Gone are the days when you walk into the banks or forex company's offices to get your forex needs fulfilled. Everyone is looking for fingertip solutions that can solve their forex problems by just flexing in their comfortable cushion. This has led to the rise of many forex companies providing digital solutions for outward remittance that shows live currency exchange rates. All these solutions are innovative as well as efficient since they are derived by using the most advanced technologies.
This service was even more in demand during the covid times when countries canceled flights and cross-border movements. People showed their love and compassion by transferring funds to their dear ones staying abroad using these digital solutions. But the real advantage of these forex services was for the international students who were pursuing their classes both online and offline in international universities. Before covid happened, the fee remittance was done through wire transfers and demand drafts which were offered by the forex dealers as per RBI guidelines. Though these can be done online, their dependency on banks for fund transfers made the process a little incompatible with technological advancements. That's why flywire payments started trending. Using this you can send university fees to Australia, the USA, Europe, and so on.
What is that?
Universities have now started to tie up with companies like flywire to make their fees payment process simple. Flywire has tied up with forex service providers in each country to facilitate a smooth movement of funds.
So how does it work?
The students will pay their university fees to a designated bank account through a forex dealers generated advice in the country. Who will collect it and transfer it to the flywire account of the destination country where the university is located. The flywire will collect these funds and then transfer them to the respective universities.
The advantage here is that flywire will take care of the international movement of funds and so students don't have to care about the exchange rates and other transfer-related formalities when they send money to foreign universities. They can pay the fees using the local currency of their country.