Every student must find a way to pay college tuition through scholarships, student loans or paying out of pocket. For international students, however, making payments to the college can be difficult. Flywire is revolutionizing tuition payment for international students by providing a quick and easy payment solution.
International students making payments to colleges like the University of Utah are often required to go through specific banks or wire services that have been pre-approved by the college. This is often a wire service or bank the college has partnered with before and trusts, because of a decreased number of lost or stolen wire transfers. Transfers can get expensive when the fee for currency exchange and the wire transfer itself is calculated on the amount of money the student is sending. Flywire has worked for the past four years to revolutionize this process.
Through partnerships with banks globally and institutions in over 220 countries, Flywire is able to provide reduced wire fees and exchange fees for students paying tuition from bank accounts in other countries by bundling the payments from all of the people using the service in the country. Students pick the college they would like to pay their tuition to, input the amount they want to pay in U.S. dollars and the country they’re paying from, pick the payment options for that currency and sign up for an account. Flywire will ask for information about the student’s address and then provide the details of the entire transaction for the student to double check and, once confirmed, will wire the money from the student’s bank to themselves before sending it to the college — which will take about three days.
The U has partnered with Flywire and will accept international tuition payments through the company.