Future Forex, a South African fintech, says its platform can reduce the cost of moving foreign earnings into the country by as much as 50% for individuals and 30% for companies. The claim matters to anyone who receives a salary, freelance invoice or other overseas payment and currently pays bank fees and exchange-rate spreads that can total three percent or more of the amount transferred.
“This has become a serious problem for those earning funds abroad,” said Harry Scherzer, a qualified actuary and chief executive officer of Future Forex, in a statement to Moneyweb. He likened the recurring conversion expense to an insurance premium or a monthly debit order, arguing that it deserves the same level of scrutiny.
Bank fees are not always transparent. A typical transaction includes a SWIFT fee, a charge for the international messaging network, that the source material lists as between R500 and R1 000 per transfer. In addition, banks apply an administration fee and a commission, and they embed a buy-sell spread in the exchange rate. The spread is the difference between the rate at which the bank buys a foreign currency and the rate at which it sells it. Moneyweb’s own analysis this week showed South African banks buying US dollars at roughly R16.48 and selling at R16.80, a gap of about two percent. When the spread, SWIFT fee and other charges are added together, the total cost can exceed three percent of the transferred amount.
For a $10 000 transfer, the two-percent spread alone could translate into more than R3 000 lost to conversion. Future Forex says its service can slash those costs by about half for individuals, which would save at least R36 000 over a year for a regular earner. Companies that move money across borders regularly could see a 30% reduction in fees, according to the company’s figures.
How the service works
Future Forex offers a single, transparent fee that it says contains no hidden charges. Clients access the platform via an online portal or a mobile app, where they can view live exchange rates, request quotes, upload required documentation and track payments in real time. The technology is designed to reduce manual administration and speed up the transfer process.
For individuals, the service includes a dedicated account manager who assists with the paperwork and guides the client through each transaction. This personal touch is intended to help freelancers who may receive payments from several overseas clients, employees on a fixed monthly salary, and expatriates sending money to support family members.
Businesses can also use the platform, which provides customisable approval workflows. These workflows let a company set who must authorise a transaction before it proceeds, adding a layer of internal control that can be useful for larger cross-border payments.
The company’s approach has earned it industry recognition, including ‘Company of the Year’ at the 2025 Africa Career Summit and ‘Outstanding Customer Service in Forex & Payments, South Africa’ at the World Business Outlook Awards.
Future Forex’s claim remains a company statement until independently verified. The Moneyweb analysis of bank rates provides a benchmark for the typical cost environment, but the exact amount saved by Future Forex clients will vary depending on the size and frequency of transfers, the currencies involved and the prevailing market rates at the time of each transaction.
For South Africans who earn abroad, the service promises a clearer picture of transfer costs and a larger share of their earnings reaching a local bank account. Whether the promised savings materialise will depend on how the platform’s fees compare with the combined bank charges and spreads that currently dominate the market.
Read more about fintech developments in the Tech & Telco section.
