Many Singaporean parents consider sending their child overseas to complete tertiary education, however, it is quite easy to underestimate the many diverse costs involved with overseas education.
To make things easier, we’ve broken things down a little and investigated the expenses involved in three different countries.
Overall, the ‘land down under’ takes the top spot for overseas education. In 2015, a total 8,165 Singaporean students enrolled in higher education institutions across Australia, with the United Kingdom coming in a close second, with 7,540 Singaporean students signing up for tertiary education.
English speaking destinations were certainly on trend this year, with the United States welcoming 4,727 Singaporean undergraduates to their universities.
So, before you make the decision on where (or whether) to send your child abroad to study, it makes good sense to do a little background work before you buy that plane ticket.
To help you plan, here are some projected amounts you will need to save in order to send your child abroad to study for the entire degree:
So, now you have some idea of usual expenses involved, what other factors do you need to consider?
MANAGING EXCHANGE RATE FLUCTUATIONS
Currency exchange rates can fluctuate, affecting the affordability of an overseas education. The cost differences due to fluctuation can be the deciding factor of where (or even if) you send your child to study abroad.
You can’t control the currency exchange rate, however, there are some measures you can take to pre-empt any fluctuations and help you manage costs when you send your child overseas:
– Compare currency exchange rates and look for the lowest rates offered.
– Be up-to-date with currency fluctuations and lock in the best possible rates.
– Look for a currency transfer specialist, like WorldFirst, with low or zero transfer fees.
WHY CHOOSE WORLDFIRST?
WorldFirst’s foreign exchange solutions can help you minimise the risks of currency fluctuation by offering you:
– S$0 Fees: Zero fees when transferring money through WorldFirst
– Great Exchange Rates: WorldFirst pride ourselves on offering competitive exchange rates
– Forward Contracts: If you want to lock in a rate, but aren’t ready to make a transfer, you can fix it for up to six months in advance.
– Firm Orders: If you know the rate you want, and it isn’t there yet, we’ll watch the markets on your behalf. When the rate gets to where you want it, we’ll take action and book it for you.
HOW MUCH COULD I SAVE WITH WORLDFIRST?
To discover more about how much you could save when sending money overseas, get in touch with one of our friendly currency specialists today on +65 6805 4370 or visit our website worldfirst.com/en-sg/.
You can also catch the team at the Money 2020 Asia conference in March. WorldFirst will be exhibiting on stand K22, so come and say hello and we’ll talk you through every step involved with international currency transfers.
Disclaimer: These comments are the views and opinions of the author and should not be construed as advice. You should act using your own information and judgement. Whilst information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. Please consider FX derivatives are high risk, provide volatile returns and do not guarantee profits. We have no commercial affiliation with any organisation or commercial interest regarding the venues mentioned in this article. The information is only provided as gathered and should be verified before, using your own judgement.
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