How to Use Flywire to Send Money to Universities| North Loop Official Blog
North Loop Logo
North Loop
18 Jan 2020

How to Use Flywire to Send Money to Universities

thumbnail for How to Use Flywire to Send Money to Universities
Credit: North Loop

If you’re looking to pay for university fees from abroad (for example, paying US university fees from India), you will likely come across Flywire. Many universities across the world have partnered with Flywire to let international students pay their fees through the Flywire portal.
So, what exactly is Flywire and is it cheaper than the other options available to you?

About Flywire

Flywire is a global payments company, headquartered in Boston, USA. It specializes in international payments for universities and medical companies, helping them receive payments from customers.
Profile image2: About Flywire
Credit: North Loop

How to pay with Flywire

Step 1: Choose Your Recipient - You can start your payment process using Flywire either by clicking on the link to Flywire on your university’s payments website, or going directly to the Flywire website and clicking on ‘Make a Payment’. When you click on ‘Make a Payment’, you will be able to search for your university.
Step 2: Enter the Amount - You will then be taken to the university’s Flywire page, usually with the logo of the university. You will then enter how much you want to pay (in the receiving currency e.g. US dollars).
Step 3: Select your Payment Method - choose how you want to pay. Flywire usually offers Visa, Mastercard, Local Bank Transfers and country specific options (Unionpay) as payment methods. In 99% of cases, using a local bank transfer is the cheapest method.
Step 4: Sender Information - now you will enter information about yourself, such as personal details. Depending on the country you are sending your money from, you may have to provide other information to comply with local laws.
Step 5: Information for the Receiver - here’s where you enter information to help the university link the payment to you e.g. student ID number. This ensures that when the money reaches the university, they know who it is from!
Step 6: Confirm and Pay - once you’ve entered all the details, you’ll be asked to confirm the information and pay. If you’ve chosen to do a local bank transfer, you will have to transfer the money to Flywire’s local bank account. Flywire will then send these funds to the university.
Step 7: Tracking - once you’ve paid, Flywire will collect your funds and send it to the university. This process can take up to 5-7 business days before your university confirms they have received the funds, so make sure you pay in time!

Flywire vs North Loop: Price Comparison

Of course, Flywire isn’t the only option to pay university fees. North Loop offers a secure, convenient and cheap option to send money to universities. Here’s a comparison:
What you pay in INRCurrencyProtect
North Loop718,962.28Yes
Flywire723,210.00No

With North Loop, you will save nearly Rs. 5,000 on a US$10,000 transfer. Combined over four years and a $200,000 education, that is Rs. 1,00,000! And of course, CurrencyProtect is included in transfers from India to the US with North Loop.

Conclusion

While Flywire is the official partner of many universities, it is clearly a much more expensive option than not only North Loop, but many other options.

Save money with

No-fee banking, investments, remittances & insurance for the global Indian

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.