South Africa’s traditional banks are facing a reckoning in their lucrative forex market, worth more than R15 billion a year.
Fintech disruptors like Future Forex are challenging this dominance, saving South Africans thousands on their international money transfer costs and exposing the hidden fees banks have charged for decades.
Through economies of scale, advanced technology and unprecedented cost transparency, Future Forex is shaking up this market – challenging banks that have been charging South Africans an astonishing 2–3% on international transactions.
“Banks have normalised exorbitant fees for too long, and we’re here to change that,” says Harry Scherzer, CEO of Future Forex and a qualified actuary. “Charging 2-3% on every rand sent abroad is unacceptable – it’s time for South Africans to have a smarter, more efficient solution.”
Despite rapid technological advancements streamlining so many services, international money transfers remain frustratingly expensive and complex. The rand’s volatility only compounds the issue, which is why a growing number of individuals and businesses are on the search for more affordable and reliable alternatives.
Future Forex delivers exactly that – offering transparent pricing, competitive rates, and a user-friendly platform that transforms cross-border payments.
Unmasking hidden costs
The problem is that banks often obscure their profits with convoluted pricing. While they may advertise smaller charges like SWIFT fees (R500-R1 000) or “admin” and “commission” costs, the real expense lies in the hidden exchange rate spread – the difference between buy and sell rates. A Moneyweb analysis shows spreads at South Africa’s top five banks range from 1.8% to 2.6%, often exceeding 3% during volatile markets. These hidden margins leave customers unaware of the true cost of their transactions.
“We find once customers are educated on the real cost of forex charged by the banks, seeking an alternative becomes a no-brainer. But what drives them to us is our transparency and the fact that we spend time steering them through what can be an overly daunting process,” Scherzer explains.
Future Forex has disrupted the market by reducing forex costs by up to 50% for individuals and 30% for businesses. By leveraging advanced technology and expert-led support, the company delivers rates that outshine banks – all while maintaining a premium, top-tier service.
For individuals buying overseas property or investing offshore, these savings mean more funds going toward their goals. For SMEs, vital to South Africa’s economy, saving up to 30% on forex costs frees up significant capital that can be reinvested into the growth and operations of the business.
High bank fees are a huge burden on offshore investments, tax emigration, estate planning, and import-export deals, all crucial for South Africa’s economy.
Beyond fees: Solving service woes
Banks’ poor service – characterised by unhelpful call centres and chatbots – only adds extra stress to an already complex process. “We constantly hear from clients who are fed up with being pushed from pillar to post by their bank, and we give them a completely different experience to what they’re used to,” Scherzer notes.
Future Forex’s award-winning platform blends cutting-edge technology and personalised support. Clients receive a dedicated account manager to navigate payments and regulations, while the Future Forex web and mobile app (available online or on Apple and Google Play) offers a sleek interface for booking transactions, tracking payments, and uploading documents in minutes.
It’s this unique, client-centric solution that earned Future Forex the ‘Company of the Year’ award at the 2025 Africa Career Summit.
Simplifying compliance
Another complication when it comes to forex transactions is South Africa’s stringent exchange controls, enforced by the South African Revenue Service (Sars) and South African Reserve Bank (Sarb). However, Future Forex handles compliance seamlessly at no extra cost, securing approvals like Advanced Payment Notification (APN) numbers and Approval of International Transfer (AIT) applications. This ensures clients can focus on their goals without having to worry about regulatory hurdles.
Contact
Future Forex can be contacted via email or by phone at 021 518 0558. For more information, go to Personal Forex or Business Forex.
Brought to you by Future Forex.
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