EasyTransfer has partnered with China CITIC Bank to streamline cross-border payments for international students. Prior to this partnership, EasyTransfer's corss-border education payment services has already been integrated with 17+ banks on their net banking and mobile banking apps. The integration of EasyTransfer's platform into CITIC Bank's mobile banking app simplifies regulatory and compliance processes and provides more options for the bank's international student customers studying at any school or university worldwide.
China has consistently been a top source country for international students, with more than 1.2 million Chinese students studying abroad as of 2021, according to the ICEF monitor. The traditional process of paying school fees across borders has been challenging for many parents, involving understanding foreign exchange policies, completing remittance paperwork, and ensuring timely and full payment of tuition fees.
With this online banking service, remitters no longer need to visit a physical bank counter to fill out remittance application forms. The payment process can be completed with just a few clicks on the app. The service includes a Chinese language interface and one-on-one customer support, eliminating language barriers in the remittance process.
Moreover, students and parents can pay in Chinese Yuan directly, benefiting from transparent, live market exchange rates available through the online banking interface. The services are inclusive of all international telegram and intermediary bank fees, ensuring that the remitted amount is received in full by the education institution abroad. Additionally, the approved funds do not consume the annual US$50,000 individual foreign exchange purchase quota in Mainland China.
EasyTransfer employs an online Know Your Customer (KYC) process to facilitate payments for international students in their home countries. The proprietary technology leverages big data and AI analysis to identify potential payment risks and high-risk payment recipients, enhance anti-fraud and anti-money laundering measures, and drastically improve the efficiency and accuracy of international payment compliance verifications.
About China CITIC Bank:
Established in 1987, China CITIC Bank is an internationally oriented commercial bank with highly integrated capabilities and strong brand recognition in China. It achieved dual listings on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange in April 2007. With over 60,000 staff and total assets exceeding $1.2 trillion in 2022, its core businesses include corporate banking, retail banking, and financial markets services. In 2023, it ranked 20th in the "Top 500 Banking Brands" list published by The Banker magazine. CITIC Group, the bank's parent company, has been included in Fortune's Global 500 for 15 consecutive years since 2009, ranking 100th in 2023. Besides mainland China, the bank operates in Hong Kong, Macau, New York, Los Angeles, Singapore, and London.