Flywire and UnionPay International have collaborated to provide Chinese customers with discounted foreign exchange rates on cross-border payments.
The offer is available to international students and patients originating from China and attending any school or receiving care at any healthcare institution around the world that offers Flywire as a preferred method for international payments. Payers using a UnionPay credit card will get the same foreign exchange pricing as a bank transfer.
China is the number one source of international students studying around the world. According to the United Nations Educational, Scientific and Cultural Organization (UNESCO), over 800,000 Chinese students pursued education abroad in 2016. China is also a major source of international patients around the world. More than 500,000 Chinese patients traveled abroad for healthcare in 2016 according to Ctrip.com, a 5X increase from 2015. On average, each of these patients spent over 50,000 Chinese Yuan (approximately USD 7,800).