WUBS now have commonly known as Convera. It was formerly known as Western Union Business Solutions. It is the largest non-bank B2B Cross-border payments company in the world.
They offer better money moves to their customers, enabling them to generate greater advantages with every transaction, by using their decades of industry experience and technology-led payment solutions.
More than 30,000 clients use Convera’s services, including small company owners, corporate treasurers, educational institutions, financial institutions, legal firms, and NGOs.
Convera is a trustworthy, reputable worldwide platform for making tuition payments.
With over 140 different currencies offered, you may pay for your education in the region of your choice.
One can use a variety of payment options like wires, credit cards, e-wallets, bank transfers, incl. Alipay, and other payment methods like Trustly and Sofort.
Let’s discuss it more clearly like:
What methods of payment are available from India?
Is it possible to make a payment at a Convera Agent location?
What per cent of TCS is applied to payments for education?
Is there a tax credit available?
How does it work?
Benefits of using Convera?
How to get assistance for generating instructions and making the payment through WUBS?
What methods of payment are available from India?
When transferring money with GlobalPay for Students, students from India have several safe choices. Payments may be made in person at a subscribing Convera Agent location or electronically using a bank account, such as ICICI or the majority of the country’s major banks. In fewer than five days, these payments are settled. You may check the progress of your money here after sending it.
Is it possible to make a payment at a Convera Agent location?
Yes. You can initiate a transfer on GlobalPay for Students and finalise the transaction at a Convera Agent location in India when transferring money from India to institutions all around the world. You must choose your institution, fill out your information, and choose “Convera Agent Location” from the list of payment options to complete payment. You will find payment instructions to finalise the purchase at a Convera Agent location on the final page of the process. You may check the progress of your payment here after submitting it.
What per cent of TCS is applied to payments for education?
Any overseas money transfers made through LRS that total more than INR 700,000 in a fiscal year, including payments for education without loans, are subject to a 5% TCS.
If a loan is taken from a financial institution for educational purposes, a 0.5% TCS is applied.
Is there a tax credit available?
Yes, subject to relevant income tax regulations, TCS paid can be offset against tax due when submitting income tax returns (ITR) in India. The Pan cardholder’s Form 26AS will show a reflection of the TCS remittance received from the bank.
How does it work?
Depending on the payment method you choose, the payment procedure differs.
If the institution you’re trying to pay is not already which was before for you, you will first be prompted to identify it while accessing the GlobalPay for Students website.
The nation from which you are making the payment and the kind of payments you are paying will then be asked for.
After that, the total amount due and your payment choices will be shown.
Your student ID, name, address, and other details about the person making the payment must be provided.
You will then be instructed to finish your payment using the source you choose.
Benefits of using Convera?
Convera lets you pay for your tuition using GlobalPay for Students with the confidence that your money will receive on schedule and in full, free of any additional fees or bank fees. Your institution receives the entire amount you pay in your currency.
The following are some advantages of utilising GlobalPay for Students:
Enjoy a variety of payment methods and pay in the currency of your choosing.
No getting bank fees or secret charges. Anybody may pay for you and you can pay from any place.
Your payments are transferred immediately and in full to your institution.
Online payment status tracking is available.
How to get assistance for generating instructions and making the payment through WUBS?
IBRLIVE INDIA PVT LTD is one of the most trusted organisations in Panipat, Haryana which helps students generate payment instructions and make the final payment on a low exchange margin. You can simply visit the website https://ibrlive.com/contact and call them directly for assistance.
The MTFX Group of Companies, a top supplier of technologically advanced worldwide payment solutions, offers PayMyTuition, which provides cutting-edge solutions with next-generation payment technology to several industry verticals as a dependable partner for more than 25 years, including education, multinational organisations, banks, law firms, and travel agencies.
Students may use PayMyTuition to pay for tuition and other costs in their currency, saving thousands of dollars in transfer and currency exchange fees. The cost savings for each payment might reach thousands of dollars.
PayMyTuition guarantees the lowest pricing. They specialize in transferring money at a lower cost than the bank and their rivals.
PayMyTuition offers excellent services in many languages via a variety of contact methods, including call, mail, 24/7 live chat, and Skype, in addition to saving you money.
In this section we will cover:
How to create an Account in PayMyTuition?
What are the steps for paying university fees via PayMyTuition?
From where to find the payment receipt?
Which payment options does PayMyTuition accept?
What if any Country is not showing in the list?
What if any institute is not listed?
How to get assistance for generating instructions and making the payment through PayMyTuition?
Step 2: You need to add your personal information using a strong password.
Step 3: Accept all terms and conditions
Step 4: Your final step will be “Create your account”.
What are the steps for paying my university via PayMyTuition?
-Visit paymytuition.com.
– From the dropdown menu, choose your institution.
– Choose the nation from which you are sending the payment and enter the amount you wish to send to your institution.
– Choose your desired payment method from a list of available ones in your local currency, including domestic and international bank transfers, credit card purchases, bill payments, e-transfers, and e-wallet transactions.
– You will then be requested to either sign up or go into your PayMyTuition account. If you’re using PayMyTuition for the first time, getting started is quick, easy, and cost-free.
(After Creating an account,)
– A page with instructions for submitting money to PayMytuition will now appear. Download the following instructions to pay money to PayMyTuition through bank transfer online or in person at your bank.
– Track your payments in real-time using your web dashboard once you’ve sent your money.
– You can choose to complete your transaction, request a longer payment deadline, or, if necessary, cancel your payment, depending on your payment option.
– Every step of the way, PayMyTuition will send you emails or SMS notifications to let you know the status of your payments.
– Your payment has already started, that’s all!
From where to find the payment receipt?
You may get a transaction receipt from PayMyTuition by clicking the download button in the sections of your “Payments Center” dashboard for pending or delivered payments. The transaction receipt is used as your institution’s proof of payment.
Which payment options does PayMyTuition accept?
To best meet your needs, PayMyTuition supports a wide range of payment methods, including credit/debit card payments, bank transfers, e-wallets, and other online payment choices.
*Please be aware that payment options may differ according to where you are situated.
The available cards will be shown if you choose to pay for your transfer using a credit or debit card. You will be capable of paying by card straight on their website after creating your payment request. Other online payment options that you could utilise follow a similar procedure.
After the payment request procedure, detailed payment instructions comprising your account information will be given to you if you want to utilise the bank transfer option. You will then be able to start your transfer in person at your bank or via your online banking system.
*Please be aware that the transfer from your bank must be started using the specified payment instructions.
What if any Country is not showing in the list?
Due to limits and rules put in place by the government, some nations are not available in their drop-down menus. If any nation is not included in the drop-down menu, it is because it has been sanctioned.
To find out if there are any other options accessible to you for paying your tuition, they advise students to get in touch with their educational institution immediately.
What if any institute is not listed?
Some universities prefer to direct payers through their specific student portal to complete transfers, thus if you are wanting to make a payment using PayMyTuition or an institution has requested that you do so, you will not find them listed within the institution choice list. Please get in touch with your institution if PayMyTuition is featured on its website but not on theirs. They will give you the appropriate link and guidance to begin your payment.
How to get assistance for generating instructions and making the payment through PayMyTuition?
IBRLIVE INDIA PVT LTD is one of the most trusted organisations in Panipat, Haryana which helps students generate payment instructions and make the final payment on a low exchange margin. You can simply visit the website https://ibrlive.com/contact and call them directly for assistance.
GIC- The name “GIC” stands for “Guaranteed Investment Certificate,” and it refers to a short-term liquid investment that Canadian banks typically issue for up to a year. It is intended for Indian students who wish to enrol at universities that are part of the Student Partners Program (SPP) in Canada.
In this section, we are going to discuss how is GIC account beneficial for students as well as the key factors any Student who wishes to aspire abroad education must know about the term.
As we have discussed the deposit investment known as a guaranteed investment certificate (GIC) is offered by banks and trust organizations in Canada. Because of the low-risk fixed rate of return they offer and the fact that they are partially guaranteed by the Canadian government, people frequently buy them for retirement planning.
Benefits from a GIC account:
Low concern: Term deposits and GICs are typically regarded as low-risk investments that are secure since the principle is always guaranteed.
Assurance of growth: Your GIC investment will generate interest regardless of what happens in the markets.
Flexibility: There are a variety of term and interest rate choices. Either pick a cashable GIC that allows you to retrieve your money before the term expires or lock your money in to earn a greater interest rate.
simple to maintain: As relatively inexpensive and predictable and require little monitoring, they are simple to comprehend and maintain.
Savings Defense: If someone is truly interested in saving money for studying abroad, a savings protection GIC is a better alternative than a savings account.
Frequently Asked Questions:
How to open a student GIC account from India?
When opening a GIC account from India, it is important to ensure that the chosen financial institution participates in the program that meets the requirements for international students. Additionally, individuals should be prepared to provide the necessary documentation, such as a passport, study permit, and proof of funds, to complete the account opening process.
You can create a GIC account online through ICICI bank by following the steps mentioned below:
Visit the ICICI Bank Canada website and select the “Student GIC Program” option and click on New User Registration.
Complete the online application form with all necessary personal and financial information.
Upload scanned copies of your passport, study permit, and any other required documentation.
Download the funding instruction page and share it with your bank to make the wire transfer. Please note that the payment can be sent through banks and other AD II companies.
Once the funds have been received, ICICI Bank will issue a GIC certificate and email it to you.
You can then use the GIC certificate to apply for your Canadian study permit.
GIC: Is it superior to a savings account?
In this instance, a GIC is a terrific solution for investing novices. Your money is secure since it is guaranteed, and the interest rates are frequently higher than those provided by high-interest savings accounts.
What is the GIC’s minimum & maximum amount?
The amount you can put into a GIC has no upper limit. The majority of GICs offer fixed interest rates for predetermined terms, such as half-yearly, a year, two years, or up to ten years. The minimum Guaranteed Investment Certificate (GIC) amount for Indian students applying for a Canadian study permit is currently CAD 10,000.
When the minimum amount of GIC is CAD 10000, then why do we need to send CAD 10175 or CAD 10200?
The reason for sending CAD 10,200 or CAD 10175 instead of the minimum required amount of CAD 10,000 for the Guaranteed Investment Certificate (GIC) program is to cover the transaction fees and other bank charges associated with the transfer of funds to Canada. After the deduction of transfer fees, the bank deposits the balance amount in your GIC account.
Best way to open a GIC account & making payments at the lowest exchange rate?
Students can open a GIC account through ICICI bank’s student GIC programs detailed above and it hardly takes 5 minutes to open a GIC account online. For making the payment you need to compare exchange rates and transaction charges offered by various institutions. The best way is to visit ibrlive.com and contact them for making your payment at the best possible lowest exchange rate and transaction fees. They help you in opening the GIC account and sending your payment at affordable rates by saving you time and money.
GIC: Does it pay interest every month?
For GICs with durations of one year or more, interest is computed daily on the principal amount and is paid either monthly, yearly, or at maturity after compounding annually. For GICs with durations less than a year, interest is accrued daily and paid at maturity based on the principal.
Can my GIC account be broken before maturity?
The Guaranteed Investment Certificate (GIC) account for Indian students in Canada is open for a period of one year. The GIC account is a requirement of the Canadian government’s Student Direct Stream (SDS) program, which is available to international students from India, China, the Philippines, and Vietnam who are applying to study at a Designated Learning Institution (DLI) in Canada.
The funds in the GIC account are held for the duration of the student’s first year of study in Canada and are intended to help cover the student’s living expenses while studying in Canada.
After the first year, the funds from the GIC account can be withdrawn in instalments to help cover living expenses or other expenses related to their studies in Canada. It is important to note that the GIC account must remain open for the full one-year period as a requirement of the SDS program, and the funds cannot be accessed until the end of the one year.
Please feel free to contact us if your question is not answered here and you still have concerns. We promise to assist you as best we can.
Interbank exchange rates refer to the exchange rates at which banks buy and sell currencies from each other. These rates are important because they affect the value of currencies for businesses and individuals who need to exchange money across different countries. In this blog, we’ll explore what is IBR Rate, how they’re determined, where to find authentic & real-time exchange rates and why they matter.
What are interbank exchange rates?
Interbank exchange rates are the exchange rates at which banks buy and sell currencies from each other. Interbank exchange rates are also commonly referred to as spot rates. The spot rate is the exchange rate at which a currency can be bought or sold for delivery within two business days. These rates are typically used as a benchmark for exchange rates in the wider market, as they reflect the rates at which banks with significant trading volumes can exchange currencies with each other.
The interbank rate is used by banks to settle transactions between themselves, such as when one bank needs to pay another bank in a different currency. These rates are typically quoted with a bid-ask spread, which represents the difference between the price at which banks are willing to buy and sell currencies. The bid price is the price at which a bank is willing to buy a currency, while the asking price is the price at which it’s willing to sell the currency.
How are interbank exchange rates determined?
Interbank exchange rates are determined by supply and demand in the foreign exchange market. Banks with excess currencies will offer them for sale, while banks that need those currencies will buy them. The exchange rate at which these transactions occur is determined by the market, based on the supply and demand for each currency.
Many factors can affect the supply and demand for currencies in the foreign exchange market. These include factors such as economic data, central bank policies, political events, and natural disasters, among others. Changes in any of these factors can cause fluctuations in exchange rates.
Where you can find authentic & real-time interbank exchange rates?
Although many sources are available online to find interbank exchange rates, not all are authentic and real-time. The best platform that displays accurate & live interbank exchange rates is https://ibrlive.com. You can find IBR rates of almost all currencies on this website, which is free of charge.
Why do interbank exchange rates matter?
Interbank exchange rates are important because they affect the value of currencies for businesses and individuals who need to exchange money across different countries. For example, if you’re a business that needs to pay a supplier in another country, you’ll need to exchange your local currency for the currency of the country where your supplier is located. The exchange rate you receive will determine how much of your local currency you need to exchange to pay your supplier.
In addition, IBR rates can affect the profitability of businesses that operate in multiple countries. If a company earns revenue in one currency but has expenses in another currency, changes in the exchange rate can affect its profit margin.
Finally, IBR rates can also have an impact on the wider economy. For example, strengthening a country’s currency can make its exports more expensive and less competitive in foreign markets. This can lead to a reduction in exports and a negative impact on the country’s economy.
In conclusion, interbank exchange rates are an important component of the foreign exchange market. They are used by banks to settle transactions between themselves and serve as a benchmark for exchange rates in the wider market. Understanding how these rates are determined and why they matter can help businesses and individuals make better decisions when it comes to exchanging currencies.
A forex card exchange rate is like a display board where a bank publishes exchange rates for buying and selling foreign currencies, travel cards, and currency notes. The spread between buying and selling currencies in a card rate is generally kept very wide. For example, SBI forex card rates for USD/INR can be in the form of the below-mentioned table:
Currency
Bank Buying Rate
Bank Selling Rate
TT Buying rate
Bills Buying rate
Currency notes
Travel card
Traveller’s cheques
TT Selling rate
Bills Selling rate
Currency notes
Travel card
Traveller’s cheques
Demand draft
United States Dollar (USD)
80.94
80.94
79.45
80.69
80.69
84.58
84.58
85.94
84.36
84.36
84.24
When a bank displays a card rate for foreign exchange, it may show both the TT buy rate and the TT sell rate. The TT buy rate is the rate at which the bank will buy foreign currency from the customer in exchange for local currency. The TT sell rate is the rate at which the bank will sell foreign currency to the customer in exchange for local currency. The difference between the TT buy and TT sell rates is known as the bid-ask spread, and it represents the bank’s profit margin for facilitating the transaction. The bid-ask spread can vary depending on various factors, such as market conditions, currency volatility, and the size of the transaction. Customers need to understand the card rate and the bid-ask spread to make informed decisions about foreign exchange transactions and to minimize the costs associated with such transactions.
Do the forex card rates of each bank differ?
The card rate can differ across banks. Each bank sets its own card rate based on a variety of factors, such as its cost of acquiring foreign currency, operating expenses, and profit margin.
The differences in card rates across banks can impact the cost of foreign exchange transactions for customers. Therefore, comparing the card rates offered by different banks before making a foreign exchange transaction is essential to get the best possible rate.
What is the difference between the card rate & interbank exchange rate?
The card and interbank exchange rates are two different rates used in foreign exchange transactions. The main differences between the two are:
Definition: The interbank exchange rate is the rate at which banks buy and sell currencies with each other in the wholesale market. It is used by banks to settle their transactions and by other financial institutions as a benchmark for pricing their foreign exchange products.
On the other hand, the foreign exchange card rate, refers to the rate derived on a daily basis by bank based on the interbank exchange rates by keeping a substantial margin on buy and sell foreign exchange transactions. Generally the margin loaded in forex card rate is more than 1 rupee on USD/INR transactions, 2 rupee on EUR/INR transactions and 3 Rupee on GBP/INR transactions. This margin can vary across banks based on their different strategies and other market factors.
Calculation: Numerous economic considerations and market dynamics of supply and demand as well as market dynamics of supply and demand, influence the interbank exchange rate. While the bank’s profit margin, the interbank rate, and any other fees or charges are all included in the card rate, which is established by the bank.
Spread: The difference between a currency pair’s purchasing and selling rates for a currency pair is known as the bid-ask spread. Due to banks’ high volume of transactions, the spread for interbank exchange rates is normally quite small, with only a few pips. For example the spread between USD to INR IBR rate is generally 1 to 3 paisa only. As a result of the bank’s profit margins and other expenses related to supplying retail consumers with foreign exchange services, the gap in card rates is often greater and can range between 1 to 3 Rupees.
The government had received requests from Export Promotion Councils and leading exporters that they should continue with the current Foreign Trade Policy (2015-20), which had been extended from time to time.
The government has always involved all stakeholders in formulating policy. Hence, it was decided to extend the Foreign Trade Policy 2015-20, valid till Sept 30, 2022, for a further period of six months, till 31.03.2023.
On March 31, 2023, Shri Piyush Goyal, the Hon. Minister of Trade and Industry, revealed his proposed foreign policy for the years 2023 to 2028.
The policy is in place as of April 1, 2023, and it remains in place through March 31, 2028.
The new global trade policy’s goal, unveiled in March 2023, is to grow India’s exports to $2 trillion by 2030. Its flexible and open-ended nature allows it to adapt to changing needs.
The policy is built around four pillars: Developing Areas, Export Growth through Collaboration, Incentive to Remission, and Ease of Doing Business.
A one-time amnesty program is introduced in the FTP 2023 to allow exporters to finish up any old outstanding authorizations and start over.
The “Towns of Export Excellence Scheme” and the “Status Holder Scheme,” promotes the recognition of new towns and exporters, respectively.
The policy emphasizes process re-engineering and automation to make doing business easier for exporters and growing sectors, including dual-use high-end technological products under e-commerce export, SCOMET, and merchanting trade from India.
The strategy strongly emphasizes export development and promotion, shifting from an incentive system to one that is facilitating and built on the technological interface and collaborative principles.
Building on prior “convenience initiatives,” the guideline also codifies implementation procedures in a paperless, online world.
Here are the key points of the new foreign trade policy:
The Foreign Trade Policy (FTP) 2023 is a dynamic, open-ended policy that will accommodate emerging needs.
The policy aims to increase India’s exports to $2 trillion by 2030.
The four pillars of FTP 2023 are Incentive to Remission, Export promotion through collaboration, Ease of doing business, and Emerging Areas.
The policy is based on the continuity of time-tested schemes facilitating exports and a nimble document responsive to the trade requirements.
The FTP 2023 encourages recognition of new towns through the “Towns of Export Excellence Scheme” and exporters through the “Status Holder Scheme.”
The new FTP is offering a one-time Amnesty Program for exporters to finish the previous round of pending authorizations and begin anew.
The strategy strongly emphasizes export development and promotion, shifting from an incentive system to one that facilitates trade and is based on concepts of cooperation and technological interface.
Exporters are being given more credit by using automatic IT technologies with a risk-management framework for various permissions under the new FTP.
Regional Offices will now administer duty exemption programs for export manufacturing in a regulated IT system environment, doing away with the necessity for a manual interface.
The FTP 2023 expands on prior “ease-of-doing-business initiatives” by codifying implementation procedures in an online, paperless environment.
Due to reduced pay structures and IT-based programs, MSMEs and other groups will find it simpler to enjoy export benefits.
In addition to the 39 existing towns, four additional towns—Faridabad, Mirzapur, Moradabad, and Varanasi—have been named Towns of Export Excellence (TEE).
Overall, the new FTP aims to promote exports, enhance competitiveness, and promote sustainable development in the Indian economy.
