Western Union Business Solutions has launched a new outward remittance service that will allow foreign universities and higher education institutions to accept tuition fees from students here in Indian rupees.
The new service will allow schools and universities to offer Indian students the option to pay their tuition fees in their home currency.
The service will be offered by Weizmann Forex and Paul Merchants Ltd, the two largest Western Union agents in India, making the service available at over 500 locations across India.
"Students will also be able to pay from their homes by calling a toll-free number and requesting a house visit. A trained representative of Paul Merchants or Weizmann Forex will come to the student to collect the relevant documentation and arrange INR settlement on behalf of the university," said Western Union.
"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. Our aim is to improve and simplify the payments process for Indian students," said Mr. Anil Kapur, Regional Divisional Director, India and Middle East, Western Union Business Solutions.
Western Union Business Solutions enables businesses, colleges and universities of all sizes to send and receive international payments and manage foreign exchange in more than 135 currencies, creating solutions according to forex needs.