Do you know how much extra you have been paying in forex spreads and fees – and what you could be saving, starting next week?

There are two main charges that banks charge. The first is a margin or spread on top of the interbank rate, built into the exchange rate you are given. The second is a fee on each payment or receipt. On 12 October 2026, the public rate boards at FNB, Standard Bank and Absa priced US dollar payments 1.1% to 1.2% above the market rate, and euro and pound payments 1.2% to 1.9% above it. Nedbank's US dollar board was 2.3% above the market for payments and 3.1% below it for receipts. The fees are charged on top, and differ by bank and channel used (e.g. if online or in the branch). Businesses with larger volumes can often negotiate a better rate than the above.

A forex spread or forex margin are both speaking about the price gap between the interbank rate (the market exchange rate that the bank pays to buy or sell that currency on the open market) and the rate they give you. 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, or 1.1%. Of importance, this does not appear on your statement as a fee. On US$1 million a year, 18.6 cents a dollar comes to about R186,000.

Take a recent deal confirmation and note the rate, the amount and the time of the deal. Compare that rate with the market bid or ask rate at the same time (use the bid for income funds, and ask for outgoing funds): the difference is your spread. Then add the fee from your bank statement. Our Rand FX costs and savings calculator does this for you. Choose "I have some recent deals", enter them, and it works out your bank's margin.

SWIFT fees are the fees your bank charges to send (or receive) an international payment using the international SWIFT network. South African banks publish them in their pricing guides or on their websites. They tend to differ by bank, by what channel is used (e.g. online or branch) as well as by the size of the payment, usually as a percentage with a minimum and a maximum. Some banks add a fixed SWIFT or communication charge. A foreign or correspondent bank may also take a charge before the money arrives in the account. The FX savings calculator uses your bank's published fee for the bank & channel you choose in the dropdown selector. Our preferred FX provider has a minimal flat fee for incoming and outward transfers (with all foreign bank costs included).

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. 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. The spread on the exchange rate comes on top: FNB's public US dollar board was about 1.1% above the market rate on 12 October 2026. Choose FNB in the calculator to see what this comes to over a year.

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. All figures include VAT. The spread on the exchange rate comes on top: Standard Bank's public US dollar board was about 1.1% above the market rate on 12 October 2026. Choose Standard Bank in the calculator to see what this comes to over a year.

Absa's online international-payments calculator (read 28 September 2026, VAT added) 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. The spread on the exchange rate comes on top: Absa's public US dollar board was 1.18% above the market rate for payments and 1.11% below it for receipts on 12 October 2026. Choose Absa in the calculator to see what this comes to over a year.

Nedbank does not publish a separate business tariff; its 2026 fees for non-resident entities charge 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. The spread on the exchange rate comes on top: Nedbank's public US dollar board was 2.3% above the market rate for payments and 3.1% below it for receipts on 12 October 2026. Choose Nedbank in the calculator, or enter your own fee, to see what this comes to over a year.

Investec's 2026 forex fee guide for its Private Business Account charges 0.56% of each international payment or receipt, with a minimum of R250 and a maximum of R800. 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 calculator and enter a recent deal to see your own margin.

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

Yes. You can enter both your foreign receipts as well as your payments. Banks take a spread when they buy or sell your foreign currency, and then charge a fee on each receipt or payment. The Rand FX savings calculator works out both of these costs – and your potential savings.

Choose "I don't know (use the indicative spread)". Until you enter a figure or a deal, the calculator uses your bank's published fee and an indicative spread, based on the banks' published rates on 12 October 2026, and says so in your results. If you have recent deal confirmations, enter the details and our calculator will work these out for you.

The calculator is free and there is no obligation. We use your figures to work out your estimate and do not keep them unless you ask for your full report.