On the Alipay search "cross border remittance" small program, we can see that now has supported one-stop cross border remittance services in 186 countries and regions. Among them, the most practical for foreign students is remittance abroad. It is known that this new function has three characteristics: no amount of 50,000 US dollars per person per year, no difference in full tuition fees, and deduction or exemption of handling fees. Moreover, Alipay operates on its own, without queuing up to the bank, and can arrive in 2 days at the fastest time.
"Previous cross-border payment methods are troublesome, and the rate is too expensive, especially when the cost of tuition goes up after RMB breaks 7, it's very intimate to be able to reduce or exempt handling fees," said Xiao Ding, a student from Chengdu who has studied in the United States for three years. The demand for cross-border remittances has arisen from studying abroad. Students need to complete cross-border payment operations such as tuition fees, miscellaneous fees and rent fees through cross-border remittances.
According to statistics, the amount of remittances from Chinese students in 2018 amounts to 40 billion US dollars. Previously, the common mode of payment for studying abroad was bank wire transfer or Flywire, which would result in a series of fees, such as exchange rate difference, handling fees and full account arrival fees. Usually, hundreds to thousands of RMB would be deducted from a single remittance. In addition, bank wire transfer would inevitably result in 50,000 RMB per person per year. The threshold of US dollar amount.
According to the Report on the Development of Overseas Chinese Studies (2017), published jointly by the Global Think Tank, Southwest University of Finance and Economics and the Academy of Social Sciences, the number of Chinese students continues to be the highest in the world, with more than 40% of American international middle school students coming from China and more than half of Chinese students from Canada and Australia. A more convenient, safer and more affordable Alipay applet to pay for studying abroad is expected to digitally lighten the burden of foreign students.