NMB Bank and Flywire have collaborated to help students pay for their studies abroad. The partnership allows Nepali students to pay for their studies at over 1,700 colleges and other educational institutions associated with Flywire.
Likewise, NMB Bank has become the first bank in Nepal to offer such a service.
With this agreement, students could pay for their studies in countries such as the US, Canada, Australia, and more. This partnership will prove a major breakthrough for Nepali students to pay for their abroad education. The traditional way of payment had been cumbersome and potentially risky too but now they can find relief.
Previously, the students faced difficulties with paperwork fulfillment for payment. It was also difficult to track tuition fees and manage amounts in different currencies. Bringing a major collaboration, NMB bank is facilitating students with digital payment for their studies abroad.
“Through this partnership with Flywire, NMB bank strives to provide unmatched benefits to Students, parents, and education consultancies alike with a process that is Simple, Trackable, and Transparent to all parties involved in the payment processing,” the statement posted on the bank’s website read.
This will greatly benefit students pursuing studies abroad for their payment.
Flywire is an elite global payment provider associated with over 1700 colleges and educational institutions all over the world. It currently has 13 offices and 600+ FlyMates worldwide. Flywire’s other focused areas in Industry-specific payment solutions also include healthcare, travel, technology, and more.
NMB Bank and Flywire collaboration benefits students
The collaboration will rid students and parents alike of the troubles with paying for colleges abroad. The payment is digital and will bring unparalleled relief to everyone in need of such a service. Find out the benefits:
- The service includes an option to pay in Nepali currency.
- You can know the exact amount of payment needed/no need for currency conversions.
- Another major advantage is that you can route funds from any bank in Nepal to NMB and complete your transaction for a college.
- The service won’t incur any additional charges
- You only have to pay for end-to-end charges in the quoted payment amount.
- The amount for the settlement is advised by Flywire and education tax. But it is included in the quoted amount already meaning a smooth payment process for the customers.
Payment through NMB Bank and Flywire | Benefits
Besides, the bank says there is a provision for an easy payment refund. It says the refund procedure is hassle-free and the processing time only last days, not months as is the case seen with other service providers.
The bank ensures the abroad college payments will be both transparent and trackable. Students can ascertain the state of funds anytime in the payment process.
For ease of payment, customers can initiate the payment from any of the 200 branches of the bank across Nepal. Besides, NMB Omnichannel and other digital mediums can be exploited for amount transfers to NMB Bank.
The steps to book payment in NPR via Flywire
As stated above, Nepali students can pay for colleges and educational institutions abroad that are associated with Flywire. And for the payment, the customer needs first create a booking for payment in NPR:
- First of all, students or parents need to visit Flywire.com and click on Make a Payment section
- Now, they need to choose a college or university to process the payment
- Choose Nepal in the region and enter the payment amount
- Select “Domestic Bank Transfer in NPR” payment
- enter the detail of the payer and the student
- Verify the details and Download the payment instruction
After this …
- After booking the payment, the payer needs to visit any branch of the NMB Bank.
- Deposit the amount in NPR as stated in the Flywire Payment Instruction into Flywire’s NPR Account at NMB Bank.
- Provide all the documents as required.
- Now, fill up the SWIFT request form and turn in your KYC form which is needed only in case the payer doesn’t have an NMB bank account.
- Then the payer can deposit the amount from any bank in Nepal into Flywire’s account at NMB Bank.
- IPS/Connect IPS, RTGS, methods can be used for payment
- It is possible to transfer the amount of the payer has an NMB bank or one can also visit the bank to deposit the cash.
When all the procedures are complete, the final payment settlement takes a maximum of 72 hours Flywire becomes responsible to complete the transaction. The payer can find the settlement information in the Payment Instruction Letter.
The partnership between NMB Bank and Flywire is going to end the long prevailed hassle of payment for colleges abroad for Nepali students. Hopefully, they can feel a great sigh of relief with the bank allowing its own and even non-account holders to perform the transaction.
How greatly will this help Nepali students to pay their college and university fees abroad? Do comments below if you want to share your opinion.