Payment solutions provider peerTransfer has
launched an online payment processing service enabling US schools
to collect funds from international students in their home
currencies.
The service claims to be able to save schools
thousands of dollars per student per year as well as cutting their
administrative overheads through the use of automated
processes.
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It also offers wholesale foreign exchange rates and reduced
transaction fees.
“While the US continues to host more
international students than any other leading country, paying for
their education can be an expensive and inconvenient process, said
Iker Marcaide, founder and CEO of peerTransfer.
“As a former international student, I saw a
compelling need for a payment method that was simple and would save
money for both the student and the school.”
According to the Institute of International
Education (IIE), international student enrollment in the US is
at an all-time high, with the total international student
population for the 2009/10 academic year reaching nearly 700,000
and contributing more than $20bn to the US economy.
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