CANADA, 2 NOVEMBER 2020 – N2Xpress announces its global partnership with Paykii, operator of one of the largest sets of payment rails for global bill payments in over 20 countries. Customers are now able to pay water, gas, electricity, internet, and mobile airtime billers for friends and family overseas using the N2Xpress platform.

Remittance services for sending money overseas have existed for as long as people have been moving between countries. There is simply always a need to send money back home to support people we know, and that extends to second and third generations that call the new country home but still have ties to other places.

The reasons for making regular money transfers will be different for everyone, but there are few things you need to know about foreign exchange rates to make sure you get the most out of sending money overseas. Every bank, remittance shop or online money transfer service will always show you their rate for the transfer you want to make, but those rates are not the same everywhere.

In April 2020, the World Bank predicted a sharp 20% decline in global remittances due to the economic crises related to the COVID-19 pandemic. The projected decline was largely due to the impact migrant workers face during an economic crisis in a host country, often resulting in loss of employment and wages.

Whenever you send money overseas using bank transfers, the transaction is made possible by the Society for Worldwide Interbank Financial Communications (SWIFT) system.

When you’re making an international money transfer there’s a good chance it involves at least one of these two standardised codes: the International Bank Account Number (IBAN) and the Society for Worldwide Interbank Financial Telecommunication (SWIFT) code.