News Daily

The Times

News from Asia

  • Written by Media Outreach
SINGAPORE - Media OutReach - 22 March 2023 - OneHypernet, a money transfer network that connects financial institutions for foreign exchange (FX) payments, has announced that small and medium-sized enterprises (SMEs) can now access wholesale FX rates for their money transfers / remittances. In addition, SMEs receive cashback on their transactions. OneHypernet offers price matching via WhatsApp, ensuring that SMEs get the best possible rates.

SMEs are often misled by money transfer pricing Comparing the cost of money transfers can be tricky because providers present their FX rates and fees differently. Some charge variable fees, some charge fixed fees, and some simply present an FX rate that includes a mark-up.

This makes a like-for-like comparison of FX rates and fees difficult. Instead of comparing fees or FX rates, SMEs should consider the foreign currency amount that needs to be transferred, then compare the final payment in their local currency (net of any fees and cashback).

For example, for a Singapore based SME that is making a payment of MYR 150,000 to Malaysia, the comparison should be made between the final cost in SGD of executing this payment via the different providers.

SMEs save 1-2% on average with OneHypernet

The interbank / mid-market or "Google" rate may not be the best rate Many providers claim to offer transparent pricing by charging a variable fee on top of the interbank rate. However, SMEs should be mindful that this can also be misleading.

For example, if the provider offers a mark-up of 0.50% over the interbank rate, the SME may believe that their "cost" is only 0.50%, because interbank rates are mistakenly used as a proxy for the best possible FX rate.

This is not always the case because money transfer rates can often be better than interbank rates, sometimes by as much as 3%. In this example, if the SME had used a platform with a better FX rate, they could have saved 3.5% on their money transfer, or S$1,575 for a typical SME remittance of SGD 45,000.

Save more with OneHypernet OneHypernet conducted a comparison of the cost of sending MYR 150,000 on 21 Mar 2023 from popular providers in Singapore. The results showed that SMEs using OneHypernet for their remittances can save up to S$745 for this transaction.

Signing up for a OneHypernet account is free and takes less than a minute via Myinfo / Singpass. For more information, please visit www.onehypernet.com

Hashtag: #OneHypernet #FX #moneytransfer #remittance #SME #MYR #inflation

The issuer is solely responsible for the content of this announcement.

Read more

Split Corrugated Conduit for Flexible Cable Protection

For wiring assemblies in vehicles, machinery and equipment, choosing suitable cable protection helps keep cables organised and reduces direct contact with surrounding parts. Mojak Plastics supplies plastic tubing and conduit options for different installation needs, and split corrugated conduit can... Read more

Trailers Melbourne Buyers Can Compare: When Box Trailers Make Sense

For many homeowners, businesses and tradespeople, trailers Melbourne customers use every week need to be versatile enough for changing loads. A box trailer can be particularly useful because its enclosed sides help contain cargo while providing a straightforward loading area... Read more

Bottle Label Printing That Balances Design and Readability

Product labels need to attract attention while making information easy to find and understand. On a bottle, the available space may be limited by the container’s shape, so every design decision matters. Bottle label printing should account for visual hierarchy... Read more

Office Cleaning Melbourne: Planning a Consistent Workplace Routine

Businesses looking for office cleaning Melbourne need a plan that reflects the way their workplace operates. A clean office supports day-to-day organisation, helps shared spaces remain presentable and gives employees and visitors a more orderly environment. Eco Green Cleaning Management... Read more

Pinboard Solutions for Offices, Schools and Shared Information Spaces

Why a Pinboard Remains Useful A pinboard provides a simple way to display information that needs to remain visible without being rewritten. Lawdex supplies fabric and cork options for offices, schools, staff areas and other environments. A pinboard can be used... Read more

Retractable Hose Reel: A Practical Guide To Choosing The Right Hose Storage

A retractable hose reel can make hose storage more organised, accessible and practical in workshops, commercial facilities, service areas and other working environments. Instead of leaving a hose coiled across the floor or requiring staff to manually wind it after... Read more