Boston-based PeerTransfer is making it easier for international students to pay for their tutition in the USA. It just raised $22 million from Bain to expand its money-related student services.
PeerTransfer works with colleges as a sort of collections agency or billing partner. Students and parents pay through peerTransfer’s portal with the payment method of their choice (the company will accept over 200 currencies and anything from Visa and Mastercard to Alipay). The company then facilitates its own money exchange. So rather than relying on the bank to exchange yen for dollars, peerTransfer will deposit the yen into a bank account in Japan and then withdraw money from one of its U.S. accounts to pay the college.