peerTransfer. Translating International Education Payments into the Language of Common Sense
Making a Long Story Short
In a short period of time, peerTransfer has become recognized as an innovator in the development of efficient and economical global payment solutions for the education industry. Our mission is to put our customers first – whether they are students or educators themselves –and build new solutions around them. Before us, those making or receiving international education payments were forced to work with confusing and costly solutions.
Our new payment system has already enabled thousands of international students, attending hundreds of schools, and coming from every corner of the globe (assuming something round can have corners) to save time and money. We offer them better currency exchange rates, a truly simple online experience, and bend-over-backwards customer service in multiple languages.
More schools have selected peerTransfer than any other payments company by far. We’re honored by their trust, and we work every day to get an even higher grade.
The Longer Story
Millions of international students are studying outside their home countries; nearly 750,000 from over 200 countries attend school in the United States alone. But whether they come from Albania or Zanzibar, they all have to manage a process of transferring money for deposits, tuition and fees that is messy and expensive.
At the heart of the messiness: colleges only accept tuition payments in their own currency. Before peerTransfer, international students had limited options, all bad: wiring funds or sometimes using credit cards. Wiring from local banks means high and hidden fees, unfavorable exchange rate conversions, and an inability to track your money.
Fixing this mess required more than a band-aid. So we’ve built a whole new system that innovates in a powerful, common-sense way. We’ve removed your bank as much as possible from the process. Once your money goes from your local bank to us, we take care of everything:
WE combine your money with those of other students and negotiate discounted exchange rates.
WE deliver your money to one of the hundreds of schools that have made us their international payment provider. Because they are all linked to our system, your funds get delivered quickly and securely.
WE give you online access so you can check the status of your payment every step of the way.
WE make sure your funds are posted, in the right amount, at the right time. (With traditional banks, wire transfer funds often arrive in the wrong amounts or without enough information to link them to the right student.)
WE give you 24/7 service via Skype, phone, email or IM, in multiple languages.
Our Founder’s Story
Our founder, Iker Marcaide, was inspired to create peerTransfer after his own payment to MIT from Spain disappeared somewhere over the Atlantic. You can learn the full saga here; it’s a classic entrepreneur’s tale of necessity as the mother of invention.
Our mission is to give you an amazing experience that gets you started on your international adventure on the right foot.
Moving to a new country is not a simple task.
You should be worried about the important things – like your education, making friends, and learning a new culture – not whether your money got there on time.
What customers are saying...
- “The best thing about peerTransfer's service is that I am sure how much actually reaches the payee. Most times the bank fees charged by routing banks tend to differ among countries.”
- Mount Holyoke College student from India