Your Bank’s Forex Fees Are Higher Than You Think: Discover a Better Option
If you’ve ever processed an international payment via a conventional bank, you’re likely familiar with the hurdles: steep fees, lengthy processing times, and inadequate customer support – compounded by regulatory uncertainties.
A minor error, such as incorrectly choosing the Balance of Payments (BoP) code, can postpone your transaction by days or even weeks.
Future Forex has revolutionized the process, providing a streamlined, effective, and cost-efficient option for South Africans sending money abroad. The savings are significant: up to 50% for individuals and 30% for businesses.
The company’s disruption has revealed a shocking truth: South Africa’s top banks earn over R15 billion each year through hidden forex fees. “South Africans are fed up with exorbitant fees for cross-border transactions and subpar service,” states Future Forex CEO Harry Scherzer, a qualified actuary.
“For years, banks have profited from foreign exchange transactions, primarily because customers were unaware of the hidden costs and had no alternatives. When we onboard a new client, we illuminate how banks have been overburdening them through a maze of concealed and unclear fees, and they are often astonished at how misled they have been.”
What makes banks’ forex fees so excessive?
Banks generally impose charges of 2% to 3% per transaction through concealed spreads – the gap between the buying and selling price of a currency. For instance, consider a R1 million transfer to the US: if the spot rate stands at R17.70 per USD, banks may quote R18.06, adding a 2% spread that incurs R20,000 in hidden fees, along with SWIFT fees (R500 to R1,000) and other administrative charges.
For small to medium-sized enterprises (SMEs) importing R500,000 worth of goods, a 30% reduction in fees can unlock significant capital for expansion. The same applies to individuals: saving 50% on forex fees plays a crucial role in achieving long-term objectives.
In a fluctuating economy with an unstable rand, these savings become vital. “Bank forex fees affect everything from offshore investments and property purchases to tax emigration and the import/export sector,” observes Scherzer. “We aim to challenge the banks’ monopolistic practices in this space. It’s not just about drastically lowering costs; it’s about completely transforming the customer experience.”
Combining efficiency with premium service
Future Forex utilizes advanced technology and economies of scale to outpace banks without compromising service quality. “Our proprietary technology eliminates inefficiencies,” Scherzer explains. “Customers desire transparency regarding fees. We make sure our clients are aware of their charges from the outset, matched with a customer service experience typically reserved for private banking clients or large corporations.
Unlike banks, which frequently depend on chatbots or overcrowded call centers, Future Forex merges state-of-the-art tech with personalized service – assigning each client a dedicated account manager who is always accessible via WhatsApp, phone, or email. “Our account managers are specialists in foreign exchange and are on hand to resolve queries, expedite transactions, and provide expert advice – all at no extra fee.”
For those wanting to handle their transactions independently, Future Forex’s platform features live exchange rates, real-time payment tracking, and easy document uploads through a user-friendly mobile app or desktop interface, blending convenience with clarity.
Help with regulatory matters
Navigating the regulatory landscape can be one of the most frustrating aspects of cross-border payments. However, Future Forex takes care of all necessary documentation – including Advanced Payment Notifications (APN) and Approval of International Transfer (AIT) applications – at no additional cost, ensuring smooth compliance with the SA Reserve Bank and SA Revenue Service.
“Our team is well-versed in the regulatory framework,” Scherzer remarks. “We have tackled the complexities of the process so our clients can concentrate on what truly matters, without unnecessary obstacles.”
Future Forex is establishing a new benchmark for transparency and value in financial services, boasting accolades such as ‘Company of the Year’ at the 2025 Africa Career Summit and several awards in 2024. For South Africans disillusioned by opaque pricing and impersonal service, Future Forex provides superior value, enhanced clarity, and reliable support.
Follow this link to connect with a Future Forex expert or request a quote for your transaction. Alternatively, you can reach them at 021 518 0558.
Brought to you by Future Forex.
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