Flywire is a leading provider of global payment and receivables solutions focused on making large-sum payments borderless for their clients. Flywire specializes in processing payments to education, health care, travel and tourism, technology, and manufacturing industries.
Flywire has established itself as a global market leader in processing education related payments with associations over 1,700 educational institutions across six continents. Flywire also processes a large portion of fees paid by Nepali students travelling overseas for their higher education.
NMB Bank and Flywire Partnership
NMB Bank has partnered with Flywire Corporation, MA, USA for processing international education related payment from Nepal to various colleges and education institutions associated with Flywire all across the world.
Through this partnership with Flywire, NMB bank strives to provide unmatched benefits to Students, parents and education consultancies alike with a process that is Simple, Trackable, and Transparent to all parties involved in the payment processing.
Hassle Free Process
- Option to pay in Nepalese Rupees (NPR)
- Know exact amount needed for payment without hassle of currency conversions
- Route funds from any bank of Nepal to NMB for hassle free fund transfer.
No Additional Charges
- All end-to-end charges are included in the quoted payment amount
- No additional charges
- NPR settlement amount advised by Flywire and education tax as prescribed by the government is applicable (However same is incorporated in quoted amount)
Easy Payment of Refund
- Hassle free refund procedure
- Processing time within days instead of months with other payment service providers
Easy Tracking of Payments
- Trackable and transparent fund transfer process
- Status of funds can be ascertained at any point in payment process
Large Network Reach and Same Solution Across All Branches
- Over 200 branches network of NMB Bank can be used for processing payments
- Amount transfers to NMB can also be done with NMB Omni Channels and other digital medium
General Queries (FAQs)
What is Flywire?
Flywire is a leading global payment provide associated with over 1700 educational institutions all over the world. It currently has 13 offices and 600+ FlyMates worldwide. Flywire’s other focused areas in Industry-specific payment solutions also includes healthcare, travel, technology and more.
What is the process to create a payment booking in NPR from Flywire?
To create a payment booking in Flywire, customers have to follow the process mentioned below:
- First Students/parents visits Flywire.com and go to “Make a Payment” Section
- Choose the college/university from the list to make the payment.
- Select Nepal in region & enter the payment amount.
- Selects “Domestic Bank Transfer in NPR” Payment
- Enter the payers information and students information
- Verify the details and Download the payment instruction
What is the next process that the customer has to follow?
After booking the payment through Flywire, customers then shall:
- Visit the NMB Bank branch (any branch)
- Deposit the NPR amount as state in the Flywire Payment Instruction into Flywire’s NPR Account at NMB Bank
- Provide all required document
- Fill SWIFT request form and KYC form (If not the customer of the bank)
How can customer deposit the amount in Flywire’s Account?
Customers can deposit the amount from any bank in Nepal directly into Flywire’s Account at NMB Bank through:
- Through IPS / Connect IPS
- Cash deposit by visiting the bank
- Account Transfer if the customer has account at NMB Bank
Please note that Customers have to make sure that the Flywire Payment ID is included in the payment description or reference field and payment is completed in a single transaction.
What are the list of documents that the customer has to provide?
The list of documents which the customer has to provide are:
- Flywire Authorization Letter / payment instructions (Valid)
- Student’s Admission Letter and/or Tuition Invoice of University/College
- No Objection Certificate (NOC) – Both Bank Copy and Customer Copy
- In case of second payment ( if previously not sent from NMB) – No objection letter to be obtained from the bank from where previous payment was processed (In place of NOC-bank copy)
- Student’s Valid Passport copy
- Student or family member’s PAN card (if payment amount > USD 5,000 or equivalent)
If the student is already studying abroad, the following additional document is to be provided
- Copy of Student’s valid University ID (if student is already enrolled at school)
- Valid Visa of the student
Are there any additional amount or charges that the customer have to pay at bank other than the payment amount?
The customers have to pay education tax (currently 2% of tuition fees) as per governments regulations along with the payment amount at the bank. Apart from this, no other additional charges shall be taken from the customers.
Education tax cannot be sent by using digital transfer (IPS/ RTGS) but have to be paid at branch.
Do customers need to have an account at NMB Bank to process for Flywire Payment?
No, it is not mandatory to have an account at NMB bank to process for Flywire payment, however, the customer have to fill up an additional KYC document and provide identification (Citizenship, Passport) at the bank.
When will the payment amount be sent to Flywire?
- If customers visit the branch, provide all the documents, deposits the amount and completes the process within 2:00 PM from Monday to Thursday and 1:00PM on Friday, such payments shall be sent on the same day.
- Other requests on working days received after the cut off time mentioned above shall be processed on the next working day to Flywire.
- No transaction shall be done on holidays but customers can still send money to Flywire’s NPR account through RTGS or IPS.
When will the amount be sent to the University?
The process of final settlement to the university shall be done by Flywire itself and it takes them a maximum of 72 hours (maximum filter) to update the dashboard after payment is made. Customers can also find the information regarding the settlement time in the Payment Instruction Letter.
How will the customer receive the information regarding successful payment?
After the payment is successfully transferred to the university, Flywire shall send the confirmation email in the customer’s registered email address (entered during the payment booking creation process). The customer can also generate the payment receipt through the payment tracker provided by Flywire – link to the tracker shall be sent in the email of the customer by Flywire after payment booking is done.
Contact (Flywire): Customers can email at firstname.lastname@example.org or visit https://help.flywire.com for any assistance or queries related to payments.
Contact (NMB Bank): Call 01-5970150 (NMB Call Center) or email at email@example.com for any assistance or queries related to payments.