This month, fintech group 80eight made waves in the financial services industry by announcing the cancellation of SWIFT fees on forex transactions for a duration of three months.

Additionally, they reduced bank forex fees by up to 50%. This represents a significant decrease in the fees that banks typically impose for forex transactions.

“Many South Africans are unaware of the amount and nature of the banking fees they incur,” notes Faadil Moti, CEO of global payments firm 80eight.

“They notice monthly service fees that can reach hundreds or even thousands of rands, yet rarely question these charges. They overlook the extra fees for inter-bank transfers, ATM withdrawals, and forex transactions,” he elaborates.

“Any time money is transferred, banks charge a fee, unless funds are moved between accounts within the same bank,” Moti adds.

Bank customers are beginning to see the advantages of processing transactions outside traditional banks, he observes. This shift not only leads to significantly lower fees but also faster transaction speeds and enhanced customer service.

One of the covert ways banks justify high fees is by presenting a “mid-market rate” for forex. Customers should instead pay attention to the buy-sell spread, which reflects the difference between the buying and selling rates for foreign currency.

This spread can vary between 1.6% and 3% or higher, representing the true cost of forex transactions. Additionally, mandatory SWIFT fees of R500, along with admin fees or commissions, contribute to the overall expense. Combined, these can elevate the total cost to over 3% of the transaction amount, according to 80eight.

“Many bank customers do not realize they can engage in forex transactions without going through a bank. We assure you that our services are cheaper and more efficient,” Moti states.

“Our pricing is straightforward and transparent—clients experience up to 50% lower spreads than those offered by traditional banks, with no hidden fees. You know what you’re paying for, and savings are visible immediately.”

Moti explains that banks have capitalized on customers’ hesitance to switch banks due to the associated paperwork and administrative challenges, which means they often face little competition on their fee structures.

“You don’t need to switch banks to work with us. We’re able to offer significantly better forex rates than your bank, ensure faster transactions, and provide you with a personal consultant to help you manage your transactions and navigate regulatory compliance,” he adds.

80eight represents a new generation of fintech utilizing multiple channels for cross-border transactions.

“While we leverage impressive technology for our services, our clients primarily want to know: can we facilitate faster and more affordable cross-border payments than anyone else? The answer is yes, we consistently do,” Moti asserts.

Another area where 80eight is challenging traditional banks is by offering trade and various financing solutions for small and medium-sized enterprises (SMEs) seeking to grow their operations.

“Some clients require short-term funding to expand or finance import consignments. Bank approval processes are notoriously slow and often unaccommodating to SMEs. There’s a substantial market that can be served by understanding these smaller businesses,” Moti remarks.

“We help them not only secure the appropriate financing but also provide access to our extensive network of suppliers and potential clients across the Middle East, Asia, and Europe,” he adds.

A fruit exporter that has partnered with 80eight has successfully streamlined its cross-border payments and managed its forex needs. With quicker settlement times and drastically lowered fees, the exporter shifted its focus towards scaling operations.

Today, they have evolved into a recognized brand with growing volumes across the Middle East and Europe.

“Whether you’re an importer, exporter, or a digital-first entrepreneur, 80eight is designed to save you time, money, and compliance hurdles. The future of business payments is here, just a tap away,” Moti concludes.

All of these features are now available via the 80eight app.

Provided by 80eight.

80eight operates as a licensed Treasury Outsourced Company (TOC) and an authorized financial services provider (FSP 49010) in South Africa, with regulated global operations. This guarantees compliance and transparency for all clients. Beyond payments, 80eight offers an ecosystem that includes crypto trading, investment tools, wallet infrastructure, and lending for SMEs, all accessible through the 80eight app.