peerTransfer first to allow international Chinese students tuition payment options in native currency
According to the Institute of International Education there were 157,558 Chinese students studying in the United States during the 2010/2011 academic year, an increase of 23.3 percent over the previous year. Chinese students account for 21.8 percent of the total US international student population. peerTransfer, provider of global payment solutions for the education industry, has become the first to offer Chinese students the ability to make international education payments in their native Chinese Renminbi.
“Our mission is to help as many international students as we can, and with Chinese students representing a third of our student customers, we worked tirelessly to build a solution that fully supports this population,” commented Iker Marcaide, Founder and CEO of peerTransfer.
“peerTransfer´s ability to offer our Chinese students the option to pay Miami University with Chinese Renminbi is a major breakthrough. When we signed up for the service, peerTransfer said this was on the horizon. They are continually adding new features and enhancements that benefit my staff and our students,” said Kristine Cassano, Bursar for Miami University.
peerTransfer’s solution supports international payments from all regions of China, working with over 100 banks across the country including every Chinese bank that provides online banking. Chinese students and their families can now make international education payments in Chinese Renminbi through multiple online funding mechanisms such as bank transfers, e-wallets and their bank issued cards. peerTransfer will then process the payment and deposit the appropriate currency into their school’s bank account.
“It´s fantastic that peerTransfer processes the payment to the University so quickly without charging any additionalfees for international students. There is an excellent hotline service to answer all my questions so patiently,” stated Xiao Zheng, a student from Denison University.
Up until now Chinese students, which represent the largest percentage of the international student population worldwide, were being underserved. This new capability can serve Chinese students studying abroad not only in the United States but at institutions partnered with peerTransfer around the world. It is estimated that the Chinese student population studying in the main markets served by peerTransfer, including the United States, Europe, Australia and Canada, can save $100 million per year with peerTransfer. The company has more than doubled the number of currencies it supports over the past year, totaling 49 currencies, and will continue to develop innovative financial solutions in its mission to support as many international students as possible.