Overview

• More than 95% of India’s ₹85,000–93,500 crore in annual student remittances are processed by conventional banks that add 3–3.5% exchange markups and incur 2–5 day delays.
• Families sending ₹30 lakh each year bear hidden fees of up to ₹75,000, exacerbating financial strain on households.
• Digital platforms, including Wise, complete most education-related transfers within hours using mid-market rates and no markup, reducing average fees to around 5%.
• The global average cost of sending $200 stood at 6.4% in 2024, twice the United Nations’ 3% Sustainable Development Goal target for remittance affordability.
• India surpassed China in 2024 to become the largest source of international students in major destinations, with overseas education outlays likely to double by 2030.