Remittances to Foreign Universities through FLYWIRE - NRI

Remittances to Foreign Universities through FLYWIRE

1) When do State Bank of India enter into tie-up with Flywire (SBI) to Digitize Education Payments from India?
State Bank of India entered into tie up the Flywire on 24 May 2023 to enable its customers to pay international education-related fees seamlessly and digitally in their local currency (Indian Rupees) to higher education institutions all over the world. SBI is the first public sector bank in India to have tie-up with Flywire.

2) What is there for SBI existing customers?
It will provide a fully digital checkout experience for cross-border education payments. The integration provides students and families a streamlined and completely digital experience when making high-value education payments and helps them comply with the Liberalized Remittance Scheme (LRS) guidelines of Reserve Bank of India (RBI) for residents of India. The partnership between Flywire and SBI provides an innovative approach to education payments and offers many benefits to students and institutions alike. First, the integration creates a seamless and digital payment experience for the more than 50 Crore customers of SBI, transforming what was formerly a lengthy and complex process to one that is completely online. SBI customers can complete payments from local currency accounts to the thousands of Flywire education clients in a simple, three step process.

3) What is Flywire?
Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers.
Flywire supports more than 3,700 clients with diverse payment methods in more than 140 currencies across more than 240 countries and territories around the world. The company is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on X , LinkedIn and Facebook.

4) What all universities have tie-up with Flywire where SBI customers can pay education fee?

At present all the Universities in USA, UK and Canada are linked with SBI. In future it will scale up with all the Universities where flywire has tie up.SBI customers can make the payment in three simple steps from within their SBI net banking platform, all in Indian rupees, and can track the payment through to when the funds are delivered to their university. Likewise, institutions accepting payments through Flywire benefit from receiving payments on time in the local currency, as well as full transparency into the transaction history, which eases their reconciliation processes and streamlines operational efficiencies.

5) How do SBI customer make a payment through flywire to my institution?
Step 1 - Find your institution

• Begin by accessing pay.flywire.com
• Enter the name of the institution you want to pay, or select them from the drop-down menu
• If you do not see your institution listed, please access the payment page through a link sent in your most recent invoice or in your student account if you are paying an educational institution

Step 2 - Enter your country and payment amount

• Once you have selected the institution, enter the country that your payment is coming from and the amount you wish to pay
• Click "NEXT" to continue. You will then see all the payment methods that Flywire offers for payments from your country to your institution

Step 3 - Select your payment method

• Flywire will automatically display the total amount in your local currency for the available payment options based on the country you select to pay from. These options could include standard SBI bank transfer or debit/credit card payment options
• Standard bank transfer (also known as a wire) is the most cost-effective method. Please note, to complete the payment you will need to make arrangements with your bank (in person, online, or over the phone) and send your funds to Flywire in your chosen currency
• Debit/credit card will allow you to make an online payment in your home currency. Unlike traditional international credit card payments, Flywire handles the foreign exchange so you will know the exact amount that will be deducted from your account before you make your payment. Please note that debit/credit card payments are not available in every country or for every institution
• Flywire will then convert your currency and pay your institution
• If you select your home country but you do not see your home currency, do not worry — you can always pay in the currency of your institution or select a different currency. To do so, click the “I want to pay in another currency” link at the bottom of the page. The process and benefits will remain the same for these payment methods, however, your bank will handle the foreign exchange before sending the funds to Flywire

Step 4 - Enter the payer's information

• Enter the payer’s personal details. The payer information should include the details of the account or card holder who is making the payment on your behalf
• Agree to Flywire’s terms and conditions by checking the box at the bottom of the form
• Click "NEXT" to continue

Step 5 - Enter the payment information

• Fill out the information required by your institution
• Enter the contact information and the payment information
• Click "NEXT" to continue

Step 6 - Review and confirm your information

• Review the payer and the payment information for accuracy. Use the “PREVIOUS” button if you would like to edit your information
• Click "PAY" to continue

Step 7 - For bank transfer payments: Review your payment instructions and make your payment

• Your payment instructions (including Flywire's bank account details) will be automatically displayed
• You can also download a copy of these instructions in a PDF document. Please note that we will not ask for your bank account details

Step 8 - For credit card payments: Enter your card details

• Enter your card number, name, expiration date, and security code
• Enter your information in 15 minutes before the session times out
• Click "Make Payment" to continue

Step 9 - For online method: Log in with your credentials to the selected online method

• Follow the instructions to complete your payment

Step 10 - You will receive a link in your email that allows you to track your payment and access your payment instructions.
The status of your payment will be updated once your funds have been received by Flywire and delivered to your institution
Please note:

• For certain payment methods Flywire may ask you for additional information and documents as required by local regulation
• When completing the payer information section, please use the details of the account holder, card holder, and/or the person making the payment on your behalf. Any discrepancies may delay the delivery of your payment

6) Is there a limit on how much money I can send?
SBI Customers can make a payment equivalent to USD 25000/- per day and USD 250,000/- in a Financial Year starting from 01 April to 31 March. For further information please refer to RBIs master circular on Liberalised Remittance Scheme (LRS) vide RBI/FED/2017-18/3 FED Master Direction No. 7/2015-16