Future Forex add up quickly. For high-value transfers, a 50% reduction can compound into life-changing amounts.
SMEs, meanwhile, can redirect those saved forex costs back into hiring, inventory, or business growth.
White glove service
“When clients send funds abroad, they want the process to be fast and seamless – that’s exactly what our tech delivers,” explains Scherzer.
“Yet when questions about regulations arise, or clients want to track their transfers, they need a real person – someone knowledgeable who can provide clear answers without bouncing them between departments.”
That’s why each Future Forex client gets a dedicated account manager – available via WhatsApp, call or email – to guide them through the full transaction cycle, provide timely updates, and offer expert compliance support as a complimentary service.
These foreign exchange specialists handle everything from Sars Approval of International Transfer (AIT) applications and South African Reserve Bank approvals to ensuring the correct Balance of Payments (BoP) codes are submitted – all at no extra cost.
For South Africans moving or living abroad, Future Forex also assists with the full tax emigration process.
“Our philosophy is simple: combine expert, hands-on support when it matters with intuitive technology that takes care of the rest,” says Scherzer.
Top-rated technology
For clients who like to manage their own transactions, Future Forex’s intuitive web and mobile app offers live exchange rates, real-time payment tracking, easy document uploads, and more – making forex payments simpler, faster, and more convenient than ever.
This powerful mix of innovative tech and personalised service has positioned Future Forex as a pioneer in SA’s foreign exchange landscape.
The company has earned multiple accolades, 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, adding to a consistent string of recognitions in previous years.
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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