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Many students travel abroad to improve their language skills, others travel to advance their specialized studies.
Still others study abroad because suitable tertiary education is either in short supply or unavailable altogether in their home countries. In addition, in many parts of the world, a foreign degree, especially if earned from certain countries, is honored more than a local one.
UNESCO predicted that the number of international students might rise to approximately 7 million by the year 2020. The main destinations preferred by international students are the United States, United Kingdom, Germany, France and Australia.
Moving to a new country creates a unique set of issues for the host university/school, the student and the parents. The issues start on registration and continue on until the student has a local bank account and their own source of income.
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Generally the parents pay the course fees by making a wire transfer in the foreign currency of the university.
The banks charge large outgoing/incoming wire fees, and they fail to provide remittance detail on the electronic payment which creates a reconciliation problem for the university. If the payment is short due to the deduction of bank fees, often further payments need to be made, incurring more fees.
As outlined above, the student has a lot of payments to make, to operate successfully in their new environment. Even upon opening a local bank account, it is still difficult for the parents to fund a foreign account and provide the student with the facilities to meet their daily payment needs.
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hyperWALLET provides a complete education payment solution designed to ease the administrative burden international students place on the school, and to provide parents and students with a payment solution that meets their needs.
hyperWALLET’s provides the university with a brandable Pay Portal enabling each student to have an account with the university.
The pay portal enables the parents to make domestic payments against their child’s course fees, exams and general expenses.
The university can also provide a branded prepaid card, which can be funded by the students parents through the Pay Portal. This card can be used at any ATM or POS, which enables the student to pay their living expenses.
Benefits:
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The Pay Portal removes the need for the university to manage beneficiary bank details in order to make refunds or pay beneficiaries.
The payment is initiated through payment to the beneficiaries Pay Portal, and they then register the bank details for how they wish to receive the funds through self-service. This reduces bank fees, administration and FX currency risk.
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A prepaid card and integrated payment solution will enable for the funding of students costs, whilst the student is away at school. The prepaid card provides a fast easy way to distribute funds with pre-set spending limits.
The card can be branded for the school and linked to a number of school merchants (like uniforms, course material, tuck-shop etc), used at any ATM or POS, include discount offers and can be reloaded by the student from the Pay Portal which is funded by their parents.
The card settles locally, incurring only ATM fees. This improves the control of the FX spread margin for the card holder.
Example:
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For business or consumer travel, eliminate the need to carry traveler’s checks or foreign currency – with hyperWALLET prepaid travel cards.
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For example, when a staff member is issued an account with the university, they can have multiple prepaid cards attached to the Pay Portal.
If the teacher is based in the UK but regularly travels in Europe, then linking a £ and Euro card would be most beneficial to avoid FX margin at the Point of Sale (POS).
