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3 Steps for International Students to Make U.S. Tuition Payments: Currency exchange and wire transfer fees can add up when paying for a U.S. college education.

Iker Marcaide was shocked to learn in 2008 that sending a tuition payment to MIT’s Sloan School of Management via his Spanish bank account would cost more than $1,500. “The fee the bank charged to exchange currency, plus the wire fees, added more than 3 percent to a tuition bill that already topped $50,000,” says Marcaide. “Plus, the money wire was lost for several weeks.”

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US Firm Enables Payments in CNY

US firm PeerTransfer says it has become the first transfer service allowing Chinese students to make direct education payments overseas in their home currency, the renminbi. Through the system students in the US, Europe, Australia and Canada can pay for fees and other expenses without the usual hassle and cost.

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peerTransfer First to Help Chinese International Students Pay in Renminbi

peerTransfer, the leading provider of innovative global payment solutions for the education industry, has become the first to offer Chinese students the ability to make international education payments in their native Chinese Renminbi. According to the Institute of International Education there were 157,558 Chinese students studying in the United States during the 2010/2011 academic year, an increase of 23.3 percent over the previous year. Chinese students account for 21.8 percent of the total US international student population.

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peerTransfer Doubles List of Schools in Just Six Months, Greatly Expands Supported Currencies, and Adds New Partners: Further Strengthening its Position as the Leader of International Payments for the US Market

peerTransfer, the leading provider of innovative global payment solutions for the education industry, experienced tremendous growth in the third quarter of 2012. The company is the first international payment processor to partner with Ellucian and Oracle to allow for direct integration into schools ERP systems. In addition, peerTransfer surpassed the 200-school milestone, accounting for approximately 28 percent of the United States’ higher education market share. Some of the notable schools signed on in the third quarter include Northwestern University, Southern Methodist University, University of Iowa and the University of Texas at Dallas. peerTransfer’s rapid growth also encompassed adding 15 currencies – including the Taiwan dollar, Brazilian Real and Thai baht – equating to a total of 48 supported currencies, representing 73 countries around the world.

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peerTransfer Welcomes the Indian Rupee and 36 New Partner Schools in Q2 2012

peerTransfer, a leading provider of global payment solutions for international students and their schools, gained the ability to support the Indian Rupee (INR) during the second quarter of 2012. With this new capability Indian students, who according to Open Doors make up 14.4% of the US international student population, can now pay their tuition in INR and peerTransfer will process the payment and deposit US dollars into their school’s bank account. This makes the international payment process much more convenient for Indian students all the while saving them money on currency exchange.

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