Technical integration of payment service providers TransferMate Global Payments and xCurrency enables quick proof of required funds
By entering into two new partnerships with the leading payment service providers TransferMate Global Payments and xCurrency, Fintiba GmbH has expanded its abilities to enable students from non-EU countries to make cross-border online transfers without the need for intermediary banks or additional transfer fees. With the help of Fintiba Transfer, international students who need a so-called blocked account as proof of funding for the German authorities for their stay in Germany can now transfer their money from abroad to Germany faster and at a lower cost. This speeds up the issuing of the necessary visa documents and thus the entire visa process itself – an essential benefit for thousands of international students who are waiting for the opportunity to enter Germany due to coronavirus.
Through its new partners, Fintiba will significantly simplify the transfer of this amount in the future, allowing students to access the services of TransferMate or xCurrency. Students will be able to deposit the entire blocked amount at once into a local account of the payment provider of their choice in their own currency at the best possible exchange rate. The money will then be transferred to a German account opened in the student’s name at Sutor Bank in Hamburg. Various payment methods are available for the transfer, such as credit card, bank transfer or, for Chinese customers, payment via Alipay.
Once the money transfer has been initiated, students are informed of all status updates of the transfer within the Fintiba app, ensuring full transparency. As this procedure is much faster than a regular international bank transfer, the possibility is created to have the amount transferred to the blocked account in no time and to receive the required blocking confirmation for the visa application directly digitally. Even in the case of a visa refusal, Fintiba Transfer facilitates the reversal transfer process by shortening it from several weeks to just a few days without any international banking fees and charges. The money will be sent back to the original account in the local currency.
Compared to the manual process of several weeks that an international student with the dream of studying in Germany had to go through just a few years ago, Fintiba has revolutionised the organisation of the necessary requirements for the visa application since 2017 and shortened it to just a few days.
Fintiba GmbH has been operating on the market as a leading provider of digital blocked accounts since January 2017 and has already been able to facilitate the way to Germany for people from over 190 different countries. This special bank account serves as proof of sufficient financial means to cover living expenses, which international citizens must present when applying for a German visa. This is currently a minimum amount of 861 euros per month and thus a total amount of 10,332 euros for an academic year in Germany. With its own platform, Fintiba offers an ecosystem tailored to international students to simplify the path to Germany. The approach was awarded the Hessian Export Prize in 2019.
About TransferMate Global Payments:
TransferMate—a subsidiary of Clune Technology Group founded by Terry Clune—is a global B2B payment technology firm, enabling companies to send and receive cross-border payments faster and easier. TransferMate has built one of the largest portfolios of payments licences worldwide, including in 51 US states and territories, to support trading in 162 countries. Leading banks, fintechs and software providers partner with TransferMate to offer an enhanced user experience for their business customers. The company has created bespoke integrations for banks like ING and AIB, who are also investors in the company, and Wells Fargo and software providers such as Coupa, SAP Concur, Tradeshift, Workday, etc. The TransferMate API solution allows partners to digitalise the payments flow within their software, enabling all businesses to achieve significant time and financial savings.
From currency exchange to money transfer, xCurrency provides an easy way to manage funds. The xCurrency app is the largest currency converter in the world. In addition, xCurrency offers Chinese students the service to transfer their tuition fees or blocked account payments abroad and also simplifies the repayment of funds to China.