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The Hidden Price Tag of Global Education: Singaporean Students Studying Abroad, Are You Ready?

6 Sep, 2023
The Hidden Price Tag of Global Education: Singaporean Students Studying Abroad, Are You Ready?

Looking at the top five countries, each Singaporean studying abroad loses an average of S$446 in money transfer fees per year.

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

139,800+ Global School Stock Photos, Pictures & Royalty-Free Images - iStock  | Global business, Students

Source: iStock

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

35,100+ Asian Holding Card Stock Photos, Pictures & Royalty-Free Images -  iStock | Asian holding board, Credit card, Asian model

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?

ALSO READ

How to tackle rising university education costs

Best Education Plans in Singapore for Your Child’s Future

Best Education Savings Plan Options for Children in Singapore

Got a parenting concern? Read articles or ask away and get instant answers on our app. Download theAsianparent Community on iOS or Android now!

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Written by

Miko Pagaduan

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