#PODCAST REACTION: South African businesses question the accountability behind dealing with forex transactions #sabcnews

By Newsbreak Producer Taliesha Naidoo - Fintech experts are calling for more transparency and accountability for South African businesses dealing with foreign exchange or "forex" transactions. This follows a recent survey done by financial services company - Future Forex - on over 250 companies in the country. The survey report highlighted the frustrations and challenges caused when dealing with forex in South Africa. Some of the key findings were that 75 percent of respondents did not know what their bank or forex provider charged them or their company per transaction. Future Forex CEO, Harry Scherzer says foreign exchange is a huge source of revenue for the banking sector, as it takes a bite out of everything that moves across the border...