By simplifying the international payments process for your students, you’re directly enhancing their overall experience. Two key considerations they’ll face early on are:
- Which currency to use, and
- the method of payment.
To eliminate payment friction, it’s crucial to offer a variety of options and understand which ones best suit your students’ unique needs.
The importance of currency options for international students:
Allowing students to choose their preferred currency makes the international payment process faster, easier, and more transparent. They won't need to worry about navigating exchange rates — Flywire handles that, showing the total amount due upfront and securing competitive exchanges on their behalf.
This benefits your institution as well. With students knowing the exact amount to send, your staff no longer has to deal with short payments. Invoicing becomes streamlined since the amount is converted to your preferred currency.
Flywire supports over 140 currencies and is continuously expanding this list. If a student’s preferred currency isn’t available, they can still make payments in your institution’s currency. The student’s bank will handle the conversion before the payment reaches Flywire, allowing them to enjoy the benefits of our education payments solution, such as payment tracking.
Diverse international payment options:
Offering students various payment options they are comfortable with is essential. Since there isn’t a one-size-fits-all solution, your institution should provide multiple safe and secure options. It is highly important to balance the risk to your business with the convenience it provides to international students. Let’s explore some payment options recommended by Flywire and assess their associated risks.
Supported and recommended international payment methods:
Credit and Debit Cards - Using credit or debit cards is typically the fastest method. It provides the institution with an instant notification that the transaction is complete from the payer’s end.
- Alternative Payment Methods / E-wallets - In different markets, alternative payment methods might be preferred due to their convenience and speed. These payments can be made online or through familiar local methods. While some have transaction limits, these are usually high enough for educational payments. Options include Boleto, PayPal, and Alipay.
- Bank Transfer - Flywire’s access to wholesale exchange rates allows for lower rates on bank transfers. Students make a payment request via Flywire’s portal, receive system-generated banking instructions, and complete the transfer through their home bank. With the given banking instruction, payers can choose to make the local bank transfer electronically via internet bank transfer, or in person. From there, the bank sends the payment to Flywire, and once we receive it, an additional 2–3 days should be expected for delivery to their institution.
Flywire also supports e-bank transfers in many markets, offering a convenient way for payers to transfer funds online anytime. Additionally, Flywire provides a Best Price Guarantee on local currency bank transfers. If students find a better rate at their local bank, Flywire will match it and give them a gift card. We are constantly gathering market insight to benchmark ourselves against the market, and being informed of local best rates by our payers is valuable and welcomed.
International payment methods not recommended by Flywire:
International Wire Transfers - International wire transfers, or Telegraphic Transfers (TT), are conventional but risky. Displaying sensitive information can lead to potential hacks. The fees charged for wire transfers may discourage students, and institutions might receive short payments due to intermediary bank charges. If account details are incorrect, the money can be difficult to trace, complicating reconciliation.
- International Money Orders - Money orders require students to visit a bank, get a money order, and mail it, which can take several days and risk getting lost. Counterfeiting is also a significant issue, exposing institutions to fraud. Flywire does not support international money orders as a payment option.
Encourage your students to compare options:
While there are numerous options for international payments, finding the right one requires research. Encourage your students to check if their preferred currency is supported and to compare their options carefully. See what other international students say about using Flywire and guide them in making an informed choice.
Understanding exchange rates and fees:
Navigating exchange rates and fees can be daunting for students. Fluctuations in exchange rates can lead to unexpected costs, which can be especially challenging for anyone who is already struggling with the high cost of tuition and living expenses. Many universities and colleges require international students to pay their tuition fees in the local currency, which can be significantly different from their home currency.
Explain to them how exchange rates work, and how they can affect the total cost of their payments. Students should be aware of potential fees from their own banks and how they can minimize these costs. By emphasizing transparency and providing clear information, institutions can help students make better financial decisions.
Flywire’s secure international payment processing solution enables students to pay their tuition fees in their local currency. This means that they can mitigate the impact of exchange rate fluctuations and make accurate payments. Flywire also offers competitive exchange rates and shows the total amount due upfront, eliminating hidden fees and surprises. Learn more about key exchange rate challenges faced by international students.
Payment tracking and security:
Payment tracking is a crucial feature for international students. Knowing where their money is and when it will arrive provides peace of mind. Lack of guidance to the process and inability to track payments can lead to delays, lost payments, and even identity theft. These challenges are significant and impact international students from all over the world.
Institutions need to prioritize payment security best practices and encourage use of solutions and platforms that are compliant with industry standards, ensuring protection for both themselves and their international students.
Flywire offers robust payment tracking capabilities, allowing students to monitor their payment status in real-time. We use state-of-the-art security measures to protect their financial information and offer key features that prioritize secure transactions, including real-time tracking. [Potentially link to “Education payment challenges for international students: Security” piece]
Customer support and resources:
A strong support system is essential for assisting students with their payment queries. Flywire offers around-the-clock, multilingual support for all international student payers. Institutions should ensure their students know how to reach Flywire’s customer support and what resources are available to them. Flywire provides FAQs, tutorials, and live support options that work to support their overall payment experience.