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 <\/span>Flywire<\/b><\/a> &\u00a0<\/span>Convera<\/a> (previously known as Western Union Business Solutions)<\/b> to handle payments.<\/span><\/p>\n 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 <\/span>hidden exchange rate margins and conversion losses. A lot of the time, students and parents end up spending thousands more without even knowing it.<\/span><\/p>\n So, <\/span>which platform saves you more money: Flywire vs Convera<\/strong>? Let’s look at each point one by one.<\/span><\/p>\n When sending a lot of money abroad, such as <\/span>college fees, the <\/span>exchange rate is the most important thing to think about.<\/span><\/p>\n Flywire<\/b> usually costs 2\u20133% more than the real <\/span>interbank rate. If the live rate is \u20b983\/USD, Flywire might give you a price of \u20b985\u201386\/USD. This tiny discrepancy adds up to a loss of \u20b940,000\u201360,000 for a tuition of USD 20,000.<\/span><\/p>\n Convera<\/b> 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 \u20b925,000 to \u20b935,000.<\/span><\/p>\n The main point? Both platforms have <\/span>hidden fees in their <\/span>exchange rates. You don’t notice a “fee” up front, but every time you convert, you lose money.<\/span><\/p>\n Universities typically say that <\/span>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:<\/span><\/p>\n Some of the ways to pay on these sites come with extra <\/span>processing costs.<\/span><\/p>\n The receipts they give you aren’t anything special. Even an <\/span>RBI-approved direct transfer from India gives you <\/span>SWIFT receipts, which are accepted by colleges all around the world.<\/span><\/p>\n1. Exchange Rates: The Real Cost Factor<\/b><\/h3>\n
2. Convenience: Receipts Have Hidden Costs<\/b><\/h3>\n