Business & Economy

Wednesday, 01 April 2020 09:49

SFX Money Transfers eliminates fees for all international money transfers amid COVID-19 outbreak

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SFX Money Transfers eliminates fees for all international money transfers amid COVID-19 outbreak

Johannesburg, 1 April – South African money transfer company, SFX Money Transfers will from today eliminate their fees and cut their exchange rates to virtually zero.“With daily life being brought to a halt as a result of the national lockdown and the economy taking a plunge off the back of the downgrade by ratings agency Moody’s, we felt that we could provide much-needed relief to those customers who need to send money to loved ones internationally,” says Sean Maloney, CEO of SFX Money Transfers.

With these dramatic changes associated with the national lockdown, people are looking for better ways to send cash quickly and easily to friends and family overseas. SFX Money Transfers is cutting its own margins to reduce fees and exchange rates in a bid to assist customers that need to exchange against an already weakened Rand.For transfers, up to R50 000 to 154 countries around the world customers will not be able to get better value anywhere.

“We feel this is the right thing to do at this moment and we know that those sending money will have peace of mind that it’s not only quick but secure,” says Maloney. Remittances, or money sent as a gift from family members form a vital part of the global economy. An OECD 2019 report suggested that remittances to Africa is actually larger than the GDPs of many African countries. 

In conjunction with international partner RIA, SFX Money Transfers joins others in the banking industry that have recently offered payment holidays and debt relief packages to their customers. 

“With international money transfers being such a vital part of the African economy, we are pleased to be able to do our part,” says Maloney. 

How it works: 


About Sikhona Forex (Pty) Ltd (SFX

SFX is an authorised dealer in foreign exchange with limited authority (ADLA) approved by the South African Reserve Bank (SARB), to transact in all travel-related foreign exchange products.

About Sean Maloney, CEO 

Sean Maloney is the CEO and shareholder of Sikhona Forex. Sean was the founder and previous Chairman of one of the largest international foreign exchange brands in South Africa. Sean grew this one branch network in 10 years to be a company with over 50 branches nationally and employed over 200 staff members. In July 2011, Sean acquired Sikhona Forex and with his wealth of experience and passion in the foreign exchange industry continues to be at the forefront of the company.

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