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.
How forex fees work
When it comes to foreign currency transfers in South Africa, there are two basic fees involved. Firstly, a SWIFT or processing fee which is basically an administrative fee for handling the transfer. The second and most substantial fee on larger transactions is the spread fee, which is the difference between the buy price and the sell price of a currency. As transaction sizes become larger the spread fee increases in Rand terms and can add up significantly when processing larger amounts.
As foreign exchange experts we can offer you a significant reduction in the spread relative to industry norms. In some cases, we’ve been able to save clients up to 50% of their costs, with the best forex rates in South Africa. We do this through a combination of proprietary software, competitive fees and a wide range of banking partners.
Tax clearance considerations for individuals
International money transfers can be an administratively tiring process as a business or individual. When sending money abroad as an individual you will need tax clearance from SARS to use your Foreign Investment Allowance (FIA) by submitting an AIT (Approval of International Transfer) application. At Future Forex we walk you through the process step-by-step, starting off with opening a bank account in your name, filling out the AIT clearance applications and submitting them to SARS on your behalf as a complimentary service.
The benefits of partnering with us
On registration, we assign a dedicated Relationship Manager to each client. We’ve found that having a single point of contact is hugely beneficial to our clients, making it simple to find the right person to speak to and to ensure that the process is seamless from start to finish. Your Relationship Manager will always know exactly at what point you or your company are in the process and be able to answer any questions you may have.
In addition to facilitating cross-border payments, we specialise in import/export payments, foreign currency accounts (FCA/CFC), Forward Exchange Cover (FEC), and trade finance services to ensure that we provide a one-stop-shop forex solution. We also offer complimentary tax clearance applications, taking the hassle out of remaining SARS and SARB compliant.
Since 2022 our team of more than 45 professionals has processed over R11 billion worth of forex deals. If you’re interested in making use of our services for your business or personal needs for transactions of R100,000 and above, you can get in touch with us on 021 518 0558 or via email at [email protected].
Simply put, the best way to do foreign currency transfers in South Africa is with Future Forex. Not only do we offer the most competitive fees, but our fees are transparent, allowing you to make informed decisions about your international money transfers. Our relational service means that the process is simple and streamlined, with our team of foreign exchange experts ensuring the best service, for the best price.
