The Award-Winning Fintech Transforming Global Money Transfers: Easier and More Cost-Effective Solutions

Traditional banks are experiencing increased scrutiny and competition in a critical area—forex.

The forex market, worth over R15 billion annually for these banks, is facing substantial challenges from local fintech pioneers such as Future Forex. This company is setting new standards in the international money transfer industry, delivering unprecedented levels of cost transparency and customer service to South Africa.

It is quite surprising that banks still impose fees of 2-3% on every cross-border payment, a practice that has remained largely unchanged for decades. “Banks have long accepted high fees as the standard, and we aim to change that,” says Harry Scherzer, CEO of Future Forex and a qualified actuary.

In this technological era, where many transactions have been simplified, why do international transfers continue to be so expensive and complicated? Future Forex highlights that individuals and businesses are paying 30-50% more per US dollar, euro, pound, etc., compared to rates offered by banks, with the rand’s fluctuations further complicating the situation.

So, what accounts for these high bank fees?

“One significant issue is that many customers struggle to understand exactly what they are being charged by banks, as banks often obscure their substantial profit margins through complex pricing models. At Future Forex, we invest time in educating our clients about how these fees work,” explains Scherzer.

While banks may focus on smaller costs such as SWIFT fees (R500-R1,000) or “admin” and “commission” charges, the majority of expenses come from the hidden exchange rate spread—the gap between buying and selling rates. A Moneyweb analysis indicates that spreads at South Africa’s top five banks range from 1.8% to 2.6%, frequently exceeding 3% during volatile market periods. These inconsistent and concealed margins leave customers unaware of the true cost of their transactions.

Future Forex is transforming this model, reducing costs by up to 50% for individuals and 30% for businesses. By leveraging cutting-edge technology and economies of scale, the company consistently provides more competitive rates than traditional banks while delivering premium, personalized service.

For individuals investing in properties abroad or engaging in offshore investments, these savings can significantly enhance their long-term financial goals. Small and medium enterprises (SMEs) can also reap substantial benefits, with 30% savings providing crucial capital for growth. “Over time, these savings can make a huge difference, especially for businesses involved in frequent international transactions,” notes Scherzer.

Given the rising economic pressures in South Africa, the case for a better alternative is stronger than ever. Conventional forex fees continue to burden everything from offshore investments and tax emigration to estate planning and import/export transactions.

Integration of technology and personalized service

Future Forex offers a comprehensive service, combining competitive rates, complete transparency, expert guidance, and a platform that streamlines the entire process. “This level of innovation is what the market has been searching for,” asserts Scherzer.

Unlike traditional banks, which often leave clients to navigate frustrating call center labyrinths and chatbot dead ends, Future Forex’s award-winning approach blends cutting-edge technology with human support. “What sets us apart is the assignment of a dedicated account manager to each client right from the start – providing personalized assistance at every stage, from compliance help to transaction tracking. Having an expert who understands your specific personal or business forex needs makes a significant difference.”

For those who prefer a more direct approach, the Future Forex web and mobile app (available online and on Apple and Google Play) features an intuitive interface, allowing users to book transactions, monitor payments, and upload documents in minutes, cutting through the red tape associated with conventional banking.

Simplifying regulatory compliance

South Africa’s strict exchange controls add another layer of complexity to international money transfers, but Future Forex handles this smoothly and without extra charges.

The company ensures compliance with the South African Revenue Service (SARS) and the South African Reserve Bank (SARB), managing approvals such as Advanced Payment Notification (APN) numbers and Approval of International Transfer (AIT) applications. This allows clients to focus on their transfers without getting caught up in regulatory hurdles.

The advantages of savings, simplicity, and outstanding service offered by Future Forex are evident. Why keep paying banks’ premium rates when there’s a smarter alternative?

Contact

Future Forex can be contacted via email or by calling 021 518 0558. For additional information, visit Personal Forex or Business Forex.

Brought to you by Future Forex.

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