Study Abroad Content Specialist
If you are willing to send money to a US bank account from India, wire transfer can be the best option for you. It is the process of sending money electronically between people or businesses, where no physical money is exchanged. Some of the benefits of wire transfer in USA from India include the following
- It is a fast and secure way to transfer money to a US bank account
- Suitable for sending large amounts of money. In example, suppose your parents are sending you money to pay your university fees, then it is better to choose wire transfer in USA from India.
- It can not be bounced or held due to insufficient funds.
- Many US universities have partnership with third-party processors like Flywire or Convera. Hence, for students and parents, wire transfers are common for paying tuition directly to US university accounts.
- Indian banks like ICICI, State Bank of India also have wire transfer services, covering around 90+ currencies like USD, GBP, AUD, EUR among others.
Also read: Cost of Studying in USA
Understanding the Process of Wire Transfer in USA from India
A transfer is usually from one bank or financial institution in to another. Rather than cash, the participating institutions share information about the recipient, the bank receiving account number, and the amount transferred. Then, the two banks settle the amount in the backend and the money is transferred to the recipient’s account.
The sender (for example: your parents) pays for the transaction upfront at their bank. They must provide their bank Information needed for international wire transfer:
- Your name, address, and contact number, along with any other personal information required to facilitate the transaction
- Your banking information, including bank account number and branch number/ code
- The receiving bank's information, which includes the bank’s name, address, and bank identifier (routing number or SWIFT code*)
- Reason for the transfer
*Note: SWIFT or Society for Worldwide Interbank Financial Telecommunication network is a messaging protocol and has over 11,000 banks in 200-plus countries in its network. It is used to send information from one bank to another.
Also read: Best Banks for International Students in USA
Popular Wire Transfer Options for International Students in USA
When making wire transfers to the U.S. from India, selecting a reliable provider can save you on fees, processing times, and exchange rates. Here are some popular options with details on their features:
Flywire
Flywire specializes in international education payments and partners with many US universities like Rutgers University, University of Pittsburgh to streamline tuition and other education-related payments. Some of its features include
- Transfer funds from India to an existing bank account in the US, UK, Canada, Australia or Europe
- Transparent collection of TCS and GST, as applicable
- Settles within 2 business days
- Simplified process for repeat transfers
- Track your transfer status online
- Offers competitive exchange rates with the option to lock in rates for future payments.
- Multilingual customer service is available 24/7 to assist students.
Convera (formerly Western Union Business Solutions)
Convera works with educational institutions like University of California, Berkeley to facilitate student payments and is trusted by various other universities for tuition payments. Its features include
- Students can pay via bank transfer, credit card, or other local payment methods.
- The online platform allows easy payment management and tracking.
- Partner universities often give pre-filled information for students to avoid errors.
Wise (formerly TransferWise)
Wise is known for transparent fees and mid-market exchange rates, making it a popular option for personal and education-related payments.
- Charges a small percentage of the transaction amount, often lower than banks.
- Offers the mid-market rate with no hidden currency conversion fees.
- Transactions are completed within 1–2 business days, faster than traditional banks.
ICICI Bank Money2World
Money2World is a cross-border remittance service from ICICI Bank, especially popular for Indian students due to its focus on INR transfers.
- Non-ICICI customers can use this service to transfer money abroad.
- ICICI account holders can use this service from their iMobile App.
- Offers instant transfer options, with some payments completing within a few hours.
- 2-factor authentication with end-to-end online transfer with tracking
- Competitive and confirmed exchange rates
- 24/7 service with faster processing time and conversion to 21 currencies
- Desired interest rate blocking
State Bank of India Forex Outward Remittance
It is SBI’s foreign currency transfer service for retail and corporate customers. Some of its features are:
- Available at all SBI branches in USD, GBP, EUR, AUD, CAD, and 89 other currencies
- Highly competitive and transparent rates.
- Through Branch, per transaction/ per day limit is USD 2,50,000 or equivalent
- For Retail Internet Banking(INB) users, per transaction/ per day limit is USD 25,000 or equivalent
Also Read: Budget Friendly Cities for International Students in USA
Wire Transfer vs Bank Transfer
Check out the key differences between wire transfer vs bank transfer from the table below.
Indian banks usually charge a fee for initiating wire transfers. Additionally, intermediary banks in the US may also take a processing fee of 20-40 USD per transaction. As a result, it's crucial to understand all fees involved to avoid short payments that may delay tuition processing.
FAQs
Ques: Can I transfer money as an international student in USA?
Ans: You can transfer money as an international student in USA by using services like Flywire, Wise, ICICI Bank Money2World and others.
Ques: How much is international wire transfer fee in USA?
Ans: Wire transfer fees vary widely by provider. Typically, incoming international wire transfers cost between $15 to $50, while outgoing transfers are generally more expensive. Additional fees, like currency conversion charges, may apply depending on the bank or transfer service.
Ques: Does Flywire charge a fee for international students?
Ans: Flywire does charge a transaction fee, but it often offers competitive rates compared to traditional bank wire transfers. Some universities partner with Flywire and may cover or reduce these fees, so it’s advisable to check with your institution about any discounts or subsidies.
Ques: How much wire transfer can be done from India to USA?
Ans: Under India’s Liberalized Remittance Scheme (LRS), individuals can remit up to $250,000 annually to the U.S. without requiring special approval. For amounts beyond this limit, prior approval from the Reserve Bank of India (RBI) is necessary.
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