peerTransfer Launches Streamlined International Student Payment Solution
Award-Winning Solution Saves Time and Money for International Students and their Schools
CAMBRIDGE, MA – May 4, 2011 – peerTransfer Corporation, a premier provider of global payment solutions, today announced peerTransfer Education – an online payment processing service that provides significant time and cost savings for US-based schools and their international students. peerTransfer enables these savings by collecting funds in students’ home currency and offering wholesale foreign exchange rates, along with reduced transaction fees. The result is significant cost savings as compared to traditional banking solutions – up to thousands of dollars for a single year’s tuition. In addition to the student savings, peerTransfer helps colleges reduce administrative overhead by ensuring the fast and accurate delivery and posting of funds. Currently implemented at several leading higher education establishments, peerTransfer is provided to schools at no cost and can be set up for the school in just a matter of hours.
The market for peerTransfer’s solution is a burgeoning one. According to the Institute of International Education (IIE), international student enrollment in the United States is at an all-time high, with the total international student population for the 2009/10 academic year reaching nearly 700,000, and contributing more than $20 billion to the US economy. Traditionally, tuition payment for these students has been a costly endeavor – with unfavorable exchange rates and high transfer fees from traditional banking institutions. peerTransfer offers students wholesale exchange rates and adds a one percent margin – a significant savings as compared to the average 2-5 percent margin charged by banks.
“While the United States continues to host more international students than any other leading country, paying for their education can be an expensive and inconvenient process. As a former international student, I saw a compelling need for a payment method that was simple and would save money for both the student and the school,” said Iker Marcaide, founder and CEO of peerTransfer. “With peerTransfer, international students will have one less thing to worry about when coming to the United States. We ensure that their tuition is transferred to their school in a fast and efficient manner, and keep them updated on the process along the way. And we save them a lot of money!”
peerTransfer Education is already available at many leading schools, including Bryn Mawr, College of Wooster, Reed College, Suffolk University, Wellesley College, and many more. College business officers have cited the simplicity of the service as an integral reason for their adoption of the free service.
“International students represent a growing population at Wellesley,” said Jim Garrant, manager of student accounts and educational financing at Wellesley College, an adopter of the peerTransfer service. “It is our fundamental goal at the college to ensure that our entire international student base feels welcomed and ‘at home’ in all their dealings with Wellesley – from the first acceptance letter through graduation. By partnering with peerTransfer, we ensure the payment experience for our international students is as pleasant as possible – with cost savings and the peace of mind of knowing that their payment was received. In addition to our students’ benefits, we are able to improve our own efficiencies at the same time – it’s a win-win.”
peerTransfer has already received many industry accolades – most recently being hand-picked by the organizers of the leading financial technology conference, Finovate, to unveil its service on-stage at the event taking place next week in San Francisco. peerTransfer has also received numerous other awards, including winning the HIT Barcelona 2010 Innovation Summit and being named one of the “5 big ideas in Boston” by Xconomy.
For more information on the peerTransfer solution, please visit http://www.peertransfer.com.
peerTransfer is the pioneer in development of innovative global payment solutions. Its first offering, peerTransfer Education is targeted at the higher education market and has been proven to save schools and their international students a significant amount of time and money when making school payments (tuition, fees, etc.) Unlike traditional banks, peerTransfer is able to offer wholesale foreign exchange rates, which equates to a significant amount of savings for the students. The company was founded in 2009, is headquartered in Boston, Mass., with additional offices in Europe, and is backed by leading international investors (including Spark Capital, a $1 billion venture capital fund). The company has received several awards including winning the HIT Barcelona 2010 Innovation Summit and named as one of the “5 big ideas in Boston” by Xconomy.