If you’re moving funds into or out of South Africa using your bank, it might be easy to overlook what it’s really costing you – but now’s the time to reconsider.
For years, traditional banks have dominated the international money transfer space, often charging between 2% and 3% per transaction. By global standards, these margins are high – and increasingly out of step in a digital-first era.
Despite rapid innovation in financial services, this model has remained largely unchanged for decades. Banks generate more than R20 billion annually from these fees alone, a clear indication of just how entrenched the system has become.
The good news is that the landscape is now shifting.
Multi-award-winning fintech Future Forex is reshaping how international money transfers are priced and managed, reducing costs by up to 50% for individuals and 30% for companies.
As Future Forex CEO and qualified actuary Harry Scherzer explains, the issue with the banks largely comes down to a mismatch between cost and complexity.
“Transferring money internationally is almost entirely electronic. It’s difficult to justify fees of 2-3% of the transaction value when those costs can be materially reduced through a more efficient structure.”
A recent analysis by Moneyweb shows the major banks charging a spread of about 2.5% (and much higher in some cases) – which is the difference between the rate at which they buy and sell foreign currency.
On a R1 million transfer, a 2.5% mark up on the spot exchange rate equates to R25 000 in hidden costs.
It’s worth noting that this sits over and above the more visible charges such as SWIFT fees (typically R500-R1 000 per transaction) and additional commission fees, which are relatively minor by comparison.
“Our proprietary technology and economies of scale allow us to pass on significant savings directly to our clients – with clear, upfront pricing and expert guidance throughout,” says Scherzer.
For those making large or regular international transactions, savings of 30-50% through Future Forex can make a substantial difference. If you’re investing abroad, it means more capital at your disposal. If you’re a business involved in international trade, it frees up more to reinvest into stock – or straight to your bottom line.
Service that makes the difference
Cost is only part of the challenge. Another common frustration for bank customers is the lack of meaningful support, particularly when it comes to navigating exchange control regulations or trying to track down the status of a transaction.
“Banks tend to treat customers as just another number in the system,” says Scherzer.
“You’re kept waiting, transferred from one person to the next, and rarely speak to anyone who actually understands your needs or your business.”
That’s exactly why Future Forex assigns each client a dedicated account manager – a single point of contact who understands your unique requirements, whether you’re emigrating, purchasing property abroad, investing offshore, or running an import/export business.
“Our experts are readily available to guide you through every step of the process – from compliance assistance and Balance of Payments [BoP] code submissions to tracking the status of your transactions.”
Its team of compliance specialists also takes care of all required documentation, including Approval of International Transfer (AIT) and Advanced Payment Notification (APN) applications, ensuring full alignment with South African Reserve Bank and South African Revenue Service requirements. This full-service approach is offered at no extra cost.
Award-winning platform
Beyond personalised service, Future Forex clients also enjoy access to an intuitive web and mobile app, with 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.
#International #transfer #costs #face #disruption