Flywire and UnionPay International are providing Chinese students and patients with discounted foreign exchange rates on cross-border tuition and healthcare payments now through the end of 2018. The offer is available to international students and patients originating from China and attending any school or receiving care at any healthcare institution around the world that offers Flywire as a preferred method for international payments. Payers using a UnionPay credit card will get the same foreign exchange pricing as a bank transfer – the lowest cost card payment option available.
China is the number one source of international students studying around the world. According to the United Nations Educational, Scientific and Cultural Organization (UNESCO), over 800,000 Chinese students pursued education abroad in 2016. China is also a major source of international patients around the world. More than 500,000 Chinese patients traveled abroad for healthcare in 2016 according to Ctrip.com, a 5X increase from 2015. On average, each of these patients spent over 50,000 Chinese Yuan or approximately US $7,800.
As common as traveling abroad for education and healthcare has become, the process of initiating, processing and reconciling cross-border payments remains a challenge for both payers and receivers. Flywire has built a robust business serving educational institutions, hospitals and businesses around the world and established its platform as the preferred solution for international payments and receivables processing. Institutions and businesses use it to offer payers a highly-tailored, international payment experience – customized by country, currency and institution. In addition, financial and operations teams benefit from streamlined reconciliation and tracking of international payments. Since its founding, Flywire has processed over $5 billion in payments for over 1,400 schools, hospitals and businesses.
“UnionPay is the most trusted payment brand in China and a preferred option for students, patients and their families when making cross-border payments,” said Ryan Frere, vice president of global payments for Flywire. “We are always looking to provide our clients and their customers with the highest levels of convenience, security, and cost savings as they make payments from everywhere around the world. We’re pleased to partner with UnionPay.”
“Our partnership with Flywire takes the cost, complexity and friction out of cross-border payments for Chinese citizens,” said June Chen, chief representative of UnionPay International. “Together, we’re able to connect Flywire’s extensive network in education and healthcare with the preferred payment choice in China, making it faster, easier and less expensive for all involved.”