Recent agreements struck between The Western Union Company and South Korean based Hana Bank, as well as ChinaPay and CITIC Bank in China, will allow international students currently studying in the US to pay their tuition fees in their own currencies.
As Chinese and Korean students represent 35 per cent of international students studying in the US, the new payment solution will be welcome news for many.
The agreement comes after Western Union’s recent launch of Indian Rupee tuition fee payments in the US.
Overall, the new services introduced in the past 12 months will benefit over 50 percent of all international students in the United States.
“Since 2000, the number of internationally mobile tertiary students has exploded, growing by over 75 percent to 3.6 million,” Commented Kerry Agiasotis, Chief Commercial Officer, Western Union Business Solutions. “Much of this demand has been driven by students from China and South Korea who, along with those from India, represent approximately 30 percent of the total worldwide international student population.
“I am delighted that we are able to support colleges and universities by ensuring quick and hassle-free payments for their international students.”
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