Incoming international payments

The best way for overseas students to be their fees is often unclear. Travelex have two simple solutions for students to pay by credit card or by electronic wire. We can ensure their fees reach you quickly and efficiently.

By Credit Card
Students can opt to pay online by credit card to pay using Dynamic Currency Conversion (DCC). Unlike an ordinary credit card transaction, where a student, parent or sponsor makes a credit card payment online in Sterling then is notified of the local currency value on their credit card statements (usually 30 days later), DCC immediately shows a student or other payer the amount that will be debited from their credit card, in their home currency.

Ordinary card transaction will not show any additional bank charges but with DCC payment, amounts are locked, with payers’ credit cards immediately debited in their home currencies. We’ll also compensate up to 1% to help offset any credit card fee or MSF. For 400 new overseas students per year, this can mean around £28,000.

By Electronic Transfer
Students can also pay by wire which lets them pay invoices in their home currencies and immediately see the total costs. A wire payment can also cut 2% from the cost of processing 20% of your students’ tuition and accommodation fees. For a yearly average intake of some 400 new overseas students, this can mean a saving to you of around £11,000.

Both DCC and wire payments – on the surface two separate systems – are in practice handled by a single application, thereby:

  • Lowering your implementation costs
  • Minimising your own IT resource
  • Allowing seamless integration to existing student records systems and websites. To help you even more, we’ll provide dedicated resource to ensure smooth implementation. With DCC, we can integrate withmarket leaders for transaction authorisation and processing.

Whichever payment method the student selects, Travelex ensures that all stages of the payment are confirmed to both you and the payer by email Reports are also uploaded directly to your student records. All sterling credits are identified by a system of unique reference numbers; usually student ID’s or payment ID’s generated by your debtor ledger. We’ll also send reminder emails to the student, parent or sponsor if payment hasn’t been initiated within an agreed period.