Foreign exchange costs eased for international students

By David Jobbins. Universities’ increasingly important revenues from international students are being seriously depleted by foreign exchange charges on fees and other transactions.
In the UK alone universities spend £34 million (US$54 million) a year in foreign exchange charges, given that approximately 35% of international students make up to three payments a year by international bank transfer at a charge of £6 a transaction, with the remainder using credit cards, which carry a 1.6% surcharge each time.
But using a new system established by a UK-based company, Uni-Pay, the costs are reduced to nothing. International students pay their fees in local currencies in their home countries and the university receives payments in domestic currency (Pounds Sterling in the case of the UK). More...