Western Union adds tuition payment nations

Western Union adds tuition payment nations
Published:  18 Jul at 9 AM
Western Union announced this week that it had added two more international portals for students studying abroad to pay their tuition fees. The global finance company says it has reached agreement with banks in China and South Korea which will enable students to pay their overseas tuition fees in their countries’ own currencies.

Chinese students will be able to pay for their study abroad programmes in the US and other overseas locations in yuan at the country’s CITIC Bank or by using ChinaPay services. Hana Bank is Western Union’s new partner in South Korea and will accept won for overseas tuition fee payments.

Financial services analysts say Western Union has set up the new service because numerous students from these two countries travel abroad every year to study. In the company’s home base in the US an estimated 35 per cent of the foreign students enrolled at academic institutions are from China and South Korea.

Western Union also recently established the same money transfer service in India with partners Paul Merchants Limited and Weizmann Forex accepting rupees for international money transfers. The company now offers a dedicated education sector on its FX Solutions platform.

The payments are remitted by Western Union’s innovative GlobalPay platform which can transfer funds to a total of 60 different countries. After making the payments, students, or their parents, can check the status of the transfers in real time.