Foreign universities to receive direct rupee student payments
06 Feb 2013
Western Union introduces direct rupee student payments to foreign universities
A new service offered by Western Union's agents Weizmann Forex and Paul Merchants Limited will enable Indian students to pay foreign tuition fees in Indian rupees without leaving their doorsteps.
Western Union Business Solutions, a unit of The Western Union, today said this new service will allow 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. Indian students who choose to study abroad grew by over 250 per cent between 2000 and 2009, with overall numbers increasing from 53,000 to more than 189,000 during the 10-year period.
The US, UK and Australia are the top three destinations for Indian students.
Indian students who go abroad are typically invoiced by the institution in the currency of the country they go to study, 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.
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