A closer look at Convera for students in Canada

If you’re studying abroad, you’ll need a quick, convenient way to send money to family and friends overseas or pay your international tuition.

Convera® is a popular option for global students. You can pay your tuition fees in 200+ countries, but you’ll need to confirm how much you’re spending on currency conversion.¹

Wise is your international money transfer alternative! Spend money like a local in your new home or pay your tuition fees at the mid-market exchange rate.

A closer look at Convera in Canada

Convera is a money exchange and transfer platform that lets students send and receive money via multiple payment methods, such as wire and bank transfers.

As a student, Convera Toronto can help you pay your global tuition or student fees in 140+ currencies.¹

You can use Convera to:

• make payments via bank transfer, wire transfer, credit and debit card, e-wallet transfer, Sofort® and Trustly®²
• pay your tuition
• avoid high wire transfer costs and intermediary lifting fees
• send mass payments³
• access hassle-free student refunds from your mobile device²

Formerly known as Western Union Business Solutions® (WUBS), Convera Canada ULC aims to help businesses make global cross-border payments at affordable rates.⁴

Let’s take a closer look at Convera for students in Canada, including countries and currencies covered – and a few key fees to consider.

When it comes to currency exchange rates, it’s important to look into how much you’ll pay with Convera.

You can use the Convera currency converter to work out your rate – but the small print notes that these interbank rates are for indicative purposes only, meaning Convera may charge fees from the consumer via inflated exchange rates.¹

💡 What is the interbank rate? Also known as the mid-market exchange rate, the interbank rate is what you see on Google. It’s also the exchange rate Wise uses for all customer transactions, whether you’re converting currencies or paying tuition.

Many banks and money providers like Convera may add a margin to the interbank rate, so you could end up paying more than expected for your transfer.

Save money with Wise in all your international money transfers

Avoid hidden fees and exchange rate markups with Wise.

Wise is the most international student account out there, letting you hold, receive, spend and send your money across the globe.

Use your Wise Account to:

• pay your international tuition fees
• send and receive payments at the mid-market rate – the only fair exchange rate
• hold money in multiple currencies such as CAD, USD, INR, BLR and more!
• spend money in 150+ countries

Fees start from just 0.42% – and you’ll receive all the transaction information you need before you make your transfer. Only pay for what you need – and save your money for the more important things in life, like setting up your new home!

Wise is registered as a money service business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)® under the number M15193392. It’s also licensed in Québec by the Autorité des marchés financiers (AMF)® with license number 902804.

Paying your tuition fees with Wise

Studying abroad? Wise has got everything you need.

Pay your tuition fees or send bill payments in multiple different currencies, including CAD, USD, EUR and AUD.

It’s easy to pay your tuition fees with Wise. Simply

1. Set up a transfer,
2. Add your recipient’s details and
3. Pay for your transaction – all while saving on international transfer costs.

With no monthly fees and no minimum balance, use Wise to send funds overseas or spend money like a local in your new home.

How to make pay your tuition fees with Convera

It’s easy to make an international transfer with Convera. We’ve put together a simple step-by-step guide.

Step 1. Visit Convera and fill out your details. If you’re paying tuition fees, this includes your chosen university, where you’re based and how much you’ll pay

Step 2. Select your preferred payment method. You can use Convera to make various types of transfers, such as wire transfers or debit card payments

Step 3. Enter your student information, such as your university ID number

Step 4. Review your transaction details. You need to make sure everything looks correct before you pay

Step 5. Finally, you’ll receive instructions from Convera about how to pay for your transfer. Use this information to set up a payment with your bank⁵

The Convera transfer process may differ depending on where and how you’re sending your money. Make sure to follow any prompts from Convera to complete your overseas transfer.

How long does an international transfer take with Convera?

Convera aims to increase payment speed for its customers, helping you send your transfer with minimal delays or lags so that you can avoid exchange rate fluctuations.⁶

The exact time it takes to transfer your money may vary depending on how, when and where you’re sending your funds, but your payment should be applied to your account within 3 to 5 business days.⁷

You can use Convera payment tracking to keep on top of your payment once you’ve sent it. Simply enter your Convera reference ID online to track or refund your transfer.⁸

Is Convera Safe?

Convera is a trusted money transfer platform and it’s registered with FINTRAC.⁹

Many industries use Convera to transfer money overseas, including healthcare, travel and education.

Convera also helps manage FX risk for businesses, protecting against foreign exchange exposure and supporting your cash flow.¹¹

To sum it up

Convera FX is a simple and secure way to pay your global tuition fees. Trusted by a range of businesses and academic institutions, you can use Convera to make payments in 140+ different currencies.

While Convera is a secure transfer method, you’ll need to be careful about how much you end up paying for exchanging your money.

To pay your tuition fees with safety at the mid-market rate, check out Wise.

Sources verified on 12 March 2024