As the world slowly gets back to normal, Singaporean students studying abroad are getting ready to return to their overseas campuses. But parents, have we considered the full cost of this exciting adventure for your children? Is it just the tuition fees and living costs, or is there more to the story?
Wise, a company experienced in international money transfers, warns that surprise expenses can catch us off guard. Now, are you ready to learn about funding your child’s global education? Let’s begin!
Popular and Expensive Destinations for Singaporean Students Studying Abroad
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The most popular countries for Singaporean students studying abroad—the United States, New Zealand, Australia, the United Kingdom, and Canada—also come with hefty price tags.
The average annual education costs in these countries range from $25,077 to $46,042. Singaporean students lose an average of $449 in hidden fees in these countries.
Among the top five, those studying in New Zealand suffer the most significant loss on transfer fees, amounting to $559. Check out the following information:
USA
- Total Education cost (per school year): $46,042
- Loss on transfer fees (per student): $524
New Zealand
- Total Education cost (per school year): $34,076
- Loss on transfer fees (per student): $559
Australia
- Total Education cost (per school year): $10,560
- Loss on transfer fees (per student): $445
UK
- Total Education cost (per school year): $25,247
- Loss on transfer fees (per student): $359
Canada
- Total Education cost (per school year): $25,077
- Loss on transfer fees (per student): $346
Money Management Tips for Parents with Singaporean Students Studying Abroad
If your child is pursuing education overseas, it’s crucial to be mindful of potential financial pitfalls. Exchange rate markups and foreign transaction fees can unexpectedly impact your expenses.
Always remain vigilant by checking for hidden fees, especially within exchange rates. Some providers add undisclosed markups instead of using the fair mid-market rate. Similarly, be cautious about upfront fees that might be advertised as low or “free,” but could significantly contribute to the total cost.
Opting to make payments in the local currency of the country can help you avoid direct currency conversion fees.
In addition to conventional credit or debit cards, consider the practicality of a multi-currency account. Such an account efficiently handles funds across various currencies.
Smart Money Management for Your Child’s Study Abroad
Source: iStock
Empowering your child’s global educational journey is a remarkable endeavour. Yet, the financial dimension demands careful attention. Understanding hidden costs and planning ahead is crucial for a smooth experience without financial worries.
Don’t let hidden fees affect your education budget. Equip yourself with the proper knowledge and tools to manage your money effectively while your child studies abroad.
Take control of your financial future today. Start by getting informed for a smarter approach to managing your finances.
Your child’s global education is a journey worth every penny, but let’s make sure those pennies are well-spent, shall we?
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