For those who study abroad, remittances abroad are troublesome. Previously, the common payment methods for studying abroad were bank wire transfers or third-party cross-border payment platforms. When remittances, a series of fees such as exchange rate differences, handling fees, and full account payment fees were generated. Usually, several hundred to one debit will be deducted. Thousands of RMB.
On August 21, Alipay s Cross-Border Remittance mini-program officially launched the Study Exchange Rate function. This feature currently supports most schools in four popular study destinations including the United Kingdom, the United States, Canada and Australia. This function will be activated in schools in more countries and regions in the future.
Compared with traditional bank cross-border remittances, this new Alipay feature has many advantages:
1.Enjoy ultra low fees
Ultra-low full payment fee and domestic fee reduction.
2, arrive in full and on time
The fastest tuition is 2 days, and the tuition fee is reached quickly;
3. Do not account for foreign exchange purchases
You only need to provide relevant evidence to avoid occupying 50,000 USD per person per year.
It is reported that the amount of remittances for study abroad in China in 2018 amounted to USD 40 billion. Previously, the common payment method for studying abroad was a third-party cross-border payment platform such as bank wire transfer or Flywire. In this way, a series of fees such as exchange rate differences, handling fees, and full account payment fees were generated when remittances. Usually, a remittance is deducted Hundreds to thousands of RMB, tuition fees are rising every year, it is a sum that can save a fee!
In addition, bank wire transfers will inevitably encounter the threshold of 50,000 US dollars per person per year.
Now, in just 6 simple steps, you can easily send money to study abroad.
Steps to Pay Tuition by Alipay
1. Alipay searches for “cross-border remittances” and select “study abroad payment”.
2. Enter the full English name of the overseas institution to open. Taking Harvard University as an example, Alipay will jump out of the school s remittance account and click on the account to enter the payment process.
3. Fill in the remittance amount.
4. Fill in the student information.
5. Upload a valid certificate, in which the payment notice and admission certificate must be uploaded (with examples).
6. Confirm and pay.
Alipay is not only convenient and simple, but also eliminates the need to run a bank to fill in various documents, saving handling fees, and saving the trouble of calculating exchange rates.