Demand for international education is strong – and particularly so for Nepalese students. The country’s outbound student mobility rate more than doubled from 9.1% in 2015 to 22.8% in 2021, with the allure and value of an international degree pushing students to seek degrees at universities across the globe. Top destinations include New Zealand, Canada, Australia, the U.S., the U.K., Denmark and India.
And Nepalese students are really making an impact. In the U.S., for instance, 11,172 students came to study during the 2020/2021 school year. That school year marked a decrease, predictably, from previous years, but was still enough to place Nepal at no. 12 in terms of countries of origin for international students. Students from Nepal have contributed $463 million in international economic student impact in the U.S.
A big part of ensuring Nepalese students can continue to access international education opportunities is providing tuition payment options in the Nepalese Rupee. It’s also crucial that universities can easily receive and reconcile that payment in their currency of choice. We surveyed more than 1,000 international students last year, and some 79% said a simplified payment process would improve their higher education experience. On the flip side, unclear processes and a lack of online payment options are the leading causes of stress when it comes to making an education payment.
Teaming up to deliver exceptional payment experiences to students and universities
Making an international payment shouldn’t be a deterrent to Nepalese students pursuing international education. To that end, Flywire and NMB Bank are working together to make sure that tuition payments are seamless for students, families and universities. The exclusive partnership makes NMB Bank, which in 2021 was named The Banker’s “Bank of the Year, Asia,” the only bank Flywire is working with in Nepal to process payments to thousands of global educational institutions.
“As more education institutions around the world work to attract international students, those that can provide a digital-first payment experience can have a leg up when it comes to recruitment and retention,” said Sharon Butler, EVP of Global Education, Flywire. “Our client schools - from New Zealand and Australia to the U.S. and Canada and beyond - have been asking for a solution that better supports students from Nepal, and we’re excited to partner with NMB Bank to deliver an exceptional payment experience.”
A digital solution to simplify complex security and compliance requirements
Digital payments are catching on for consumer purchases in Nepal, but making cross-border tuition payments remains manual and complex. Likewise, for the institutions on the receiving end, tracking tuition payments is often complex, and accepting payments in different currencies makes it difficult to reconcile them and ensure everything is in compliance.
NMB Bank and Flywire digitize and ensure a secure payment process in compliance with local regulations. Students and families can make education payments online even if they don’t have an NMB Bank account. Payers use Flywire to make payments in Nepalese Rupees, with the platform automating currency conversion, and NMB Bank and Flywire working together to process the tuition payment. Additional fees are clear to the payer, payers and universities can easily track payment status, and universities save time and money reconciling payments.
“This first of its kind partnership with Flywire provides us with further initiative to bring other innovative payment solutions to Nepal,” Sunil KC, CEO of NMB Bank said. “We aim to provide a streamlined end–to-end payment solution with simple and cost effective payment options and encourage the use of digital payment platforms. We firmly believe that this partnership will add great value to students and their families who want to make cross-border transfer of funds for education related payments.”
The percentage of Nepalese global outbound students is expected to increase by 3.1% CAGR between 2019 and 2025. Is your university ready? Find out more on Flywire here.