The cost of forex transactions for local businesses is the focus of this edition of Business Day Spotlight.Host Mudiwa Gavaza is joined by Harry Scherzer, CEO of Future Forex. The discussion focuses on the realities of sending large amounts of money to and from South Africa, regulations and the nature of the market. According to Scherzer, cross-border payments have become a critical margin issue for local SMEs, rather than just a banking admin headache. He highlights that traditional banking spreads and hidden fees silently erode up to 3% of transaction value on every import, export or offshore service contract. Join the discussion: Future Forex addresses this directly, cutting forex costs by up to 50% for individuals and up to 30% for businesses compared to traditional bank fees.This all in an environment characterised by high inflation, volatile local currency and tight operating margins. Scherzer’s firm has grown rapidly, with more than R80bn in forex deals processed since the beginning of 2022.Future Forex continues its work to take up market share with more competitive rates than current providers, targeting businesses and individuals sending up to R100m annually out of South Africa. Through the discussion, Scherzer details: Future Forex’s operating model; reality of moving money in the African market versus overseas; standard practices and pricing of banks in this market; regulations; and strategies to win customers. Producer: Demi BuzoBusiness Day Spotlight is an Arena Podcasts production.Business Day