6 days ago
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If you’ve ever made an international payment through a traditional bank, you’ll know the challenges: high fees, slow processing times, and poor customer service – with regulatory uncertainties only adding to the burden.
Even a small mistake – like selecting the wrong Balance of Payments (BoP) code – can delay your transaction by days or even weeks.
Future Forex has redefined the process, offering a sleek, efficient, and low-cost alternative for South Africans moving money internationally. The savings are substantial: up to 50% for individuals and 30% for businesses.
The company’s disruption has exposed a startling reality: South Africa’s major banks rake in over R15 billion annually through hidden forex fees. “South Africans are tired of paying unnecessarily high fees for cross-border payments and poor service,” says Future Forex CEO Harry Scherzer, a qualified actuary.
“For years, banks have made a fortune off foreign exchange transactions, largely because customers lacked visibility and alternatives. When we onboard a new client, we explain how the banks have been overcharging them through a web of hidden and opaque costs, and they’re shocked at how they’ve been misled.”
Why are banks’ forex fees so high?
Banks typically charge 2-3% per transaction through hidden spreads – the difference between a currency’s buy and sell price. Let’s take a R1 million transfer to the US as an example: if the spot rate is R17.70 per USD, banks might quote R18.06, adding a 2% spread that costs R20 000 in hidden fees, plus SWIFT fees (R500-R1 000) and additional admin charges.
For small to-medium-sized enterprises (SMEs) that are importing R500 000 in goods, a 30% fee reduction frees up substantial capital for growth. The same is true for individuals: saving 50% on your forex fees makes a huge difference toward reaching your long-term goals.
In a volatile economy with a fluctuating rand, these savings are crucial. “Bank forex fees burden everything from offshore investments and property purchases to tax emigration and the import/export industry,” Scherzer notes. “We’ve set out challenge the banks’ oligopoly in the space. It’s not just a matter of charging drastically lower costs, but transforming the customer experience entirely.”
Blending efficiency and white-glove service
Future Forex leverages advanced technology and economies of scale to undercut banks without sacrificing service. “Our in-house tech eliminates inefficiencies,” Scherzer explains. “Customers want transparency when it comes to fees. We ensure our clients know exactly what they’re paying for upfront, and we couple this with the kind of service typically reserved for private bank clients or large corporates.
Unlike banks, which often rely on chatbots or understaffed call centres, Future Forex blends cutting edge tech with the human touch – pairing each client with a dedicated account manager who is readily available via WhatsApp, phone call or email. “Our account managers are experts in the foreign exchange space, and are here to answer queries, chase up transactions and offer expert guidance – all at no extra charge.”
For those who prefer to manage their transactions independently, Future Forex’s platform offers live exchange rates, real-time payment tracking, and easy document uploads via a user-friendly mobile app or desktop interface, blending convenience with clarity.
Regulatory assistance
Navigating the regulatory maze is one of the more frustrating issues when it comes to cross-border payments. However, Future Forex manages all paperwork – including Advanced Payment Notification (APN) and Approval of International Transfer (AIT) applications – at no extra cost, ensuring seamless compliance with the SA Reserve Bank and SA Revenue Service.
“Our team knows the regulatory landscape inside out,” Scherzer says. “We’ve specifically addressed the complexities of the process so that our clients can focus on what matters most, without unnecessary hurdles.”
Future Forex is setting a new standard for transparency and value in financial services – with accolades, including ‘Company of the Year’ at the 2025 Africa Career Summit and multiple 2024 awards. For South Africans frustrated with opaque pricing and impersonal service, Future Forex offers greater value, enhanced transparency, and service you can rely on.
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.
Brought to you by Future Forex.
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