Australia has the second-highest share of international students globally. In 2024, there were over a million international student enrolments, a 15% increase year on year.
While studying overseas can be an exciting prospect for students, navigating tuition and living expenses across borders can be challenging and stressful due to currency fluctuations, transaction fees, security concerns and more.
Monoova explores the key challenges of cross-border payments for international students and examines how innovative payment solutions can help alleviate many of these challenges, while also helping to improve the overall payment experience.
Key Payment Challenges for International Students and their Agencies
Navigating the complexities of international payments can be a daunting task for students studying abroad, from making payments for tuition and rent to managing daily expenses. For businesses such as education agencies, cross-border transactions often come with administrative burdens, whether it is managing and processing multiple student payments or handling global payroll.
How Edupayments tackles the top 6 challenges
- High Fees & Exchange Rate Markups - Edupayments eliminates transaction fees and offers competitive exchange rates.
- Slow Processing Times - By leveraging Australian infrastructure and Monoova APIs, payments settle much faster.
- Limited Payment Options - Students and agencies can use multiple methods, including cards and bank transfer.
- Unclear Tracking & Transparency - Agencies track payment status and funds in real time on the platform.
- Currency Fluctuations - Exchange rate is locked for 48 hours after payment link creation.
- Fraud & Security Risks - Secure controls and AML compliance aligned with Australian regulation.