EdWallet Payment Cancellations and Refunds - Fees and Charges

EdWallet Payment Cancellations and Refunds - Fees and Charges

Applicable EdWallet Payment Types:

• Student Payments
• Corporate Payments
• Payouts (Partners)
• Withdrawals (Bank Accounts)

Typical Fees and Charges

• Administrative Fees:
  When processing a student payment refund due to program cancellation, an administrative fee may be deducted from the refunded amount. (Example: £180 deducted from a £3,800 refund.) The specific admin fee will vary and is determined by the agency or school managing the transaction.

• Service/Exchange Rate Charges:
  If funds need to be returned to the payer (such as when payment details are incorrect or unmatched), service fees or exchange rate charges may apply. These will vary and depend on the payment date, route and currency conversion requirements.

• Same-Currency Refunds (avoid fees):
  No additional fee is charged for refunds credited to accounts in the same currency (USD to USD, GBP to GBP, etc.).

Additional Notes

• Documentation:
  Occasionally, the recipient of the refund may be required to provide extra documents (e.g., proof of account or identification) to complete the process.

• Policy Variability:
  The amount or presence of fees can vary depending on the agency or school’s policy. Always confirm with your provider for specific fee schedules.

Common Scenarios

• Program Cancellation:
  A student cancels their program, requests a refund, and an admin fee is deducted per policy.
• Payment Error/Overpayment:
  If a duplicate or erroneous payment occurs, contact support immediately. Service charges may apply depending on the situation, but if flagged early enough in the process, often times fees and charges are avoided.

FAQ

How will I know if a fee will be deducted for my case?
Unfortunately, this is a case-by-case scenario. We recommend checking with your own agency or school refund policies, or contact the payer bank, before submitting a refund request.

Is there a charge for currency conversion?
Yes, an FX spread applies when refunds are processed in a different currency. This will vary according to the refund request date.

Will my student need to provide extra documents?
In some cases, proof of identity, account details, and/or proof of debit will be requested to ensure compliance and secure processing. It is best to be prepared to provide this prior to requesting a refund.

How can I avoid fees and charges?
Refund Fees and charges are unfortunately out of Edvisor's control and difficult to predict, but we recommend arranging refunds to be credited to accounts in the same currency (USD to USD, GBP to GBP, etc.) to minimize FX and unforeseen bank exchange fees.

Support and Escalation

If you have questions about a specific payment or are unsure of applicable fees, please contact your company’s finance team, refer to policies of the payer's bank, or reach out to our Edvisor Payments team directly for assistance: payments@edvisor.io

Other ways to reach us for your convenience:

Getting Help from Edvisor