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Navigating International Payments: How to Choose the Best Foreign Exchange Provider in South Africa

If you’re looking to make an international payment from South Africa by exchanging rands (ZAR) into prominent foreign currencies like dollars (USD), or receive funds from abroad, how do you ensure that you’re receiving the best rate for your currency exchange? The answer lies in identifying a foreign exchange provider that puts its clients first through the excellent service it offers…

Written By Team Future Forex – October 20, 2023

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Could South Africa’s new, tighter exchange control rules end up backfiring?

In April this year, the South African Revenue Service (SARS) announced strict new administrative regulations for South Africans wishing to take their money offshore. The changes came almost overnight, taking the financial sector by surprise and leading some to call it regulation by stealth. Under the new regulations, the administrative requirements for emigrating for tax purposes and investing money offshore…

Written By Harry Scherzer (CEO at Future Forex) – as published on BusinessTech – August 11, 2023

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AI’s coming for the forex sector, but it needs to get the basics right first

Artificial intelligence (AI) is riding high at the moment, in no small part thanks to the booming popularity of generative AI tools such as ChatGPT and Midjourney. Unsurprisingly, that means that people in almost every industry and sector are wondering how AI will impact them. The foreign exchange space is no exception…

Written By Josh Kotlowitz (CTO at Future Forex) – as published on IT News Africa – July 28, 2023

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5 Ways to maximise the impact of your offshore investments

Some of South Africa’s foremost investment thinkers have long advised that people living in the country hold as much of their wealth offshore as possible. Understandably so too. Over the past decade or so, the S&P 500 has outperformed the JSE All-Share Index by a significant margin. Investing offshore can also act as a hedge against a weak Rand…

Written By Harry Scherzer (CEO at Future Forex) – as published on Ventureburn – July 24, 2023

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Exporters may benefit from a weak rand, but they must still keep a close eye on their forex transactions

For most ordinary South Africans, the declining value of the rand over the past few years has been a big negative. It’s meant that everything from petrol to cars, electronics, and even your favourite sunglasses have gotten more expensive. There are, however, a few people for whom a weaker rand is a positive, most notably exporters. That’s because, even if they charge the same price for the goods they’re selling internationally…

Written By Harry Scherzer (CEO at Future Forex) – as published on Cape Business News – July 3, 2023

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Does blacklisting spell the end of global trade for South Africa?

Earlier this year, South Africa was greylisted by the Financial Action Task Force (FATF) for failing to comply with international standards concerning the prevention of terrorist funding, money laundering, and proliferation financing. The decision, which came despite a last-minute scramble by the government to return to compliance, was a body blow to an already struggling economy…

Written By Harry Scherzer (CEO at Future Forex) – as published on Moneyweb – July 1, 2023

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The rand is at a tipping point

If South Africa continues to support Russia to the extent that it justifies sanctions from the West – or if load shedding continues to worsen – we can expect to see the rand weakening even further than its current levels, says Harry Scherzer, the CEO of Future Forex. However, if the diplomatic matter with the US can “fizzle out”, the currency could recover, he added…

Business Tech – May 17, 2023

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The best way to do foreign currency transfers in South Africa

Forex doesn’t need to be difficult or costly. We believe that customers should be allowed to understand what fees are involved, how and where their funds are being processed and have control over sending and receiving international payments. As forex specialists we have worked hard to make the process transparent, easy to understand and implement, and also cost-effective for our clients…

Written by Joshua Kotlowitz (CTO at Future Forex) – May 12, 2023

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