An Affordable and Efficient Way for South Africans to Send Money Abroad

Anyone who has experienced sending or receiving money internationally knows the frustrations associated with conventional banking methods. High fees, ongoing delays, and impersonal customer service often result in wasted time and resources.

Despite longstanding complaints about this issue, little has changed. Banks typically charge fees of 2-3% for each transaction, raking in over R15 billion annually from these charges. Traditionally, they have operated in a competitive vacuum—until fintech companies like Future Forex appeared, offering a groundbreaking alternative with lower fees, greater transparency, and enhanced service.

In our technology-driven world, where digital solutions have simplified many financial transactions, it is puzzling why cross-border payments remain so costly. This led Future Forex to develop a tech-based solution that incorporates a true human element while significantly reducing standard forex expenses.

“Banks have taken advantage of the ability to charge 2-3% on every rand transferred overseas for far too long,” states Harry Scherzer, CEO of Future Forex and a qualified actuary. “This outdated approach needs to be revolutionized, and we are here to offer South Africans a more affordable and seamless alternative.”

Banks often hide their profits behind complex pricing strategies. While they may disclose small fees like SWIFT charges (ranging from R500 to R1,000) or “admin” and “commission” fees, the real cost lies in the hidden exchange rate spread—the difference between buying and selling rates.

Recent tracking by Moneyweb over several weeks has shown spreads at South Africa’s top five banks surging from 1.8% to 2.6%, sometimes exceeding 3% during volatile market conditions—reflecting trends seen in recent months. “Our goal is to educate customers about these costs because many do not realize how much they are overpaying,” Scherzer remarks.

Reducing forex costs by 30-50%

Future Forex is revolutionizing this outdated system, cutting expenses by up to 50% for individuals and 30% for businesses, all while ensuring an outstanding customer experience.

For those buying property abroad or investing internationally, slashing forex fees can significantly impact their finances—especially in today’s economic landscape. For small and medium enterprises (SMEs), saving 30% on forex costs can free up substantial capital for reinvestment. “These savings accumulate quickly, particularly for companies that regularly require money transfers,” Scherzer adds.

The need for a superior alternative has never been more evident. From offshore investments and tax emigration to estate planning and international trade, inflated forex fees burden South Africans—especially when trade profits are squeezed by a weak rand and rising production costs.

Simplifying the forex experience

Future Forex provides a complete solution: lower fees, full transparency, specialized expertise, and a platform that seamlessly manages everything from compliance to payment execution. “This is the change that South Africans have been waiting for,” emphasizes Scherzer.

Banks also fall short in customer service, often leaving clients tangled in endless call center loops or struggling with ineffective chatbots.

“We consistently receive this feedback from new clients,” adds Scherzer. “This was a major motivation for us to create a solution that combines technology with human expertise, ensuring that our customers’ inquiries are handled by knowledgeable professionals in the international payments sector. Equally important, we aim for their transactions to be executed quickly and securely.”

Integrating technology with personal support

Future Forex merges cutting-edge technology with a genuinely personalized approach. Every client is assigned a dedicated account manager from the beginning, who is always available to assist with payment navigation and regulatory concerns. For those who prefer to manage their transactions independently, the Future Forex web and mobile app (available online or on Apple and Google Play) simplifies the process of booking transactions, tracking payments, and uploading documents in just minutes, removing the hassles linked to traditional bank systems.

Streamlining compliance issues

The strict exchange controls in South Africa add complexity to the process, but Future Forex’s teams manage all aspects without any additional fees.

They take care of approvals with the South African Revenue Service (SARS) and South African Reserve Bank (SARB), including Advanced Payment Notification (APN) numbers and Approval of International Transfer (AIT) requests, allowing clients to focus on what matters most, free from bureaucratic hurdles.

Ultimately, while banks rely on obscure pricing and slow systems, Future Forex offers a straightforward, efficient solution that saves money and eliminates the hassle. As Scherzer puts it, “Why pay more for less when you can save more and receive better service?”

Contact

Reach Future Forex via email or by phone at 021 518 0558. For more information, visit Personal Forex or Business Forex.

Brought to you by Future Forex.

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