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Personal Forex doesn’t have to be complicated or expensive anymore – Moneyweb | Omd Cialis

Future Forex, traditionally known for its crypto arbitrage service, has another arrow in his Quiver, providing forex services to high net worth individuals with a compelling proposition: personalized service at a razor thin cost.

“Forex has been an integral part of our overall process for years and we have streamlined it to make it as easy and hassle-free as possible for our clients,” said Harry Scherzer, a qualified actuary and CEO of Future Forex.

“Forex is a complicated, prohibitively expensive service in South Africa and buying it can be a stressful experience for many people just trying to make their money abroad. It doesn’t have to be like this.

“We have successfully transferred over R4.8 billion from South Africa for customers over 21,000 times. We have also received nearly 7,000 approved applications from the South Africa Revenue Service [Sars] for customers that we offer as a free service.

“Forex is part of our DNA and it makes sense to offer this as a service to clients who need to buy FX or bring funds into SA for various reasons.”

Part of Future Forex’s crypto arbitrage service involves buying foreign exchange, which is then shipped abroad and used to buy cryptos on a foreign exchange. The crypto is then shipped to SA to be sold on a local exchange for a profit. Offering a full-fledged Forex service is a relatively short leap for a company immersed in crypto arbitrage as it is part of its current arbitrage process.

Who is the new service aimed at?

Anyone who needs foreign currency, says Scherzer. “Our forex service caters to those seeking financial emigration, those buying forex for overseas investment, or South Africans abroad looking to send money to South Africa. We also support financial advisors who have multiple clients with FX requirements. Whatever the reason, we can do it.”

The minimum transaction amount is R100 000.

“As a rule, banks do not really want to do business with individuals and charge high fees for this – we specialize in this [in] to work with individuals and to be able to offer much better prices and levels of service.”

Future Forex will compete with other forex providers in two key areas – pricing and service. Banks typically charge 2.5% or more for clients buying foreign exchange, whether for overseas investment or vacation spending.

How will Future Forex be able to compete with other providers on Forex fees?

“We have a lot of experience in making forex transactions run smoothly as it is one of the most important steps of any crypto arbitrage transaction. We have the economies of scale and banking relationships to reduce our FX transaction fees to levels well below prevailing market rates,” says Scherzer.

“We are able to offer extremely competitive forex courses and our office is staffed with 40+ forex and customer support specialists. Our goal is to impress customers with our level of service and cost, and this is how we differentiate ourselves in a competitive market.”

Costs

Most forex service providers typically charge +2.5% plus a R500 to R1,000 SWIFT fee. Future Forex is able to undercut this by leveraging economies of scale and its solid relationships with banks.

Personal Relationship Managers

Future Forex does not operate a call center but prefers to assign a relationship manager to each client.

Any queries or status reports can be forwarded to the account manager without having to deal with an impersonal operator.

“Future Forex’s greatest strength is working directly with people. We have always prioritized putting customers first and do it with passion. That’s why we’re in personal forex — an area that’s typically sidelined by most forex companies,” says Scherzer.

Relief for foreign investment allowances

South Africans with untapped foreign investment allowances have embraced crypto arbitrage as a relatively low-risk way to take advantage of that allowance.

Anyone engaged in crypto arbitrage has a potential 11 million rand to trade each year: 1 million rand under the special discretionary exemption (SDA) and 10 million rand under the foreign investment exemption (FIA) – which requires a Sars tax clearance is.

Future Forex, through its internal compliance team, manages the FIA ​​applications as a free service to clients and will do the same for Forex clients.

About Futures Forex

Future Forex offers a crypto arbitrage service that has delivered over 60% annualized returns. It continues to offer this service and has been instrumental in popularizing crypto arbitrage among South African investors. The high Forex volumes processed through its crypto arbitrage service have enabled it to build strong relationships with the banks at excellent prices that it can pass on to its clients. The expertise gained in this area made it possible to build a strong customer support system, which has become a defining feature of its service.

Contact

Future Forex can be contacted by email at fx@futureforex.co.za or by phone on 021 518 0558. Visit futureforex.co.za/forex for more information.

Powered by Future Forex.

Moneyweb does not endorse any products or services advertised in sponsored articles on our platform.

Updated: September 17, 2022 — 1:32 am

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