Anil Kapur, regional divisional director - India & Middle East, Western Union Business Solutions said, “Nearly a quarter of a million Indian students study abroad and this service will help them make payments to their international universities from the comfort of their homes in a transparent, fast and effective way.”
It will be offered by Weizmann Forex and Paul Merchants, the two largest Western Union agents in India. Both Weizmann Forex and Paul Merchants will make this product available to students at multiple locations across the country.
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Students will also be able to pay from their homes by calling a toll-free number and requesting a house visit. In that instance, a trained representative of Paul Merchants or Weizmann Forex will go to the student to collect the relevant documentation and arrange settlement (in Rupee) on behalf of the university.
Over 200,000 Indian students study abroad each year, making India the second largest market for international students in the world after China. Indian students who choose to study abroad grew by over 250% between 2000 and 2009, with overall numbers increasing from 53,000 to over 189,000 during the period.
According to a recent study, the US, UK and Australia are the top three destinations for Indian students. Indian students who go abroad are typically invoiced in the currency of their university (like dollar or euro) which often makes the payment process cumbersome and expensive. In many cases, intermediary fees impact the final amount received by the university so that the students still owe money before commencing their studies.