South Africans Discover a More Affordable and Convenient Method for International Fund Transfers Compared to Traditional Banks

There’s a common perception that South African banks are in fierce competition for your forex needs, but Future Forex is challenging that notion by offering significantly lower forex fees along with a top-notch, personalized service.

“Forex is arguably one of the least competitive areas in banking,” asserts Harry Scherzer, CEO of Future Forex and a qualified actuary. “Although banks provide varying rates, they usually fall within a narrow range of about 2-3%. This margin is not just excessive but often hidden from customers, which is exactly why we aim to disrupt the market.”

Future Forex has shown that consumers frequently pay 30-50% more than necessary for major currencies like the US dollar, euro, and pound when using traditional banks. For larger transactions, these additional costs can escalate quickly. Banks achieve this by obscuring true costs within the spread fee, which represents the difference between the buying and selling price of a currency. A wider spread means higher costs for the customer.

For instance, consider a R1 million transfer to the US at a spot exchange rate of R17.64. A bank might offer a rate of R18, applying a 2% markup on the transaction—amounting to R20,000—along with SWIFT fees (R500-R1,000) and other charges. “Clients are often shocked when they see how much they’ve overpaid,” Scherzer observes. Given that forex transfers are primarily electronic, justifying such steep fees becomes increasingly difficult.

Future Forex reduces costs by up to 50% for individuals and 30% for businesses, resulting in substantial savings for clients engaged in offshore investments, tax emigration, estate planning, or import-export activities.

“Our advanced technology and economies of scale allow us to consistently provide better rates than banks,” Scherzer explains. “Banks have little incentive to be transparent, so we are changing that by helping clients fully understand their forex fee structures while ensuring they get the best possible rates.”

White glove service

In addition to cost savings, Future Forex emphasizes a personalized experience. In contrast to banks that often rely on impersonal call centers or chatbots, Future Forex assigns each client a dedicated account manager—an expert who handles compliance, tracks payments, and resolves issues on behalf of the client.

“Our goal is to eliminate the absence of personal interaction that clients frequently report from banks. What sets us apart is our dedicated account managers, who cultivate authentic relationships with clients and invest time in understanding their specific needs. This makes a notable difference,” Scherzer adds.

For those who prefer a proactive approach, Future Forex offers a user-friendly online account—accessible via both mobile app and desktop—where clients can book and track payments in real-time, view live exchange rates, and conveniently upload necessary documents. This is all managed through an intuitive dashboard: a first of its kind in South Africa’s forex arena.

This blend of tailored service and digital convenience earned Future Forex the ‘Company of the Year’ award at the 2025 Africa Career Summit. “We’ve worked tirelessly to streamline forex transactions, leveraging advanced technology and world-class expertise,” Scherzer states.

Navigating regulatory barriers

South Africa’s stringent exchange control regulations further complicate international payments, requiring compliance with the SA Reserve Bank (Sarb) and the SA Revenue Service (Sars). However, Future Forex simplifies this complexity by managing all additional paperwork, such as Advanced Payment Notification (APN) and Approval of International Transfer (AIT) applications, without any extra fees.

By eliminating hidden charges, streamlining compliance, and emphasizing outstanding service, Future Forex is reshaping how South Africans handle international payments.

If you’re transferring money internationally for personal or business purposes, why pay excessive bank fees when there’s an alternative focused on transparency, affordability, and customer satisfaction?

If you’d like to know more, connect with a Future Forex expert by following this link. You can also reach them at 021 518 0558 or visit their website at

Brought to you by Future Forex.

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