Western Union Business Solutions
ENGLEWOOD, Colo. – Western Union Business Solutions, a unit of The Western Union Company (NYSE:WU), today announced a new service that will make it easier for universities and higher education institutions around the world to accept tuition payments in Indian Rupee.
Over 200,000 Indian students study abroad each year, making India the second largest market for international students in the world after China. These students are typically invoiced in the currency of their university (e.g. US or Canadian Dollar), which often makes the payment process cumbersome and expensive. In many cases, intermediary fees impact the final amount received by the university so the students still owe money before commencing their studies.
Western Union’s new service will enable participating schools and universities to offer Indian students the option to pay tuition fees in their home currency. It will be offered by Weizmann Forexand Paul Merchants Limited, the two largest Western Union Agents in India. Both Weizmann Forex and Paul Merchants Limited will make this product available to students at multiple locations across the country.
Students will also be able to pay from their homes by calling a toll-free number and requesting a house visit. In that instance, a trained representative of Paul Merchants Limited or Weizmann Forex will come to the student to collect the relevant documentation and arrange INR settlement on behalf of the university.
Kerry Agiasotis, Chief Commercial Officer, Western Union Business Solutions said: “This new product will enable fast and reliable tuition payments from India to universities around the world – an aim many of our higher education clients share.”
“Nearly a quarter of a million Indian students study abroad. Our service will make it easier for universities to help these students as they prepare for an invaluable international education.”
“We envision a world in which educational opportunities transcend borders, and so we applaud Western Union’s commitment to facilitating international educational exchange,” said Institute of International Education president Allan E. Goodman. “In 2012, IIE presented Western Union with its Opening Minds Corporate Leadership Award, in recognition of Western Union’s exemplary leadership and outstanding commitment to education and corporate social responsibility around the globe.”
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. For more information, visit http://business.westernunion.com/industry/education/