How Does Peer Transfer Work?

How Does Peer Transfer Work?

International students use new systems to pay tuition and medical costs when studying abroad. The services provide more advance security features that safeguard all funds transferred. The service assists students in paying these expenses without direct connections to their own banking or savings accounts. The process is known as peer transfer and accommodates fast payments for overseas students.

transfer student services

How Does the Peer Transfer Service Work?

The student begins the process by choosing the institution they want to pay. The schools and hospitals appear in a list from a drop-down menu. Next, they select the country of origin and enter the exact dollar amount for their payment.

On the next screen, the student chooses a payment option. These payment choices include the student’s bank account and credit or debit cards accepted by the system. They also choose the currency in which they want to use for the transaction.

The next screen asks the student to sign into their account. They have the option to sign up for a new account or use an existing account. Next, they enter their payer information. The system asks for personal data that isn’t stored without permission.

Next, the system shows the payment instructions for the student. They choose the exact method for the payment on this screen. It details all information about their required payment including the due date and any penalties for late payments. They schedule their payment through this screen and receive a confirmation email.

The system gives the student tracking information for their payment. The information is updated each day until the payment is received by the institution or medical facility. Their financial information is updated upon acceptance of their payment.

Why is the Service Beneficial?

Heightened Security: Students studying abroad won’t face dire financial circumstances using these systems. Unlike traveler’s checks, their accounts aren’t easily-accessible to would-be thieves. Since the transactions are managed online, they won’t need to visit a local bank to conduct the transfer.

Immediate Access to Universities and Hospitals: The students use the system to conduct transfers that link directly to the school or hospital of choice. The system doesn’t require them to enter extensive data for the transfer. All details needed for the transfer such as routing and account numbers are linked to the institution in which they are sending the payment.

Convenient Transfers for Busy Students: The transfers are conducted quickly and enable on-time payments for the students. They won’t incur additional travel expenses going to and from the institution they are paying. The transfers offer convenient payment options that don’t interfere with their daily routine or cause a distraction.

Third-Party Access is Blocked: The students won’t have to worry that a third party is accessing their information. The system design requires login credentials that are verified often. They prevent outsiders from gaining access to the student’s account details. The system uses a secured socket link on pages in which personal or banking information is entered. None of the student’s information is sold to a third-party for any reason.

Are There Any Associated Fees?

The transfer system itself doesn’t require fees. However, select banks charge a fee based on the total payment sent. These fees are listed on the review page for the payment.

The peer transfer process prevents unauthorized access to the student’s banking and savings accounts. The process accommodates a faster transfer of funds from non-resident accounts to universities and hospitals. The transfer provides funds based on the required currency and cuts through the red tape that causes unwanted delays. Students who want to use these services should sign up for an account today.