Which platform, can help you save more money on tuition?

Beginning

Every year, hundreds of Indian students go to other countries to get a better education. Paying tuition is the second most significant financial step after getting accepted. Most colleges and institutions work with Flywire & Convera (previously known as Western Union Business Solutions) to handle payments.

These seem easy to use, connected with the university portal, and good for receipts, but that’s not the case. These choices are far more expensive than they look because of the hidden exchange rate margins and conversion losses. A lot of the time, students and parents end up spending thousands more without even knowing it.

So, which platform saves you more money: Flywire or Convera? Let’s look at each point one by one.

1. Exchange Rates: The Real Cost Factor

When sending a lot of money abroad, such as college fees, the exchange rate is the most important thing to think about.

Flywire usually costs 2–3% more than the real interbank rate. If the live rate is ₹83/USD, Flywire might give you a price of ₹85–86/USD. This tiny discrepancy adds up to a loss of ₹40,000–60,000 for a tuition of USD 20,000.

Convera is a little better, but it still costs a lot. Its margins are normally between 1.5 and 2%, which means that the same USD 20,000 will cost you an extra ₹25,000 to ₹35,000.

The main point? Both platforms have hidden fees in their exchange rates. You don’t notice a “fee” up front, but every time you convert, you lose money.

2. Convenience: Receipts Have Hidden Costs

Universities typically say that Flywire and Convera are easy to use because they provide you receipts and let you track your payments. This is correct, but here’s what hasn’t been said:

Some of the ways to pay on these sites come with extra processing costs.

The receipts they give you aren’t anything special. Even an RBI-approved direct transfer from India gives you SWIFT receipts, which are accepted by colleges all around the world.

The portals may look nice, but the “extra convenience” usually comes with a hidden cost.

3. Direct Transfers Approved by the RBI: Clearer and Cheaper

A lot of families don’t know this, but they don’t have to use Flywire or Convera at all. The Reserve Bank of India’s Liberalised Remittance Scheme (LRS) lets Indian residents send money directly to pay for their education abroad.

Some of the benefits of a direct transfer that the RBI approves are:

• Exchange rates that are based on the market (no extra fees).
• Flat service fees instead of hidden costs that are dependent on a percentage.
• Full openness with invoices and SWIFT confirmations.
• There is no double conversion (like INR to USD to GBP) with Flywire.

For instance, if you send GBP 15,000 directly to a UK university through an authorized currency service, your INR is converted to GBP at the current market rate. But with Flywire, INR is first changed into USD and then again into GBP, which means that there are two losses in converting.

This one difference can save a student ₹40,000–50,000 a year.

4. Comparing Costs in the Real World- Flywire vs Convera

Let’s look at numerous ways to transfer $30,000 in tuition:

• Flywire: ₹85/USD, 2–3% profit, ₹60,000–70,000 loss.
• Convera: ₹84.5/USD, 1.5–2% margin, ₹40,000–50,000 loss.
• Direct RBI Transfer: ₹83/USD (market), minimal fixed fee, ₹5,000–10,000 loss.

Over the course of two years, selecting Flywire instead of a direct transfer might cost you ₹1.2 lakh or more in exchange margins alone.

5. Which One Should You Pick?

When we compare Flywire and Convera side by side, Convera is a little bit cheaper. But both are still more expensive than direct transfers through an RBI-approved provider.

These platforms are better for universities since they make it easier for them to collect money. But students and their parents are the only ones who have to pay for the extra fee.

The best option is to bypass both and go for a direct transfer that is clear and approved by RBI. This will make sure that your tuition fee gets to your university with the least amount of money.

In Conclusion: Save More for Your Education, Not Hidden Fees

Every rupee counts when you have to pay for school in another country. It may seem like a toss-up between Flywire and Convera, yet both alternatives lead to big losses because of hidden exchange rate margins and extra steps that aren’t needed.

Neither Flywire nor Convera is the actual winner; a straight RBI-authorized transfer is. Students can save thousands of dollars that would otherwise be lost in forex margins by using this strategy.

It is easy, clear, and cheap to do this with platforms like IBRLIVE.com. They make sure your money goes where it should—toward your education and not into hidden fees—by giving market-linked rates and transparent paperwork.