The online payment of the fees will be routed through outward remittance platform Money2World (M2W).
With this, Indian residents, who are customers of any bank in India, can initiate an online remittance to make fee payments to an Australian university at a fixed exchange rate from the comfort of their homes, any time, ICICI Bank said in a release today.
The full value of remittance will be credited to the beneficiary university without any deduction of charges, the bank said.
ICICI Bank aims to tie up with other universities and colleges in Australia as well.
"Overseas education remittance is nearly a third of the country's overall outward remittance and Australia is one of the largest recipients. It has been our constant endeavour to simplify student payment solutions by leveraging on technology and global partnerships," Vijay Chandok, Executive Director, ICICI Bank said.
"Universities and colleges have always been very important for Westpac and Australian economy. With this solution, we will be able to provide the university with unimpaired information reconciliation which will save resources, time and money," said Di Challenor, General Manager, Global Transaction Services, Westpac.
"With this solution we are able to track student fees and confirm admission to them almost instantly," Smith said.
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