Celeste Elle, Author at MoneyDigest.sg

You can now send money to Thailand instantly via PayNow

The pandemic has seen a fluctuating curve in terms of recovery, and no one knows exactly when we can cross borders to visit our loved ones overseas.

Financially, it can be worrying too. Thanks to Singapore’s PayNow and Thailand’s PromptPay partnership, users can now transfer funds up to S$1,000 or THB25,000 daily across the two countries. All you need is just a mobile number.

Real-time payment systems linkage

The Monetary Authority of Singapore (MAS) and the Bank of Thailand (BOT) shared that the transfers will be done in just minutes. This presents a much faster solution when compared to other cross-border remittance solutions.

Those who’ve sent money overseas before know that it takes up to two working days to complete a typical transfer process.

On our sunny island, the participating banks are the big names we know – DBS, UOB, and OCBC. In Thailand, there are four financial institutions – Bangkok Bank, Kasikornbank, Krung Thai Bank, and The Siam Commercial Bank.

What are the fees?

Image Credits: unsplash.com

Convenience comes with a price to pay. But the MAS and BOT noted that the fees would be transparent and affordably priced. In addition, users will know the exact figure before proceeding with the transfers.

“Senders will also be able to view the applicable foreign exchange charges prior to sending their funds, with these rates benchmarked closely to prevailing market rates,” the central banks said.

ASEAN Payment Connectivity

As part of the ASEAN Payment Connectivity initiation two years ago, the PayNow-PromptPay collaboration has come into effect. This is in line with the overall aim to bring about more robust cross-border payment arrangements.

MAS managing director Ravi Menon mentioned that the PayNow-PromptPay linkage is only the beginning. Plans are in place to scale the system to involve other participants and even business transactions.

“MAS’ shared objective with BOT is to work with our ASEAN counterparts to expand this bilateral linkage into a network of linked retail payment systems across ASEAN,” Menon commented.

To that, UOB chief executive officer Wee Ee Cheong added that the PayNow-PromptPay linkage is a stepping stone to connect payment systems across ASEAN as we progress. This means that possibly more customers can transfer funds to their counterparts easily. They can also pay for goods and services within a few taps or clicks conveniently.

In fact, Thailand is already a step ahead with QR cross-border payment arrangements with other countries. This includes Laos, Japan, Vietnam, and Cambodia.

“This service by the MAS and the BOT will effectively address customers’ long standing pain points in the area of cross-border transfers and remittances including long transaction times and high costs,” said BOT governor Sethaput Suthiwartnarueput.

Not using PayNow? You might want to visit abs.org.sg/consumer-banking/pay-now for more information.

A simple guide to purchasing an engagement ring online

Hey folks, good day. Have you read the news on tighter COVID-19 measures to come into effect from Saturday, 8 May?

For those planning to get married, be aware that marriage solemnisation can still proceed with the 250-attendee cap. However, pre-event testing will be needed if there are more than 50 attendees. The same goes for wedding receptions.

Indeed, this is the “new normal” and not at all a surprise. In fact, Health Minister Gan Kim Yong noted that the authorities might even bring in another “circuit breaker” if the newly announced restrictions aren’t able to bring down COVID-19 community cases.

Individuals who are thinking of popping the question might want to plan ahead to get their engagement rings in time for that unique proposal. Here’s a simple guide to purchasing one online.

Choosing the right jeweller

Image Credits: unsplash.com

An engagement ring is for a lifetime, and it’s essential to choose the right jeweller to help make your dreams come true.

This is the perfect time to put on your researcher cap and start reading reviews. Googling the jeweller’s shop name will showcase testimonials, and all the good and bad opinions shared on social media platforms.

Also, head to the shop’s website and see if you can find contact details or arrange an online video call to speak with the experts. Observe if they are prompt with their replies and go the extra mile to provide a detailed explanation to your questions.

Sizing and budget

Image Credits: unsplash.com

Once you’ve chosen the jeweller you can trust, it’s time to consider the next steps to purchase your ideal engagement ring.

When it comes to sizing, using a universal sizing system can be safe, but there are always risks since variations are unavoidable. Considering that this is an online purchase and you can’t try it out physically in stores, you should find out the shop’s resizing policy.

Kate Furman, a jeweller and designer, shares that wider bands will fit more tightly than thinner ones, so that’s something to keep in mind. It’s also worth noting that rings with gems around the loop may need to be remade to alter the sizing.

To work your way around this bump, visit a physical jewellery store to find out the exact size. Or you may also try out a similar-style ring to observe the fit.

Also, a big question to ask yourself is the budget you have in mind. Most individuals are okay to spend about two months’ salary on an engagement ring, but ultimately, it’s a personal decision. As such, do what is most sound for you financially.

Furman said that the quality, craftsmanship, technical skills, and materials would affect the price range. Look at your list of shortlisted ring designs and ask questions to understand the mechanics behind their price tags.

Custom designs online

Image Credits: Pinterest

Sometimes, it’s impossible to find a ready-made design that hits the sweet spot. Frankly speaking, that’s alright since customisation options are available. But what you want to do is work with the designer directly to ensure no misinterpretation over the consultation process.

Remember also to check the measurements thoroughly as custom items are usually non-returnable and non-refundable.

“Jewelry is often measured in millimeters. If you cannot picture the size, find a device to measure it against your own hand. You do not want to be surprised that it is smaller or larger than you expected it to be when it arrives,” Furman recommends.

Don’t rush the process and take time to consider the range of online jewellers out there before placing an order. Have a successful proposal and a blessed marriage to come!

Consider these responses to cope with hostile colleagues

It’s been a month since we’ve been given the green light to head back to the office.

But with the increase in COVID-19 community cases in recent days, the Ministry of Health (MOH) has advised employers to allow their employees to work from home as far as possible.

Whether it be reporting to the office or clocking in from the comforts of home, we inevitably have to face our colleagues, occasionally hostile ones. If that is you, consider these responses to counter the unfortunate situation.

#1: Self-examine the case

We think it’s easy to point fingers at others when things go wrong. But why not take this chance to do some self-examination?

Ask yourself if the unfriendliness from your coworker could be a reaction to your actions? Maybe you’re a relatively straightforward person who speaks your mind without considering much. If so, then learn how to catch the right opportunity to share an opinion and keep mum when you should.

#2: Stay respectful but firm

Let’s say you’ve done some introspection and realised that the unpoliteness comes from your colleague despite you having done no wrong. Okay, fair enough. However, don’t rush to counter hostility with aggressiveness.

Unless you want to aggravate the already less-than-ideal work relationship, stay respectful but firm. Perhaps you are partnering with someone who likes to delay his or her work and then gets defensive when you ask for the output. Instead of asking an open-ended question, stick to this:

“Our presentation to the boss will be scheduled this Monday, so I would greatly appreciate it if you could send me the reports by mid-week.”

#3: Don’t blame yourself

Image Credits: The Independent

Have you noticed that whenever a new hire enters the company, there will be a period where “work kakis” get awkward? From schools to the workplace and social groups, there are “cliques” everywhere.

Sometimes, your colleagues’ coldness towards you may not be that they dislike you or have something against you. Everyone responds differently to a new face, so allow time to pass and conversations to flow naturally.

#4: Incorporate little kind gestures

A little kindness goes a long way to make someone’s day brighter, and in return, yours too! It could be as simple as guiding a table buddy on using a function on Microsoft Excel or offering to buy tea or coffee for a bit of perk-me-up.

But as with all things, don’t get overboard with being helpful. Since it may appear too “fake” when your actions don’t tally over the months or years, use little gestures when opportunities present themselves.

#5: Ask for advice

To round us up our list of responses to coping with hostile colleagues, we would recommend that you ask for advice from your HR department. Since HR personnel are usually trained in their field, they will know how best to handle workplace relationships.

Often, there are people in the office who get too comfortable “bullying” their fellow workers but have not been formally reported by anyone. Trust your gut and do what is suitable if you want the situation to be rightly dealt with by the management.

Here are some investment-worthy gemstones according to a Singapore-based Italian jeweller

What are the gemstones that come to mind when we mention “investment-worthy”?

Maybe some of you might be thinking of rubies, emeralds, and diamonds. While the three are definitely high in value, they are not the only stones deserving of all your attention.

According to Danilo Giannoni, a Singapore-based Italian jeweller, there are other sparkly rocks likely to grow in value. So, stay on this page if you want to work out your next investment move.

#1: Royal blue sapphire

Image Credits: Arte Oro

Since a saturated royal blue sapphire is internationally recognised and highly sought after, an investment in that would be considered “safe”. Expect to spend in the range of US$50,000 per carat if you’re looking to purchase a decent-grade blue sapphire.

However, it’s also worth noting that other colours are quickly gaining popularity. You will want to spend some time researching the saturation and tones to find the right sapphire for investment.

#2: Scarcely precious tanzanite

Image Credits: Arte Oro / Client’s private collection

When something is in short supply compared to the demand for it, its value shoots up. This is a simple concept most of us understand, especially since the early days of the pandemic has led to high prices of face masks being sold.

Similarly, since tanzanite can only be sourced from a small area in Tanzania, supplies are limited. The prices are currently reasonable at US$1,000 to US$5,000 per carat, way lower than sapphires. But still, it’s forecasted to rise sharply in price should interests peak.

#3: Mid-range toned Paraiba tourmaline

A pure and almost luminous turquoise tourmaline

Image Credits: Arte Oro

Speaking of rarity, the Paraiba tourmaline wins the comparison against tanzanite. They can only be extracted from three mines situated in the remote areas of northeastern Brazil.

Thus, you can expect its high price tag of up to US$100,000 per carat, though its exact figure greatly depends on tones and colours. While clarity is essential, it’s not the top deciding factor for the best returns.

#4: Beautifully reactive alexandrite

Image Credits: brides.com

When we say reactive, we mean that this precious mineral reacts to various light sources to emit its colour-changing characteristic. Thanks to its chemical composition, a person who owns this gem can observe its colour change from blue-green to red-purple from day to night.

It’s not just stunningly beautiful to observe, but it also performs well in the markets. Over the last few years, alexandrite has seen double-digit annual returns by collectors worldwide. An extraordinary carat with top-tier quality can cost up to US$100,000.

#5: Bright pink-red spinels

A very rare 10.5-carat Mahenge spinel from Tanzania

Image Credits: Arte Oro

As we come to a close, we have bright pink-red spinels to end us off this list. Spinels may not have been popular a few years back, but now, it’s a whole different story. With more buyers attracted to candy-coloured designer jewellery collections in recent years, spinel has climbed up the ranks to be considered investment-worthy.

Interestingly, it’s not the pure colourless spinel that is desired but the red, hot pink, and flame orange ones that are now in the spotlight. To be exact, neon pink-red spinels from Tanzania are the ones with tremendous investment potential, with prices up to US$50,000 per carat.

Now that you have an idea of what’s trending, do your due research and start collecting!

5 Mother’s Day gift ideas for the ones who like to DIY

Here’s a warm welcome to May from all of us at Money Digest.

With the increase in community cases recently, the government has encouraged residents to limit their social interactions.

For those planning to tone down this year’s Mother’s Day celebration, given the current situation, how about having a simple meal at home? Just in case you’re unaware, you can still keep to the eight-person limit for now.

As you prepare your mini celebrations for mummy, allow us to share some Mother’s Day gift ideas for children and adults who like to DIY.

#1: Meaningful bilateral self-portrait

Image Credits: Pinterest

Make mum a meaningful bilateral self-portrait with two halves of your photo! You can choose your favourite childhood picture and attach another current adult photo to make one whole. Or, if you have kids, use your child’s picture to mirror the other half.

#2: Handmade everlasting flowers

Image Credits: thinkmakeshareblog.com

Are you thinking of getting flowers for the first woman in your life? While real flowers are pretty and can instantly lift a person’s mood, their lifespan is relatively short. Not to mention, they are quite expensive too. Click through the link to view 12 DIY paper flower types you can make for 9 May.

#3: Creative stone paperweights

Image Credits: Pinterest

See if you can grab hold of some fabric scraps from a friend or neighbour who likes to sew. If not, visit Daiso to get some affordable printed fabric. Then, find a heavy pebble and cover it with your choice of material. There you go, a simple but useful paperweight made with love.

#4: Lovely stitched card

Image Credits: crafts.tutsplus.com

With most things going digital nowadays, wishing mum a Happy Mother’s Day can be done in a simple text message. But we believe the old school way of writing cards would definitely be a great surprise for all mummies!

Don’t just pick one off the shelves. Make a simple stitched card along with your handwritten message. All you need is a printed heart template, a needle, and coloured threads of your choice. Paste the template lightly on your card, poke holes along the heart’s outline, and run the strings from end to end. Easy peasy.

#5: Practical coaster creation

Image Credits: delineateyourdwelling.com

We’re not sure about you, but we think most households have watermarks on their desks or dining tables, thanks to the absence of coasters. Make mum one if she doesn’t already have it.

All you need is to purchase some adhesive-backed felt (as the base) and coloured ones from Popular. Cut them into different shapes and sizes, and then paste them on the base to form your unique one-and-only practical coaster! Make a few designs, so mum has enough replacements to last her through the year.

For more creative gifts and adorable card ideas, click here and here. Blessed Mother’s Day to all the superwomen in the world!