We’re finally entering a new era in international payments, one where traditional banks are quickly losing their long-held monopoly – and South Africans are no longer forced to accept high fees and slow, complicated offshore transfers as the norm.
Multi-award-winning fintech Future Forex is leading this shift with a compelling international money transfer alternative to the banks: costs that are 30-50% lower, alongside a high-touch service model that traditional providers have long marketed but rarely delivered.
“Very few South Africans truly understand what they’re actually paying to send or receive funds internationally through their bank,” says Harry Scherzer, CEO of Future Forex and a qualified actuary.
“On the surface it looks like a straightforward fee structure, but once you run the numbers, the total cost can easily add up to 2-3% of the transaction value.”
This is because banks deliberately layer their pricing. There are visible charges – such as SWIFT fees (usually R500 to R1 000 per transaction), along with other administrative or commission costs – but the most significant cost is buried in the exchange rate itself, known as the “spread”.
For example, a quick Google search might show the rand trading at R16.58 against the dollar. But in practice, if you’re selling US dollars, you might be offered R16.42 by the bank instead – while buying dollars could see a quote of R16.91.
That 49-cent difference per dollar represents a hidden cost of roughly nearly 3% – that’s before SWIFT and other fees are factored in. On a R1 million transfer, that equates to around R20 000 in hidden costs before the transaction is even processed.
Through its economies of scale and advanced automation, Future Forex has reduced these costs by up to 50% for individuals and around 30% for companies.
These savings compound with every transaction – leaving individuals with more capital for offshore investments and long-term financial goals, and businesses with additional working capital to reinvest and grow.
“Transparency has always been fundamental to our model,” says, Scherzer. “In an industry where pricing has always lacked clarity, we’ve set out to reshape that standard entirely, ensuring our clients have full visibility on costs from the outset.”
An all-in-one solution
Beyond the fees, the traditional banking experience is often slow, impersonal, and fragmented – with clients passed between departments and receiving little clarity on what’s happening at each stage of the process.
“We analysed every step of the international payment process, identified the major friction points, and rebuilt it using world-class technology and deep industry expertise,” adds Scherzer.
From the moment a client registers with Future Forex, they’re paired with a dedicated account manager – a foreign exchange specialist who understands South Africa’s regulatory landscape and personally manages every transaction from start to finish.
“Whether you’re investing offshore, purchasing property abroad, tax emigrating, or managing import/export payments, our team manages the entire transfer process end-to-end – from onboarding and regulatory compliance through to Balance of Payments (BoP) coding and transaction monitoring.”
Future Forex’s team of compliance specialists also take care of all required documentation, including Approval of International Transfer (AIT) applications, ensuring full alignment with the South African Reserve Bank and South African Revenue Service requirements. This full-service approach is offered at no extra cost.
Clients also enjoy access to an intuitive web and mobile app, offering features such as live exchange rates, transaction booking, beneficiary management, and real-time tracking of funds – all within a single, convenient platform.
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 and Payments, South Africa’ at the World Business Outlook Awards, adding to a consistent string of recognitions in previous years.
Most recently, Future Forex was ranked second in News24’s fastest-growing South African companies (2026), reinforcing its rapid growth and position in the market.
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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