OneHypernet extends wholesale FX rates to SMEs

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.

https://sg.linkedin.com/company/onehypernet

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.