High price of international tuition payments revealed

Universities in the United Kingdom could collectively be paying up to £80 million (US$103 million) as a result of the credit card transaction fees associated with international tuition payments, according to statistics from global payment giant, Western Union, writes Natalie Marsh for The PIE News.

The research also found that each university could lose up to 67 working days per year as a result of the extra staff time and resources required to process international tuition fee payments.

The data was based on a 1.39% transaction fee charged on a payment made by credit cards internationally. Among the 100 admissions and finance teams surveyed at higher education institutions across the UK, nearly half (44%) of the survey respondents found that having to pay these transaction costs for international payments was the biggest challenge when processing international tuition fees.
Full report on The PIE News site