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Overseas foreign workers (OFWs) send billions of dollars across the globe annually.
Remittances from Canada to the Philippines are estimated to be approximately $2 billion for the year 2010. This $2 billion dollar total is reached primarily in $300 - $500 increments.
Imagine if the cost of remitting funds from Canada to the Philippines was reduced by 50%, which is the average savings hyperWALLET provides to its customers: an additional $100 million per year could be sent to loved ones in need!
How significant is this $100 million figure?
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Agentless Remittance/Referral Model
hyperREMIT takes customer rewards to a new level through our referral program.
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hyperWALLET’s consumer-facing remittance service, branded hyperREMIT, applies the company’s ethos of using innovation to improve the lives of ordinary people. Consumers can sign up online for hyperREMIT at www.hyperREMIT.com.
The hyperREMIT service is built on hyperWALLET ’s patented payments technology platform and existing banking network infrastructure, enabling users to quickly and conveniently send money internationally by phone or SMS text message.
Through hyperREMIT, hyperWALLET is introducing a new paperless and agentless model for the remittance industry - a model that strengthens community relationships, rewards loyalty, and dramatically lowers the cost of sending money worldwide.
Transfers start at just $6.00 per transaction -- one of the lowest fees in the Canadian market, making hyperREMIT one of the most cost-effective international remittance services available.
The low price point and mobile remittance capabilities are designed to save senders money, and provide them the convenience of remitting funds quickly and easily from home or while on the go.
Depending on remittance option used, funds are typically available to the recipient within 30 minutes to 1 business day.
Remittance options include:
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hyperREMIT offers its customers an optimal mix of convenience, speed, price and security.
Unlike our competitors, hyperREMIT’s low fees break World Bank targets (fees and FX margin being less than 5% of the transaction value), do not increase with the size of the remittance, and the service enables senders to quickly and conveniently remit funds via SMS text messaging.
Thus, at its core, hyperREMIT is a disruptive cross-border mobile remittance service compared to traditional methods, such as visiting a money transfer operator or remittance outlet.
As previously mentioned, the hyperREMIT service is built on hyperWALLET’s patented payments technology platform and existing banking network infrastructure.
hyperWALLET’s platform enables corporate and business customers to cost-effectively distribute payments 100% electronically to global recipients in 53 countries worldwide, in 25 currencies, using multi-currency web and mobile payment applications in 16 languages.
These flexible payment distribution capabilities provide organizations and individuals with a significant cost and time-savings compared to traditional checks and wire transfers, and enhance the payments experience for the recipient.
By leveraging the same platform and payment networks behind hyperREMIT, corporate customers can take tap into the global remittance market while solving their organization's payment distribution challenges on a worldwide basis.
