Auzzi Shopping

Men's Weekly

.

OneHypernet extends wholesale FX rates to SMEs

  • Written by Auzzi Shopping

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
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.

OneHypernet

OneHypernet connects the world's foreign exchange markets on a unified ecosystem powered by enterprise blockchain technology, and has been awarded the Monetary Authority of Singapore (MAS)'s Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) grant.

Today's Features at Auzzi

From Diet to Dental Devices: Holistic Ways to Keep Cavities at Bay

Image by lookstudio on Freepik Tooth decay is one of the most preventable health issues in Australia—and yet, it’s alarmingly common. According to the AIHW, nearly 1 in 3 Aussie adults...

Unlocking Potential: What Canberra's Disability Employment Programs Can Do For You

Image by freepik Finding meaningful work can be a challenge for anyone, but it can be especially daunting for individuals living with a disability. Navigating the job market, understanding ...

Energy-Efficient Window Replacement In Perth: Save on Bills and Enhance Comfort

Image by freepik Perth residents are coming to understand that replacing the windows in their homes is one of the most cost and energy-efficient upgrades they can make. The window replac...

The Power of Professional SEO Services in Today's Digital Landscape

Image by rawpixel.com on Freepik The digital landscape is changing rapidly, and for any business, having an online presence is a necessity rather than a choice now. Search engine optimisat...

How to Unclog Your Blocked Stormwater Drain Efficiently

Maintaining an efficiently functioning stormwater drain is a crucial responsibility for property owners. Blocked stormwater drains can wreak havoc on your property, negatively affecting yo...

What is a Formal Dress for Women?

Designed by Freepik A formal dress functions as an expression of culture and personal style. Formal dresses for women are outfits made for special formal ceremonies and superior social enga...

Mastering the Modern Executive Job Search: What Professionals Need to Know

Image by senivpetro on Freepik The job market has evolved significantly in the past decade, especially at the senior level. Traditional methods of job hunting no longer suffice when you're ...