Western Union to accept tuition fee for US, Canada Universities | Study Abroad Fee Payments | Money Remittance Services | ICICI Bank student services | Western Union Money Transfer Centres
Mumbai, July 18: Western Union Business Solutions, a unit of The Western Union Company, today announced that it is enabling participating universities to accept international students’ tuition payments and fees in Indian rupees (INR).
The service, available via a strategic agreement with private sector ICICI Bank, which will facilitate the processing of foreign tuition invoices and student fees directly via students’ home country bank accounts. It will initially be available to participating universities in the United States and Canada and will roll out to additional markets in the coming months.
According to the Institute for International Education’s Open Doors report, students from India make up 14 percent of the international student population in the U.S. In 2010/11 there were 103,895 students from India studying in the United States. Citizenship and Immigration Canada (CIC) also reports that the number of Indian students granted visas to study in Canada saw a steep increase in the recent past. By the end of 2010, the number of student visas that CIC issued to Indian students had tripled over 2008 levels.
Western Union Business Solutions’ service for student tuition and fees such as meal plans and residence halls is fully integrated into participating universities’ websites. Students register their names, their student identifications and the amount they wish to pay. Western Union Business Solutions displays a price in Indian rupees, with the exchange rate locked in. The student prints out the form and processes the payment through a participating ICICI bank location within 3 days.
Western Union Business Solutions enables businesses, colleges and universities of all sizes to send and receive international payments and manage foreign exchange in more than 135 currencies, creating unique solutions tailored to suit their FX needs. Institutions are supported by a network of trading offices, strategic banking relationships and a global clearing network.
Universities use the cross-border payments service for study-abroad programs, student refunds, and for professors or recruiters traveling worldwide.
Source: Press Release