6. How long does a payment take from beginning to end?
7. How are the payments tracked and how can I see them?
8. Is the document process entirely virtual?
9. What documents are required?
10. Do I need to submit the documents again for repeat payments?
11. Is the rate fixed or does it change over time?
12. Will there be additional charges later?
13. How long do refunds take?
14. What are the deductions on refunds?
We accept payments sent from India (INR) to the following currencies:
USDGBPEURCADAUDJPYNZDCNYHKDSARSGDSEKZARCHFAED
The receiver of the funds can be the following based on the purpose of remittance:
Use Case
Beneficiary Type
Education
University | Student self account (Living Expenses)
Travel
Business
Medical
Business
Gift
Individual
Family Maintenance
Close Relative
Visa Fees
Business
Emigration & Emigration Fees
Self Account | Business(Emigration Consultancy)
Employment
Self Account
Exam Fees
Business
Anyone can send funds from India as long as they are (1) an Indian citizen, (2) directly related to the student, and (3) the payment is initiated from a bank account in India (denominated in INR). This includes parents, spouses, siblings, and the student themselves.
The total annual transfer limit for an individual is $250,000 USD.
TCS is calculated based on the use case and corresponding slabs. There is no TCS charged up to 7 lakh INR. Beyond 7 lakhs, TCS is charged based on the use case: 5% for education and medical purposes, and 20% for other purposes. For student remittances under education loans, only 0.5% TCS is charged above 7 lakhs.
Transactions typically take 2 business days from payment initiation to delivery in the beneficiary's account.
Upon completing a transaction, you can track its status from the "My Remittances" section in your dashboard. You will also receive email and SMS notifications on your registered contact details.
Yes, payments are processed using digital copies of documents.
The following documents need to be uploaded while making the payment:
Yes, transaction-specific documents must be uploaded for every remittance, but the same KYC can be used if the payer remains the same.
Foreign Exchange (FX) rates are dynamic and dependent on multiple macro and microeconomic factors such as mid-market rates or interbank rates. They are subject to change over time.
Fairexpay maintains transparency throughout the process. The charges you see at the initiation of your transaction are the only charges you will pay.
If your transaction is rejected by the bank, the refund will be credited to your source account within 48 working hours from the rejection date. If the funds are remitted but not accepted by the beneficiary bank for any reason and need to be returned, the refund will be credited to your source account within 7 working days.
If your transaction is rejected by the bank, only the payment gateway charges will be deducted. If the funds are not accepted by the beneficiary bank, the refund amount will be credited after deducting handling charges and the applicable Forex rate on the day of the refund.
Frequently Asked Questions
1. What currencies can be sent/received?
We accept payments sent from India (INR) to the following currencies:
USDGBPEURCADAUDJPYNZDCNYHKDSARSGDSEKZARCHFAED
2. Who can receive funds?
The receiver of the funds can be the following based on the purpose of remittance:
Use Case
Beneficiary Type
Education
University | Student self account (Living Expenses)
Travel
Business
Medical
Business
Gift
Individual
Family Maintenance
Close Relative
Visa Fees
Business
Emigration & Emigration Fees
Self Account | Business(Emigration Consultancy)
Employment
Self Account
Exam Fees
Business
3. Who can be a sender of the funds?
Anyone can send funds from India as long as they are (1) an Indian citizen, (2) directly related to the student, and (3) the payment is initiated from a bank account in India (denominated in INR). This includes parents, spouses, siblings, and the student themselves.
4. How much can be transferred annually?
The total annual transfer limit for an individual is $250,000 USD.
5. How is TCS calculated?
TCS is calculated based on the use case and corresponding slabs. There is no TCS charged up to 7 lakh INR. Beyond 7 lakhs, TCS is charged based on the use case: 5% for education and medical purposes, and 20% for other purposes. For student remittances under education loans, only 0.5% TCS is charged above 7 lakhs.
6. How long does a payment take from beginning to end?
Transactions typically take 2 business days from payment initiation to delivery in the beneficiary's account.
7. How are the payments tracked and how can I see them?
Upon completing a transaction, you can track its status from the "My Remittances" section in your dashboard. You will also receive email and SMS notifications on your registered contact details.
8. Is the document process entirely virtual?
Yes, payments are processed using digital copies of documents.
9. What documents are required?
The following documents need to be uploaded while making the payment:
10. Do I need to submit the documents again for repeat payments?
Yes, transaction-specific documents must be uploaded for every remittance, but the same KYC can be used if the payer remains the same.
11. Is the rate fixed or does it change over time?
Foreign Exchange (FX) rates are dynamic and dependent on multiple macro and microeconomic factors such as mid-market rates or interbank rates. They are subject to change over time.
12. Will there be additional charges later?
Fairexpay maintains transparency throughout the process. The charges you see at the initiation of your transaction are the only charges you will pay.
13. How long do refunds take?
If your transaction is rejected by the bank, the refund will be credited to your source account within 48 working hours from the rejection date. If the funds are remitted but not accepted by the beneficiary bank for any reason and need to be returned, the refund will be credited to your source account within 7 working days.
14. What are the deductions on refunds?
If your transaction is rejected by the bank, only the payment gateway charges will be deducted. If the funds are not accepted by the beneficiary bank, the refund amount will be credited after deducting handling charges and the applicable Forex rate on the day of the refund.