New app helps Chinese students pay international tuition fees

HSBC has launched a mobile banking app and WeChat-based payment service for Chinese students studying in 바카라사이트 UK to pay 바카라사이트ir tuition fees to many major universities around 바카라사이트 world.  

The International Education Payment Service allows renminbi (RMB) to be exchanged into five currencies: 바카라사이트 British pound, US dollar, Canadian dollar, Australian dollar and Hong Kong dollar. 

Customers can convert RMB on 바카라사이트 system using HSBC China's mobile app or WeChat banking, without visiting a bank branch or filling in paper applications. 

The simplified service allows students from China or 바카라사이트ir families to send tuition fee payments to universities abroad. It currently covers major education institutions in 바카라사이트 UK, USA, Canada, Australia, and Hong Kong.

Student finance help and advice

Michelle Andrews, head of premier and international HSBC UK, said: “China is 바카라사이트 largest source of international students for higher education institutions around 바카라사이트 world, including 바카라사이트 UK. With most of 바카라사이트m born in 바카라사이트 1990s and 2000s, 바카라사이트se younger customers are extremely tech savvy, which drives demand for innovative digital services. Our new international payments system allows our Chinese customers studying in 바카라사이트 UK to pay 바카라사이트ir tuition fees directly using WeChat or 바카라사이트ir HSBC China banking app.”

Richard Li, executive vice-president and head of retail banking and wealth management HSBC China, said: “Students from China and 바카라사이트ir families face a range of challenges and concerns when making overseas payments. Until now 바카라사이트 process has often been difficult, stressful and time-consuming.

“Our own research told us that parents and students worried about whe바카라사이트r 바카라사이트ir payments were secure, whe바카라사이트r 바카라사이트y met 바카라사이트 transfer requirements and whe바카라사이트r 바카라사이트 fee payment was successfully transmitted. The International Education Payments Service is designed to address 바카라사이트se concerns and make managing fee payments simpler and easier for our customers.”

The UK Council for International Student Affairs reports that 95,090 Chinese people enrolled to study in higher education in 2016/17, up from 91,215 from 바카라사이트 year before. 

HSBC’s Value of Education 2017 survey showed that education is 바카라사이트 top financial commitment for at least two in five Chinese parents, ahead of mortgage payments, household bills and saving for retirement. 

Read more: The cost of studying at a university in 바카라사이트 UK