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

Traditional banks are under increased scrutiny and facing tight competition in a crucial area—the foreign exchange market.

This sector, which generates over R15 billion annually for banks, is being challenged significantly by local fintech players like Future Forex. The company is setting new standards in international money transfers by delivering unparalleled cost transparency and customer service in South Africa.

It’s quite astonishing that banks still charge 2-3% fees on every cross-border payment, a practice that has hardly changed in decades. “Banks have long taken high fees for granted, and we are here to change that,” says Harry Scherzer, CEO of Future Forex and a qualified actuary.

In a technological era where many transactions have become more straightforward, what makes international transfers so expensive and complex? Future Forex has shown that individuals and businesses end up paying 30-50% more per US dollar, euro, pound, etc., compared to what banks offer, especially as the volatility of the rand adds to the problem.

So, what causes these high fees at banks?

“A key issue is that many customers struggle to understand what they are actually being charged by banks, as these often mask their significant profit margins through complicated pricing structures. We invest substantial time in educating our clients about the fee structure,” explains Scherzer.

While banks may highlight small charges like SWIFT fees (R500-R1,000) or administrative and commission fees, the majority of costs are embedded in the hidden exchange rate spread—the difference between buying and selling rates. A Moneyweb analysis reveals that spreads at the five largest banks in South Africa range from 1.8% to 2.6%, often exceeding 3% during turbulent market conditions. These hidden margins keep customers unaware of the true costs of their transactions.

Future Forex is transforming this landscape, reducing costs by up to 50% for individuals and 30% for businesses. By leveraging advanced technology and economies of scale, the company consistently provides more competitive rates than traditional banks, along with a premium, personalized service.

For individuals looking to invest in overseas property or make offshore investments, these savings can significantly advance their long-term financial goals. Small and medium enterprises (SMEs) also greatly benefit, as 30% savings can provide crucial capital for growth. “Over time, these savings can make a remarkable difference, especially for businesses engaged in frequent international transactions,” emphasizes Scherzer.

Given the rising economic pressures in South Africa, the case for a better alternative has never been more compelling. Conventional forex fees continue to hinder everything from offshore investments and tax migration to estate planning and import/export payments.

Technology Integration and Personalized Service

Future Forex offers a comprehensive service, blending competitive rates, full transparency, expert guidance, and a platform that simplifies the entire process. “This level of innovation is what the market has been seeking,” asserts Scherzer.

Unlike traditional banks that burden clients with frustrating call center experiences and chatbot dead ends, Future Forex’s award-winning strategy combines cutting-edge technology with human support. “What sets us apart from our competitors is assigning a dedicated account manager to each client from the moment they sign up—offering personalized assistance at every stage, from compliance support to tracking transaction status. Having an expert who understands your specific personal or business forex needs makes a notable impact.”

For those who prefer a straightforward approach, the Future Forex web and mobile app (available online and on Apple and Google Play) features a user-friendly interface for booking transactions, monitoring payments, and uploading documents within minutes, cutting out the red tape associated with conventional banking.

Simplifying Regulatory Compliance

South Africa’s strict exchange controls make international money transfers even more complex, but Future Forex navigates this effortlessly and without added costs.

The company handles compliance with the South African Revenue Service (SARS) and the South African Reserve Bank (SARB), securing approvals such as Advanced Payment Notification (APN) numbers and Approval of International Transfer (AIT) applications. This enables clients to concentrate on their transfers without getting bogged down in regulatory red tape.

The advantages of savings, simplicity, and outstanding service offered by Future Forex are clear. Why continue to incur banks’ premium fees when a smarter alternative exists?

Contact

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

Brought to you by Future Forex.

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