The fintech firm 80eight has made a significant impact on the financial services sector by announcing the temporary elimination of SWIFT fees on foreign exchange (forex) transactions for a three-month period. In a bold move to challenge traditional banking practices, the company has also slashed typical bank forex fees by as much as 50%. This initiative represents a substantial reduction in the costs typically incurred by individuals and businesses when engaging in international money transfers.

Faadil Moti, CEO of 80eight, highlights a critical issue prevalent among South African consumers: a widespread unawareness regarding the scale and nature of banking fees. He points out that while monthly service charges, often amounting to hundreds or thousands of rands, are visible, customers frequently overlook additional fees for inter-bank transfers, ATM withdrawals, and particularly, forex transactions. Moti emphasizes that banks routinely impose a fee for nearly every money transfer, unless funds are exchanged between accounts at the same institution. This lack of transparency and high cost are driving a growing number of customers to seek alternatives outside traditional banking channels, drawn by the promise of significantly lower fees, faster transaction times, and enhanced customer service.

One of the often-unseen methods banks employ to justify their high forex fees, according to 80eight, is by prominently displaying a “mid-market rate.” However, Moti advises customers to focus instead on the “buy-sell spread,” which represents the actual difference between the buying and selling rates for foreign currency. This crucial spread can fluctuate between 1.6% and 3% or even higher, directly indicating the true cost of a forex transaction. Furthermore, compulsory SWIFT fees, often set at R500, combined with various administrative fees or commissions, further inflate the overall expense, often pushing the total cost beyond 3% of the transaction amount. 80eight asserts that many bank customers are unaware that they can conduct forex transactions without involving a traditional bank, guaranteeing their services are more affordable and efficient. Their pricing model is designed to be clear and transparent, offering clients up to 50% lower spreads compared to conventional banks, with absolutely no hidden charges, ensuring immediate and apparent savings.

Moti attributes the complacency of traditional banks to customers’ reluctance to switch institutions, largely due to the perceived hassles of paperwork and administrative tasks. This inertia has resulted in minimal competition regarding their fee structures. 80eight offers a compelling solution: clients do not need to change banks to utilize their services. They promise significantly better forex rates, quicker transactions, and the unique benefit of a dedicated consultant to assist with transaction management and regulatory compliance. The firm exemplifies a new era of fintech, leveraging advanced technology to facilitate cross-border transactions through multiple channels. Moti confidently states that 80eight consistently provides faster and more cost-effective international payments than its competitors.

Beyond challenging the status quo in payments, 80eight is also pushing back against traditional banking norms by providing essential trade and various financing solutions specifically tailored for small and medium-sized enterprises (SMEs) looking to expand their operations. Moti highlights that bank approval processes are notoriously slow and often unaccommodating to the distinct needs of SMEs, leaving a vast, underserved market. 80eight steps in to assist these businesses in securing appropriate financing and, crucially, grants them access to an extensive network of suppliers and potential clients across key global regions including the Middle East, Asia, and Europe.

A notable success story is that of a fruit exporter who partnered with 80eight. This exporter successfully optimized its cross-border payment processes and effectively managed its forex requirements. The benefits were tangible: faster settlement times and drastically reduced fees allowed the exporter to redirect its focus entirely toward scaling operations. As a result, the business has evolved into a recognized brand, experiencing increasing volumes throughout the Middle East and Europe. Moti concludes that whether one is an importer, exporter, or a digital-first entrepreneur, 80eight is meticulously designed to save time, money, and simplify compliance challenges, positioning itself as the future of business payments, conveniently accessible via a tap.

All of 80eight’s features and services are readily available through their dedicated mobile application. The company operates as a licensed Treasury Outsourced Company (TOC) and is an authorized financial services provider (FSP 49010) in South Africa, ensuring a regulated and transparent operational framework globally. Beyond its core payment solutions, 80eight offers a comprehensive ecosystem that includes crypto trading, advanced investment tools, robust wallet infrastructure, and flexible lending options for SMEs, all integrated within the intuitive 80eight app. It is important to note that Moneyweb does not endorse any product or service advertised in sponsored articles on its platform.