Transferring money to students abroad from within the EU has a few steps too many and - citing financial risk - banks have unfairly taken a large cut from these transactions. For students, parents and even schools we offer the market's most affordable solution: virtual bank accounts by B2B Pay. It is +80% cheaper and 2x faster to transfer money this way - often delivered the same day - converted to the right currency and it goes from the EU to anywhere.
More and more students are traveling overseas to study for a semester or for their entire university experience or to attend language school. This means their parents are facing the task of dealing with sending money overseas regularly. Parents want to feel like the institution their children are attending is close and responsive, but that can be difficult on the financial side given the challenges of international banking.
With a virtual bank account, the school has an account in Europe and can make collections locally. This means that it is far easier and faster for students to pay them and also that there is certainty in terms of cost that they might not otherwise have.
An English school in Florida regularly recruits French students to their program. However, this means that the students’ parents must make wire transfers to Florida. These transfers take up to a week and cost 3-6% of the transfer amount. But with B2B Pay, these transfers will take a day or less and cost +80% less.