Bank Forex Fees in South Africa: Why You Pay Twice at All 5 Banks

There are two main charges that banks charge for handling your foreign exchange (forex). The first is a margin or spread on top of the interbank rate, built into the exchange rate you are given. The interbank rate is the market exchange rate that the bank pays to buy or sell that currency on the open market. Of importance, the spread does not appear on your statement as a fee. The second is a fee on each payment or receipt, and that one does.

Here are both, bank by bank, for FNB, Standard Bank, Absa, Nedbank and Investec. The fees are from each bank's 2026 pricing guide or website, VAT included. The spreads are from each bank's public rate board on 12 October 2026, measured against the market rate at the time each board gives (Absa's gives no time, so its figures use the 16:00 market rate). Three of the four boards say they are indicative only, and businesses with larger volumes can often negotiate a better rate than the board.

FNB forex fees

FNB's Business Annual Pricing Guide for 2026/27 charges 0.55% of each outward payment made online, with a minimum of R275 and a maximum of R550, VAT included, on its Gold and Platinum business accounts, for payments outside the Common Monetary Area (South Africa, Namibia, Lesotho and Eswatini). Assisted payments are also 0.55%, with a minimum of R550 and a maximum of R875. Receipts made online are 0.55%, from R175 to R450, and assisted receipts are 0.55%, from R350 to R760. FNB does not list a separate SWIFT charge (a fixed fee for sending the payment over the international SWIFT network).

The spread on the exchange rate comes on top: FNB's public US dollar board was 1.07% above the market rate on the morning of 12 October 2026 (R16.6698 against R16.4933), and 0.86% below it for receipts. The euro and pound were wider, at 1.37% and 1.50% for payments.

Choose FNB in the Rand FX savings calculator to see what this comes to over a year.

Standard Bank forex fees

Standard Bank's Trade and Forex tariff for 2026 charges 0.502% of each outward electronic payment, with a minimum of R210 and a maximum of R760, plus a R122 communication fee. Branch payments are 0.7%, from R300 to R995, plus the same R122 fee. Electronic receipts are 0.448%, from R180 to R600, and branch receipts 0.579%, from R230 to R825. All figures include VAT.

On 12 October 2026, with the market at R16.5278 to the US dollar, Standard Bank's public board sold dollars at R16.7140. That is a spread of about 18.6 cents a dollar, or 1.13%. Dollars received were bought 1.07% below the market. Euro payments were 1.86% above it, and pounds 1.67%.

Choose Standard Bank in the Rand FX savings calculator to see what this comes to over a year.

Absa forex fees

Absa's online international-payments calculator (read 28 September 2026; it does not say whether its figures include VAT, so we have added 15%) charges 0.55% of each outward payment made online, with a minimum of R190 and a maximum of R820, plus a R100 SWIFT charge; branch payments are 0.75%, from R260 to R920, plus R190. Receipts made online are 0.55%, from R190 to R820. Absa does not set out a separate business tariff, so check your own statement.

On 12 October 2026, Absa's public US dollar board was about 1.18% above the market rate for payments and 1.11% below it for receipts. Euro payments were 1.50% above the market, and pounds 1.23%.

Choose Absa in the Rand FX savings calculator to see what this comes to over a year.

Nedbank forex fees

Nedbank does not publish a separate tariff for South African businesses; the closest is its 2026 schedule for non-resident entities, which charges 0.63% of each outward payment made online, with a minimum of R190 and a maximum of R960, plus a R140 communication fee, VAT included. Assisted payments are 0.89%, from R275 to R1,196, plus the same R140. Receipts made online are 0.63%, from R166 to R849, or a flat R135 under R2,000.

The spread on the exchange rate comes on top, and Nedbank's was the widest of the four banks with a public board. Its US dollar board was 2.30% above the market rate for payments and 3.05% below it for receipts on 12 October 2026. Euro payments were 2.73% above the market, and pounds 2.62%.

Choose Nedbank in the Rand FX savings calculator, or enter your own fee, to see what this comes to over a year.

Investec forex fees

Investec's 2026 forex fee guide for its Private Business Account charges 0.56% of each international payment or receipt in a foreign currency, with a minimum of R250 and a maximum of R800, VAT included. If you ask Investec to cover the overseas bank's charges on an outward payment, that is R190 extra.

Investec shows its exchange rates only inside Investec Online, so there was no public rate board to measure its spread on 12 October 2026.

Choose Investec in the Rand FX savings calculator and enter a recent deal to see your own margin.

Why the spread usually costs you more than the fee

Every bank fee above has a maximum, but the spread doesn't. Say you pay US$1 million a year to suppliers, in ten payments of US$100,000 through FNB online. At about R1.65 million each, every payment hits FNB's R550 maximum: R5,500 in fees for the year. FNB's 1.07% spread on the same US$1 million comes to about R176,500. That is 32 times the fees, and none of it shows on your statement as a fee. On FNB's figures, the spread costs more than the fee on any payment above about US$1,560.

How do I work out what my bank is charging me?

Compare the rate on a recent deal confirmation with the market rate at the time of the deal: the difference is your spread. Then add the fee from your bank statement. Our Rand FX savings calculator does this for you. Choose "I have some recent deals", enter them, and it works out your bank's margin.

Can I cut my forex costs without changing banks?

Yes. Simply open up an international treasury account (Rand and/or CFC) through our preferred FX provider, and you can use this for all (or some) of your forex transactions through their online platform, and you keep your existing banking relationship as it is. It is an extra option alongside your bank, at no extra cost. Our preferred FX provider has a minimal flat fee for incoming and outward transfers (with all foreign bank costs included).

The Rand FX savings calculator shows the estimated saving on your own figures.