Sending money abroad used to be a hassle - you’d visit your bank, fill out lengthy forms, wait for your account to be debited, have the money remitted through foreign exchange-authorized branches, and then finally get your receipt. The payments could take a week or more to be deposited overseas.
However, things have changed significantly today. Global platforms like Flywire allow you to remit money abroad from your computer or mobile and ensure quick delivery in a local account. Learn more about how Flywire works for Indian residents, particularly students, in this complete guide.
Flywire is an international payment platform that allows users to make payments in multiple currencies worldwide. It works both for businesses and personal use.
Indian students benefit the most from Flywire money transfer as it allows for tuition fee payments to universities abroad using credit cards, bank transfers, and e-payments. Students pay their fees in Indian Rupees and Flywire converts it to foreign currency to credit the beneficiary’s account.
Students can send money to university bank accounts in the following countries using Flywire:
You can also send money to a GIC (Guaranteed Investment Certificate) account in Canada.
Flywire’s benefits include low payment costs, secure transactions, quick settlement and an easy user experience. Students can track their transaction’s progress online and receive email and text alerts.
Flywire offers a safe and straightforward way for students to remit money abroad for education and living expenses. By using Flywire, students and parents can avoid the trouble of going to banks and completing lengthy formalities. Flywire allows you to send money online from the comfort of your home.2
Here are some quick benefits of using Flywire:
In addition to international school fee payments, Flywire can be used to fund student expenses and GIC (Guaranteed Investment Certificate) accounts.
Student expenses include lodging, boarding, books and other payments. Parents can use the Flywire money transfer process to send funds to the student’s account abroad.
A GIC is a mandatory account for those applying for a student permit within the Student Direct Stream (SDS) in Canada. Per the Canadian government, the current required amount is $20,635 CAD.
The GIC works like a special-term deposit. It’s called a Guarantee Investment Certificate because the money is returned to you with interest over a period of time. GIC offers secure and fixed returns, but the interest rates are lower than fixed deposits.3
Here are the top benefits of using Flywire for GIC account funding:
Sending money using the Flywire platform can be done online. Just ensure you have the required documents and sending amounts ready when you start.
Flywire offers a straightforward online process for paying your college fees to your university abroad. Here are the steps:
The payment can take two to three business days to get credited to the university account. In the meantime, you can track the transfer process online and you’ll receive email alerts about the receipt of the payment by your institution.
Regular bank transfers can be made in five currencies: US dollars, Australian dollars, Canadian dollars, Euros, and British pounds. GIC funding is through Canadian dollars.
Here’s how to send money through Flywire for student expenses and GIC account funding:
It typically takes two to three business days for the beneficiary to receive the funds in their account.
Yes, you can send money from multiple countries, including India, but each country has its own requirements. Head to the Flywire website here to learn more about sending money globally.
To use Flywire’s services, you will pay fees on top of the amount you’re sending. The fees include transfer fees, an exchange rate fee and possible processing fees from the payment partners. While Flywire is not upfront about the fee amounts you’ll pay, the total charge you will see on the final payment screen will include all fees and taxes.4
Flywire charges its own fees on transfers completed using its platform. Unfortunately, you won’t be able to see how much those fees are until you have provided information about yourself, including the sender’s PAN number. This makes it tricky to compare transfer providers and to guarantee that you are getting the best price for transferring the funds.
You may be charged an additional convenience fee if you use a non-local currency when sending a Flywire transfer.
The exchange rate can play a large role in how much your transfer costs. Flywire sets its own exchange rate for each transfer. You can see an estimated exchange rate on the Flywire website, but you’ll only get a confirmation after starting a payment request.
The exchange rate it offers hides an exchange rate fee, which can take a large bite out of how much you send. The exchange rate fee is the difference between the rate Flywire offers and the real mid-market exchange rate which is the rate you see on Google or Wise. That small difference can eventually lead to a big fee, especially when sending large amounts.
Flywire lets users track payments until the money reaches the beneficiary’s account. Once your transfer is submitted, you will receive notifications by email on the status of your transfer. You can also opt for SMS notifications or check the status using the My Payments section on the Flywire dashboard.6
Flywire customer care is available 24/7:7
Flywire is one of many options students and parents have when paying for studies abroad. Before making a payment, shop around and compare options to consider fees, exchange rates and delivery time. Here are some alternatives to consider:
Wire transfers are the traditional way of sending money from bank to bank. It typically requires both banks to be part of the global SWIFT network, and the banks coordinate so that the funds are deposited in a local account. Wire transfers are safe to use, but can take two to five business days to settle and can have multiple fees- including transfer fees and an exchange rate fee.
While wire transfers are a dependable, but slow, way to send money, consider reliable online transfer providers for faster and cheaper transactions.
Some universities may not accept wire transfers and would prefer college fee payments in the form of foreign demand drafts (DD). Students can apply to their banks in India to issue foreign DD drawn on their correspondent bank in the university’s country. This payment method is expensive as it includes a commission when issued, a bank exchange rate fee typically, and the university sends the DD for collection with the student bearing these charges.
Online payment platforms are a modern way to send money using the internet to deposit funds. Providers like Wise, Western Union and Remitly are popular names globally. These providers generally require you to create a free account and you can pay for the transfer using your bank account, debit card, credit card or digital wallet.
These platforms provide a safe, fast and cheaper way to send money overseas. You can send money from your computer or mobile phone at home, and most providers allow you to track your transfers digitally.
If you’re considering an online payment platform, make sure you are working with a reputable provider. It is a good idea to compare different providers so you know you’re getting the best deal. Check out our tcalculator below to see how Wise stacks up for international transfers from India:
Sending money overseas? Wise makes transfers to bank accounts abroad fast, easy and secure. You can transfer money to local accounts in over 160+ different countries on the Wise website or directly from the Wise app.
Wise uses smart tech to make transfers cheap and safe. You will only pay one low transfer fee on a transfer, and receive the mid-market rate on currency conversion - No hidden fees or extra mark-ups on any transfers when sending money abroad.
Wise Account can help you pay for tuition and expenses the easy way. Students in supported countries can open a Wise account and use the Wise app to track and budget spending. It is a cheap way to manage your money overseas and keep more in your wallet.
Sources used for this article:
Sources verified on 6 September 2024.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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