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Students planning to study abroad would now be able to save on administrative costs and other fees associated with a wire transfer.
Instead of making a wire transfer, students will now have the option of depositing the university tuition fee at a local bank account courtesy ‘PaytoStudy’, an online payment system from Ireland-based Taxback Group, its Chief Executive Officer Terry Clune, told Business Line .
The Reserve Bank of India had recently approved of the company’s proposal and has given it a licence to transfer funds for Indian students paying for their overseas studies, Clune said on the sidelines of a media interaction.
‘PaytoStudy’, the company’s online payment system for international transfers, could be used to make transfers to universities in Australia, New Zealand, Canada, the US and Europe. Once the payments are made, it is transferred to the selected education institution within 48 hours. The system reduces the cost of transferring overseas tuition fees on average by $500 a year of study, said Clune. On an average, a student spends $18,000 for international tuition transfers. The transaction is usually conducted using a local bank, thereby incurring international bank sending fees ($20), overseas receiving fees ($70), and a lesser exchange rate ($360), according to data provided by Taxback.
In line with its strategy to grow the India business, the company has joined hands with overseas education advisers such as EdWise, EduWorld, and New Strides. Barclays Bank is the banking partner for this initiative.
Plans office in Mumbai
The Taxback group intends to setup an office in Mumbai over the next two months in order to promote the ‘PaytoStudy’ brand, said Clune.
He was in India recently as part if a five-day trade and investment mission to India, led by Ireland’s Minister for Jobs Enterprise and Innovation, Richard Bruton. Around 42 Irish companies along with a clutch of higher educational institutions were a part of the delegation.
In addition to providing payment services, the Taxback Group specialises in provides taxation, finance, and travel consultancy services.
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