A recent article in the 2025 edition of ICEF Insights magazine sheds light on the challenges international students face when making payments to institutions abroad. One infamous story tells of a student who sent $53,000 to an Ivy League school, only for the payment to get lost due to a lack of proper attribution.
This example highlights the need for simplifying the payment process for students and families across borders, currencies, and financial systems to avoid confusion and stress. Recognizing the importance of this step in the student enrollment process, a new category of payment services tailored for international students is rapidly expanding.
Companies such as Flywire, Convera, and NexPay are leveraging technology to offer students more affordable, faster, and easier ways to transfer funds abroad. These services aim to localize payment methods, streamline transaction processes, and provide flexibility through installment programs. Blockchain technology is also seen as a solution to improve payment processing speed and overall security.
By reducing transactional friction and simplifying the payment experience, these specialized services are not only benefiting students and families but also institutions and agents involved in international student recruitment. Ultimately, these innovative payment solutions represent a crucial lever for enhancing the overall international student experience and satisfaction.
Source
Photo credit monitor.icef.com
