peerTransfer™

About peerTransfer

• What is peerTransfer?

  peerTransfer intends to become the lowest cost and most convenient way for individuals and businesses to send money internationally. Its first innovation is peerTransfer Education, a solution that helps international students save money compared to using their traditional bank (around $700 on a $25,000 payment) when paying their tuition internationally. At the same time it helps universities and schools that offer this solution to streamline the reconciling and posting of these payments

• Who is behind you?

  We are an experienced management team, lead by Founder & CEO Iker Marcaide who, similarly to many of our users, went through the experience of being an international student. In addition, we are backed by international investors including Spark Capital, a $1Billion Venture Capital Fund based in Boston, and former executives from PayPal, Western Union, Microsoft or IBM. You are welcome to visit our offices in Boston (USA) or Valencia (Spain).

• What is the service you provide?

  We help international students to pay for their studies overseas and save them money in the process. We transmit their funds, typically from their home country and home currency, to the institution where they will study and save them on fees and bad exchange rates in the process. Typically, our customers save around $700 on a $25,000 tuition payment. At the same time, we also help the educational institutions (e.g. universities, schools) streamline the reception of those funds and credit to student accounts, saving them headaches and follow ups.

I am an international student…

• Why should I use peerTransfer Education?

  peerTransfer Education is the lowest cost and most convenient way to pay for your school overseas. You will save a lot of money: if we collect the money in your local currency you will save up to $700 on a $25,000 tuition payment thanks to much lower fees and better currency exchange rates. In addition, the institution will receive your funds and credit your student account much quicker.

• Why should I use peerTransfer instead of sending the money directly to the Educational Institution?

  Thanks to us institutions can streamline the processing of your payment which means that the payment will be posted much quicker to your student account. In addition we´ll always save you money compared to using your bank. See below for more details.

• How much money will I save?

  You always save money with us. Savings will depend on your currency. For instance, if we collect the money in your home currency it will enable us to perform the foreign exchange conversion at much better exchange rates compared to your bank which can translate up to $700 on a $25,000 tuition payment. This is due to the fact that banks include a margin between 3% and 6% when they perform the foreign exchange conversion, whereas peerTransfer will only include a margin of 1%. On the other hand, if we collect your payment in USD we will ensure that your institution receives the right amount, saving you typical intermediary bank fees between $25 and $50.

• How much does your service cost?

  We do not charge any fixed fees and offer better currency exchange rates than banks.

• How does peerTransfer make money?

  Banks charge international students high fees and offer bad exchange rates. Because peerTransfer does not have physical branches and thanks to our high transaction volumes we can purchase currencies at much better rates than students which enables us to share most of those savings with our customers and still make a profit.

• I just have a US Dollar bank account, do I need to modify my banking relationship or create anything else?

  No, you only need a US Dollar at any bank to receive our payments. Nothing else is required: no additional bank accounts or a change in your current banking relationship.

• Is my country and currency served?

  You can use peerTransfer to pay your educational institution fees from virtually any country in the world and any currency.

• Is there a limit on how much money can I send?

  No, whatever are the fees due to your institution.

• Do I need a USD bank account in my home country?

  No, you do not need a USD bank account in your home country. By using peerTransfer you do not need to open a USD bank account. You can send your money from your local bank account in your home currency.

• How will peerTransfer collect my money?

  We only accept bank transfers. We will inform you where to send the money when you book the transaction. We are sorry but we do not accept checks, credit cards or cash. If you have any specific questions please feel free to contact us.

• How long will it take for my funds to arrive to the Institution?

  It normally takes around 3 business days after you send the money to be reflected on your student account. Exact times will depend on your country and bank. We will notify you as soon as the payment is sent to the institution. To avoid any inconvenience, please send the payment at least 4 working days prior to your University dead-line.

• What type of educational programs can be paid through peerTransfer?

  You can pay for any programs at any partner Institution. If you school or University is not listed on our page we´ll still love to help you, please drop us a note and we´ll add it shortly

• Are my funds safe with you?

  peerTransfer is backed by well known, top tier venture investors and angel investors and run by a senior management team that collectively has several decades of experience, working in and managing both public and private companies. The company uses leading banking institutions to hold customer funds and these are segregated and kept in custody accounts. In addition, there are strict internal controls and a fully insurance program in place to ensure that customer funds are safe. Finally, the company enforces strict Information Security and Privacy Policies.

• How do you treat personal information?

  We take security and privacy very seriously. We have received seals of approval from Trustee, McAfee and VeriSign and we encrypt all information so you can rest assure. For more information please visit privacy policy

• How do I sign up?

  Really easy!! Visit our home page, select the school you want to pay and start sending and saving money. After your first transfer an account will be automatically generated for you where you will be able to check the status of your payments issued.

• Why should I use you?

  peerTransfer Education helps educational institutions by streamlining the collection and processing of incoming student payments such as tuition and other fees. With us you will avoid unidentified payments, missing information and short amounts which will save your staff valuable time and money while generating savings for your students.

I am an educational institution…

• What is the cost and time to implement and use your solution?

  Our services are provided free to the Institution and we can turn on your school in less than 24 hours. There is not IT implementation required on your side.

• How does peerTransfer make money?

  Banks charge international students high fees and offer bad exchange rates. Because peerTransfer does not have physical branches and thanks to our high transaction volumes we can bundle and purchase currencies at much better rates than students which enables us to share most of those savings with our customers and still make a profit.

• How will my students save money with you?

  Your students will always save money with us. Savings will depend on their currency. For instance, if we collect the money in their home currency it will enable us to perform the foreign exchange conversion at much better exchange rates compared to their banks which can translate up to $700 on a $25,000 tuition payment. This is due to the fact that banks include a margin between 3% and 6% when they perform the foreign exchange conversion, whereas peerTransfer will only include a margin of 1%. On the other hand, if we collect their payments in USD we will ensure that you receive the right amount, saving the students typical international banking charges between $25 and $50.

• Will you serve all my international students?

  Students from virtually any country can use peerTransfer.

• How and when will I receive the funds?

  We will do a daily lump deposit into your bank account of all the payments received from your students. This will save you the individual incoming wire fees that you are currently paying. In addition to the payment we will send you useful information that will help you reconcile and post those payments and access to a self admin portal where you will be able to see incoming transactions in real time.

• How do I know my students paid?

  To streamline your operation, we will supply you with useful and reconciled information about each student that makes a payment. We will enable you access to a portal where you will be able to run reports on payments received. In addition we will be more than happy to provide information files or other type of integrations to automate the posting of your payments.

• How can your solution help me reduce fraud?

  With our solution, your banking information will no longer need to be disclosed publicly, hence reducing fraud risks. Instead, students will pay into our bank account and select your school as the ultimate recipient of the funds, where these will be forwarded to.

• Are my funds safe with you?

  peerTransfer is backed by well known, top tier venture investors and angel investors and run by a senior management team that collectively has several decades of experience, working in and managing both public and private companies. The company uses leading banking institutions to hold customer funds and these are segregated and kept in custody accounts. In addition, there are strict internal controls and a fully insurance program in place to ensure that customer funds are safe. Finally, the company enforces strict Information Security and Privacy Policies.

• How do you treat student’s information?

  We take security and privacy very seriously. We have received seals of approval from Trustee, McAfee and VeriSign and we encrypt all information so you can rest assure. For more information please visit privacy policy

• How will you improve the experience of my students?

  We are all about helping international students. We want to create the best experience and easiest process for your students, guiding them and their families through all the process as well as providing a global 24x7 friendly support via local phone numbers, skype, chat and email in case of questions. In addition, we give them peace of mind informing them when their funds have been credited to your institution.