General
What is the student expenses solution used for?
Flywire is the secure, convenient, and affordable way for money (INR) to be sent to Indian students abroad to fund student-related expenses for things like rent, groceries, utility bills, tuition payments, and transportation.
What currencies can be sent/received?
We accept payments being sent from India (INR) to the United States (USD), Canada (CAD), Australia (AUD), United Kingdom (GBP) and Europe (in EUR). Watch this space for more inclusions.
Who can receive funds?
The receiver of the funds must be an Indian citizen who is a student actively studying overseas in the United States, Canada, Australia, United Kingdom and Europe.
Who can be a sender of the funds?
Anyone can be the sender of funds from India as long as they are (1) an Indian citizen, (2) directly related to the student, and (3) the payment is initiated from a bank account India (denominated in INR).
This means parents, spouses, siblings, and the student themselves are eligible to send funds.
How much can be transferred annually?
The total limit to be transferred by an individual annually is $250,000 USD. Ideally, one should write down all FX payments sent to a particular PAN number in a journal or document.
For more information on the Liberalized Remittance Scheme, visit this page.
What are the benefits of using Flywire & EbixCash?
Flywire and EbixCash make it easy to send payments through digital document processing, a simple display, and no hidden fees. For repeat payments, there is no document upload required.
Payment Process
How does Flywire partner with EbixCash in the digital payment process?
EbixCash, one of the largest forex companies in India and a leader in international payments, is Flywire's official network partner and remitter. They assist in the requisite KYC for transaction required by Indian law.
How long does a payment take from beginning to end?
Transactions typically take 2 - 3 business days to go from payment initiation to delivery in the student's account.
How are the payments tracked and how do we see them?
Upon submitting the payment you get a unique tracking link through which you can track the status until the payment is completed.
What are the SWIFT code & ABA/Routing number?
For payments to the US, the SWIFT code and ABA (routing number) are both mandatory. Every bank has a SWIFT code, which is a 8 to 11-character code that is used to identify a specific bank. The ABA (US)/Routing (CANADA) is a 9 digit number that also identifies the receiving bank.
Where can I find the SWIFT code & ABA/Routing number?
When a student opens a bank account in the United States, they will receive the full bank account instructions including the SWIFT and ABA codes. Please check your student's bank to confirm this information.
Is the document process entirely virtual?
Yes, payments are processed using digital copies of documents.
EbixCash, however, may require hard copies on a case by case basis.
What documents are required?
Copies of the following documents would be required to be uploaded while making the payment:
- Student Passport (front and address page)
- Payer PAN card
- Payer Passport or Aadhaar card
- University Offer Letter / I 20 Form (I20 only in case of USA)
- Filled LRS/A2 form [Download Here]
- Loan Sanction and disbursement letter (if source of funds is Education Loan)
- An approved student visa is now a mandatory document for all new payment requests. This document is required to comply with the regulatory requirements of our banking partners and may be requested by our payments partner EbixCash via email.
In addition to the above documents, you would also need the following for Forex Card orders:
- Student PAN (if different from Payer PAN)
What is the LRS form?
Liberalized Remittance Scheme (LRS) form also called A2 form which is mandatory declaration for all forex transactions in India. For additional inquiries related to LRS, please visit the Reserve Bank of India's website.
Do I need to submit the documents again for repeat payments?
For repeat payments from the same sender (PAN) only the LRS form is required.
GIC
What is a GIC?
A Guaranteed Investment Certificate (GIC) is an investment that international students can use to prove they have funds to study and live in Canada when submitting their study permit application. GIC used to be a mandatory requirement for international students from these 14 countries under the Student Direct Stream (SDS) program. However, as of November 8, 2024, the Canadian government ended the SDS program (information on the announcement is here). Historically, GIC directly correlated to higher approval rates for study permits, hence it was a popular choice among students. It is anticipated to continue being a go-to option post the announcement.
Flywire currently offers GIC payments for Indian students only.
The minimum GIC payment requirement is CAD $10,000; however, as of January 1, 2024, it will be increased toCAD $20,635 per student due to the Canadian government's requirement to better reflect the adjusted cost of living (please see news release here). This money shows to the Canadian government that students will be able to cover their study abroad and maintenance expenses; it will be released to the student over a scheduled period of time along with interest. GIC accounts are offered by Banks and Financial Institutions with operations in Canada only.
What are the extra charges for GIC, if any?
Banks in Canada could charge up to CAD $300 for processing GIC payments. We strongly recommend that you send at least CAD $20,935 to ensure your payment goes through smoothly. Any excess funds paid towards the processing fee will be available in your GIC account.
Who can I contact for support or assistance with my GIC booking?
For questions about creating a payment booking or any of Flywire’s other student services, please contact [email protected].
For questions about an existing booking, please contact EbixCash through one of the phone numbers on your tracking page or by emailing [email protected] detailing your question.
For questions about your GIC account, please contact your respective GIC bank.
How can I request a refund?
Please contact your GIC bank and request to initiate a refund to the originating source. Once Flywire’s partner EbixCash receives your funds, they will convert them into the equivalent INR amount at the current market rate and deposit the funds into the account that was originally used to send GIC payment to EbixCash.
Please note that most banks do not refund the GIC processing fee. You will receive back the principal amount and any interest that was accrued at the current market rate at the time when EbixCash processes your refund payment. There could also be a refund processing fee charged by banks that will be deducted from your payment. Time to receive a refund varies by bank but it can take a few weeks. Please contact your bank for more information on refund processing fee and time.
Pricing/Charges
What does Flywire charge?
Flywire does not charge numerous fees like banks and other cross-border transfer companies. Our rates are highly competitive, and we do charge a nominal service fee along with the mandatories like GST and TCS, if applicable.
Is the rate fixed or does it change over time?
Foreign Exchange (FX) rates are dynamic in nature. FX rates are dependent on multiple macro and microeconomic factors like the mid market rates or inter bank rates and are subject to change over time.
Will there be additional charges later?
There will be no additional charges using Flywire. Typically banks and forex companies charge nostro fees, etc at a later date, with Flywire, we will display the final amount that you need to pay (including taxes) during the payment process.
Will the beneficiary or receiving bank charge an incoming wire fee?
For international wire transfers, banks could charge additional fees, thereby reducing the amount that gets credited into the recipient account.
If the amount received is less than expected, it could be that:
- The sending bank has charged an "Outgoing wire transfer fee" (this could range between $15 and $30)
- The correspondent banks, the ones who connect your foreign bank with your recipient bank, have taken a fee at each stop ($5 to $10)
- Your recipient bank has charged an "Inbound wire transfer fee" (ranged between $15 and $30)
We recommend you check with your sender bank and the recipient bank to confirm the charges, if any.
Taxes
What is GST and TCS?
Goods and Service tax (GST) is applicable on all payments and is based on the amount of funds being sent.
Tax Collected at Source (TCS) is applicable for all FX payments after you have crossed a threshold of INR 7 lakhs for the financial year.
When will I receive the TCS certificate?
TCS certificate is typically not required to be sent from EbixCash as this is available online in your 26AS Tax Credit Statement. Follow the steps on Income Tax India's website to locate your AS26.
How much time does it take for TCS to reflect in 26AS?
It takes 3-4 months for the TCS to reflect on your 26AS tax form.
How is the 7 Lakh limit of TCS tracked?
7 lakh limit of tcs is tracked based on your declaration. e.g; in case you have declared that previous to the current payment you have done INR 10 lac of FX payment ( remittance , foreign currency for holiday , forex card etc against a particular PAN no:) in the current financial year then the TCS applicable will be calculated on 10 lacs + current transaction value - INR 7 lakhs
Where can I learn more about Indian taxes on cross-border transfers to students?
For additional tax questions, please check our webinar with tax experts.