Learn how different fees impact incoming and outgoing payments on Edvisor and EdWallet, and how to manage them effectively.
When using Edvisor Payments, it’s important to understand the processing fees for both incoming and outgoing payments.
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🗒️ In this article: |
Incoming Payments
Incoming payments refer to all payments made by students, which you request via EdWallet or other Edvisor tools (EdCommerce, quotes, student portal, etc.). These transactions can be viewed in the Student Payments section.
👇 Fees involved:
1. Student Pays in a Different Currency
- No fee for the agency or school.
- The student assumes the FX rate, which includes a 1.8% spread to cover transaction costs.
- For card payments (Visa/Mastercard), additional processing fees are included in the FX rate, covering both the card issuer and the payment processor.
2. Student Pays in the Same Currency
- No fees for the agency or school.
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A flat fee of $10 CAD/EUR/AUD/GBP/USD per transaction is charged, regardless of the amount collected.
3. Agency Sends Corporate Funds from a Local Bank to EdWallet
- A 0.8% spread applies to cover transaction fees (e.g., USD > BRL).
ℹ️ For incoming student payments, neither the agency nor the school is charged any fees.
Outgoing Payments
Outgoing payments are funds leaving your EdWallet, whether to pay your school providers or to transfer money to your own bank account.
👇 Fees involved:
1. Payouts: Agency Pays a School Provider
- A fee of $5 CAD/EUR/AUD/GBP applies per transaction.
2. Withdrawals: Agency Sends Funds to Own Bank Account
- For withdrawals in the same currency (e.g., USD to USD), a $5 CAD/EUR/AUD/GBP/USD fee is charged.
- For withdrawals in a different currency, no fee is charged, but a 0.8% FX spread is applied.
3. Tips to manage your processing fees effectively
It’s important to ensure your balance has sufficient funds to cover processing fees, especially during the first transactions.
💡 For example, if you request 1,000 CAD from a student and try to make a 1,000 CAD payout to a school, your balance will be insufficient due to the 5 CAD outgoing fee.
Since the amount received from the student won’t match the available funds for payouts or withdrawals, you can manage this by:
- Paying the school, then withdrawing the remainder as commission:
💡 If you receive $1,000 CAD and need to pay 995 CAD to the school (after the $5 CAD processing fee), the remaining $5 CAD can be withdrawn as a commission. - Using funds from multiple students:
💡 If you receive $1,000 CAD from two students ($2,000 CAD total), you can pay 1,000 CAD to the school and still have $995 CAD left to cover fees and make another payout. - Charging the student an additional 5 CAD:
💡 Instead of requesting $1,000 CAD, ask for $1,005 CAD, so that after the $5 CAD processing fee, you’ll have exactly $1,000 CAD to pay the school. - Requesting the 5 CAD using a student payment link:
💡 If you’ve already collected $1,000 CAD, you can send a new payment link to request the additional $5 CAD to cover the outgoing fee.
4. Advantages of Using EdWallet for Outgoing Payments
With Edvisor Payments, in partnership with TransferMate, the amount you send is exactly what your provider will receive.
Unlike traditional payment methods, where intermediary banks may deduct additional fees, Edvisor Payments ensures full payment delivery. This helps agencies and schools avoid unexpected charges and simplifies the process of transferring funds.
For a detailed breakdown of FX rates and fees, you can use our tariff calculator, which allows you to easily view and compare the rates and fees for different transactions.
