Country specific payments

The ECB rate is the foreign exchange reference rate for European currencies against the Euro (EUR) currency that is updated by the European Central Bank every working day at 16:00 Central European time.

As a payment service provider, Convera is required to display the ECB exchange rate alongside our own currency conversion rate as a percent difference to ensure full transparency for payers. This practice allows payers to see the difference between the market currency conversion rate (ECB rate) and the currency conversion rate that Convera offers, providing clarity on any applied markup. This transparency is mandated for card transactions where the source currency is EUR and where the payer is located in a country within the European Economic Area (EEA) or the UK.

Currency conversion and transaction costs are both charged when making cross border card payment. Currency conversion is charged when a transaction is converted from one currency to another. Transaction costs are charged by the card issuer or payment service provider for cross border card payments.

When completing your payment with Convera you have the option to pay using several different payment options including in the currency of your institution. If you choose to pay with the currency of your institution, your bank will complete the FX conversion at the point of transfer.

The State Administration of Foreign Exchange (SAFE) of the People’s Republic of China is a state-run council responsible for implementing rules and regulations governing foreign exchange. The council has placed limits on international transfers, required documentation, and other rules and regulations that must be followed. Convera works with payment providers to ensure that all these requirements are met for international payments.

Payers from China can also send their payment via Bank Transfer directly from their bank. After selecting bank transfer during checkout, you will be prompted to provide the required student and payer information, once completed you will select ‘proceed to pay.’

You will be presented with payment instructions to complete your payment. Please use these instructions to initiate the payment with your local bank either by logging into your account, calling your bank, or visiting your local bank branch.

Your payment is typically delivered to your institution within four business days from the date of completing your transfer. You can track the status of your payment using our payment tracking tool here. Please allow at least 24 hours after completing your payment for the status to update.

WeChat Pay is supported for Chinese residents and requires either a National Chinese ID or passport to be uploaded at time of payment. After selecting WeChat Pay during checkout you will be prompted to provide required student and payer information, once completed you will select ‘Proceed to Pay.’

You will automatically be redirected to the WeChat Pay payment portal to where you will be prompted to upload documentation such as your passport and ID. You will then enter your bank details and complete your transaction.

Your payment is typically delivered to your institution within five business days from the date of completing your transfer. You can track the status of your payment using our payment tracking tool here. Please allow at least 24 hours after completing your payment for the status to update.

Geoswift is supported for Chinese residents and requires either a National Chinese ID or passport to be uploaded at time of payment. After selecting GeoSwift during checkout, you will be prompted to provide the required student and payer information. Once completed, you will select ‘Proceed to Pay.’

You will automatically be redirected to the Geoswift payment portal where you will be prompted to upload documentation such as your passport and ID. You will then enter your bank details and complete your transaction.

Your payment is typically delivered to your institution within five business days from the date of completing your transfer. You can track the status of your payment using our payment tracking tool here. Please allow at least 24 hours after completing your payment for the status to update.

ChinaPay is supported for Chinese residents and requires either a National Chinese ID or passport to be uploaded at time of payment. After selecting ChinaPay during checkout, you will be prompted to provide the required student and payer information. Once completed, you will select ‘Proceed to Pay.’

You will automatically be redirected to the ChinaPay payment portal where you will be prompted to upload documentation such as your passport and ID. You will then enter your bank details and complete your transaction.

Your payment is typically delivered to your institution within four business days from the date of completing your transfer. You can track the status of your payment using our payment tracking tool here. Please allow at least 24 hours after completing your payment for the status to update.

Alipay is supported for Chinese residents who have a National Chinese ID. After selecting Alipay during checkout, you will be prompted to provide the required student and payer information. Once completed, you will select ‘Proceed to Pay.’

If you are paying with Alipay using your Alipay account, you will be presented with a QR code to scan and complete your payment in your Alipay wallet. If you are paying with Alipay using Geoswift, you will be presented with payment instructions to complete your payment.

Your payment is typically delivered to your institution within three business days from the date of completing your transfer. You can track the status of your payment using our payment tracking tool here. Please allow at least 24 hours after completing your payment for the status to update.

Payers from China can send their payment using a credit or debit card issued by UnionPay. This option is available for Chinese residents and requires either a National Chinese ID or passport to be uploaded at time of payment. After selecting a credit or debit option during checkout, you will be prompted to provide the required student and payer information. Once completed, you will select ‘Proceed to Pay.’

You will be asked to enter your card details. As part of 3D Secure, which is a fraud protection measure for online card transactions, you may be requested to complete two-factor authentication prior to your payment being authorized.

Your payment is typically delivered to your institution within three business days from the date of completing your transfer. You can track the status of your payment using our payment tracking tool here. Please allow at least 24 hours after completing your payment for the status to update.

Please note that individual card limits may apply, please contact your card-issuing bank for more information.

Payers from China can send their payment using a credit or debit card issued by Visa or Mastercard. After selecting a credit or debit option during checkout, you will be prompted to provide the required student and payer information. Once completed, you will select ‘Proceed to Pay.’

You will be asked to enter your card details. As part of 3D Secure, which is a fraud protection measure for online card transactions, you may be requested to complete two-factor authentication prior to your payment being authorized.

Your payment is typically delivered to your institution within three business days from the date of completing your transfer. You can track the status of your payment using our payment tracking tool here. Please allow at least 24 hours after completing your payment for the status to update.

Please note that individual card limits may apply; please contact your card-issuing bank for more information.

Depending on your institution, Convera offers the below payment methods for payers whose bank account is in China:

• Visa or Mastercard credit or debit card
• UnionPay credit or debit card
• Bank Transfer via Geoswift or ChinaPay
• Alipay
• WeChat Pay

When completing your payment, you will be able to view all available payment options based on your institution and be able to compare the price and speed of settlement.

Your payment instruction includes an ‘Authorization Letter’ which is typically the second page of the payment instruction PDF. Please show this letter to your bank which authorizes Convera to accept payments on behalf of your institution.

Yes, TCS paid can be adjusted against tax payable by filing the income tax returns (ITR) in India subject to applicable income tax provisions. The TCS remittance from the bank’s side will be reflected in Form 26AS of the Pan card holder.

When completing your payment, documentation will be requested and verified to assess TCS.

• ICICI Bank
  • Collection of TCS is managed by branch staff at ICICI. They will complete a PAN look up, ask for a loan sanction letter, and then apply TCS, if applicable. ICICI will remit the tax to the appropriate authorities.
• Convera Agent
  • Collection of TCS is managed by branch staff at the Convera Agent location. They will complete a PAN look up, ask for a loan sanction letter, and then apply TCS, if applicable. Each Agent will remit the tax to the appropriate authorities.
• INR bank transfer NEFT/RTGS
  • Our banking partner in India is responsible for collecting the TCS amount, which will be displayed on your payment instructions and added to the amount due. You must remit the full amount (amount owed to your Institution and TCS). Our banking partner in India will withhold the amount of TCS payable and remit those funds to the appropriate authority and your institution will receive the full amount owed.

Under LRS, payers can send up to Rs 7 lakh per year without being subject to TCS for education tuition or fees. If international payment crosses the threshold of Rs 7 lakh and is financed by a loan from any approved financial institution, a TCS of 0.05 percent will be levied. The Rs 7 lakh threshold for LRS is a combined threshold, applicable to TCS on all LRS transactions, regardless of the purpose of the remittance. Any international payment beyond Rs 7 lakh for education purposes, not obtained through a loan, will carry a TCS tax rate of 5 percent.

Tax Collected at Source (TCS) is an income tax collected on international money transfers falling under the Liberalized Remittance Scheme (LRS) given in Section 206C of the Income Tax Act 1961. The LRS is a scheme that allows a resident individual to send money internationally up to USD 250,000 every financial year. TCS came into effect from October 1, 2020. For further details, please refer to the RBI directions here.

Payers from India can send their payment using a Money Transfer Agent (Thomas Cook, Paul Merchants, or Ebix). After selecting your preferred Agent during checkout, you will be prompted to provide the required student and payer information. Once completed, you will select ‘proceed to pay’ and will be presented with payment instructions to complete your transfer.

Next, you must visit the agent location detailed in your payment instructions to complete your payment. Documentation required includes a student passport, an institution admission letter, and proof of current address.

Your payment is typically delivered to your institution within five business days from the date of completing your transfer. You can track the status of your payment using our payment tracking tool here. Please allow at least 24 hours after completing your payment for the status to update.

India residents can complete their payment in INR by transferring funds via RTGS/NEFT to Convera (25,000 USD limit applies). After selecting ‘bank transfer NEFT/RTGS’ during checkout, you will be prompted to provide the required student and payer information. Please note that you must provide your PAN card and government issued ID during checkout. Once completed, you will select ‘proceed to pay’ and will be presented with payment instructions to complete your transfer.

Next, you must complete your transfer using your payment instructions. Please note that TCS tax will be levied when using this option at the time of payment. Convera is unable to validate whether the sender of the funds has already hit the Rs 7 lakh limit.

Your payment is typically delivered to your institution within three business days from the date of completing your transfer. You can track the status of your payment using our payment tracking tool here. LINK. Please allow at least 24 hours after completing your payment for the status to update.

ICICI is supported for India residents. You are not required to have an ICICI bank account to use this option. After selecting ICICI during checkout, you will be prompted to provide the required student and payer information. Once completed, you will select ‘proceed to pay’ and will be presented with payment instructions to complete your transfer.

Next, you must visit an ICICI branch in person to complete your transfer. If you are a non-ICICI account holder, you must transfer your funds to the ICICI Bank pooled account which will be detailed in your payment instructions. You must bring the following to your local ICICI Bank branch to complete your transaction: Completed Retail Outward Remittance Application, proof of identity (ex. passport, voter ID), your PAN card, and a copy of your sanction/disbursement letter (if your fees are funded by a loan).

Your payment is typically delivered to your institution within three business days from the date of completing your transfer. You can track the status of your payment using our payment tracking tool here. Please allow at least 24 hours after completing your payment for the status to update.”

Payers from India can send their payment using a credit or debit card issued by Visa or Mastercard. After selecting a credit or debit option during checkout, you will be prompted to provide the required student and payer information, once completed you will select ‘proceed to pay.’

You will be asked to enter your card details. As part of 3D secure, which is a fraud protection measure for online card transactions, you may be requested to complete two-factor authentication prior to your payment being authorized.

Your payment is typically delivered to your institution within three business days from the date of completing your transfer. You can track the status of your payment using our payment tracking tool here. Please allow at least 24 hours after completing your payment for the status to update.

Please note individual card limits may apply, please contact your card issuing bank for more information.

Depending on your institution, Convera offers the below payment methods for payers whose bank account is in India:

• Visa or Mastercard Credit or Debit Card
• Bank transfer via ICICI, INR Bank Transfer NEFT/RTGS, Paul Merchants, Ebix, or Thomas Cook

When completing your payment, you will be able to view all available payment options based on your institution and be able to compare price and speed of settlement.

Convera adheres to all State Money Transmission and Dodd-Frank Consumer Money Transfer laws.

For payers from the United States, we must verify that the payer details provided are accurate. When filling out the required fields on the ‘payer detail’ page, please make sure the name provided is the individual’s legal name as it would appear on their bank statement and the social security number provided is US issued. If your information cannot be verified, you will be prompted to review details provided and make any updates required. You can attempt this process only two times. On your third attempt, you will be redirected to the ‘choose a way to pay’ page to select an alternative payment option that does not require this verification.

What regulations does Convera adhere to when facilitating international payments from the US?

Convera adheres to all State Money Transmission and Dodd-Frank Consumer Money Transfer laws.

Depending on your institution, Convera can offer the below payment methods for payers whose bank account is in the United States:

• Mastercard or Visa Credit or Debit Card
• Bank Transfer
• Online bank transfer via Trustly

When completing your payment, you will be able to view all available payment options based on your institution and be able to compare price and speed of settlement.

Depending on your institution, Convera offers the below payment methods for payers whose bank account is in Nigeria:

• Visa Credit or Debit Card
• Bank Transfer

Convera will display all available payment options based on your institution during checkout. To see what options are available:

1. Select your institution country and institution.
2. Enter payment amount.
3. Select the country where the bank you will be paying from is located.

If you do not see a payment option in your local currency, you can select any other available currency listed. At the end of the checkout process, you will be provided with payment instructions to execute your payment with your bank. Based on the currency chosen, your bank will convert your funds before they are sent to Convera. Your payment will be received in full and remitted to your institution within three days from the time of payment.