TRENDING FOREIGN UNIVERSITIES FEE PAYMENT PROCESS
Present trend is Digitalisation. For anything and everything, digital solutions are being developed, be it domestic or international. Foreign Exchange and Cross border payments are not an exception. In fact, we are witnessing an unprecedented growth in FINTECH. Entrepreneurs are more focused on this segment; more and more Fintech companies are established with innovative ideas offering the latest technology platforms for customers according to their needs and necessities.
Impact of Covid -19 on Overseas Education
Pandemic was one more reason which fuelled the Fintech further. Everybody wanted a digital solution offered at their door step for all their requirements. Due to the pandemic, though the international travels had come to a standstill as most of the nations cancel the commercial flights, student community was being provided the timely assistance for international admissions, classes either online or offline. For off line, many universities and colleges organized chartered flight and allowed their students to fly to the destination countries and take up the classes. For this to happen, the students had to first get admitted to the institutions. Which was broadly managed online.
Online Fee Payments to Overseas Universities
Students were counselled and offered online and were asked to remit the fee to their bank accounts. Till now this fee remittance was offered by the AD-IIs in India very efficiently as per RBI guidelines. But they have limitations as far as cross border transfers. Their dependency on Banks gave limited scope for technology implementation. In spite of that few AD-II like Orient Exchange offered the student community a transactional portal linked with live rates reducing the cost of transfer and foreign exchange for the students.
What are Flywire Payments?
The International Universities have off late started a new trend, where, they will tie up with Fintech companies for managing and processing the international student’s fee payments simplifying their own process. Fintech companies like Flywire, offer the University / college, a one stop solution on fee payments of international students.
In India, they act as referral agents to the AD-IIs, with whom they have tied up. AD-IIs will collect payments from the students, and the fund get transferred to Flywire account in the destination country. Flywire, will consolidate thus collected payments and remit to the respective college or University with student details. They provide MIS of all the students to their colleges which reduces the work involved in maintaining records and reconciliation of fee payments from the students. Flywire is associated with more than 1800 institutions globally. Because of the convenience associated with Flywire, University / college prefer and advise the students to remit through Flywire.
How can I Process Flywire Payments?
Students need not worry on Exchange rate. They are going to pay in Indian Rupees as per Flywire advise only. Orient Exchange facilitates Flywire payments for the students without any hassles. All Orient Exchange branches are equipped to generate Flywire letters and payment advise for the students. Students can go to their bank and transfer the advised funds to the given bank account details in India. Flywire system processes the Cross-border movement of money and ensure that the concerned University / College account is credited without any complications or issues. Post getting the credit, The University will send a confirmatory mail to the student. That completes the process of International University Fee Payments.
Is there any risk involved while sending money through Flywire
While generating payment instruction letter, normally in India, the Indian rupee payment instruction is the most accepted by Flywire. Sometimes, the agents will misguide the students to generate the instruction in cross currency like USD for Canadian colleges. Though Flywire is not taking any action on such payments right now, it is advisable not to do cross currency remittances to avoid any future complications like rejection or reversal of payments. Some strange cases where the students get advised by agents to generate letter by changing the origin country, which is very dangerous, the money remitted like that may not reach the destination and may get struck. Beware of this and prefer to send in INR to save sufficient money and also for safety of your funds.
