VIB and Flywire partner to streamline cross-border payments for students from Vietnam

The tie-up aims to enable Vietnamese payers to seamlessly and digitally pay international education-related fees in their local currency to higher education institutions all over the world.

The partnership between VIB and Flywire allows customers to optimise the payment experience with just a few simple steps on a single sign-on secured online platform. Customers can complete their transactions without needing to visit a bank or incur additional fees. Through VIB, customers can settle payments to thousands of Flywire’s customers who constitute education institutions and travel companies, all around the world.

Ho Van Long, deputy CEO at VIB, said that with the vision of becoming the most innovative and customer-centric bank in Vietnam, VIB was focused on providing comprehensive and superior product offerings along with personalised, innovative service solutions for customers.

Through its collaboration with Flywire, VIB has integrated the modern technology of a leading global fintech partner to digitise all of its international payment services, delivering a seamless, fast, and convenient experience for customers.

“We are thrilled to partner with VIB to combine their comprehensive banking network and Flywire’s payment technology with the goal of transforming how international payments are made for students and travelers,” said Mohit Kansal, SVP of Global Payments & Payer Services, Flywire.

“Vietnam is an important outbound market for Flywire and we are committed to enhancing our offerings for payers while strengthening our presence in the region.”

Some k​​​​​​ey advantages of international payments through VIB and Flywire as follows:

Payment in VND: Customers only need to transfer VND to VIB's account dedicated to Flywire, avoiding the traditional way to purchase foreign currency.

Online payment: Customers do not need to visit a bank; they can completely transact through a simple online process on Flywire’s platform with the exact amount of VND to the VIB account to complete the payment. Status of payments reflected constantly on the Flywire platform, which enables users to follow details.

No transaction fees: With regular international money transfers, customers typically pay a minimum of $10 in transfer fees and $25 in out-of-country fees per transaction. With VIB and Flywire, there are no additional fees.

Proprietary global payment network: Flywire is backed by a network of global, regional and local banking partners, providing clients access to a unique set of payment methods and making it possible to accept and settle payments in over 240 countries and territories and over 140 currencies.

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