Flywire and UnionPay International today announced that they are re-launching a promotional program that provides Chinese students and patients with discounted foreign exchange rates on cross-border tuition and healthcare payments. The effort is a continuation of a highly successful partnership beginning in the Spring of 2018, and is timed to coordinate with the season when students hear back from Universities about their acceptance.
The promotional discounts are available to all UnionPay cardholders originating from China and receiving education or healthcare services internationally at an institution that offers Flywire for international payments. Payers using a UnionPay card on Flywire’s platform will receive the same foreign exchange pricing as a bank transfer – the lowest cost local payment option available.
China is the number one source market for international students around the world, with over 662,000 Chinese citizens studying abroad in 2018, up almost 9% from 2017.1 Similarly, the healthcare industry estimates that more than 630,000 Chinese patients traveled abroad for medical care in 2018.
“We strive to offer our clients’ payers the most convenient and secure payment options in each international market they serve,” said Ryan Frere, vice president of global payments for Flywire. “For Chinese students and patients making cross-border payments, UnionPay is the most preferred and trusted brand. We’re pleased to expand this program and bring valuable savings to more payers and institutions.”
“Working with Flywire helps us to provide our Chinese clients with more options to make education and healthcare payments. Flywire is one of our top partners in the US and supports us in our goals to add more value for our cardholders,” added, June Chen, General Manager at UnionPay International Americas.
1 China Ministry of Education