We've teamed up with personal finance expert, Kia Commodore to help give your money a kick up the backside so you can go ahead and sleep. “Lazy Money” is what...
It goes without saying, studying abroad isn’t kind to one’s wallet.
That’s me phrasing it in a polite British way.
Direct translation for other cultures: holy moly it’s so incredibly, unbelievably, spectacularly expensive.
That's the bad news. The good news is, Wise likes to make living an international life as easy and affordable as possible. At the moment, that means multi-currency cards for your physical and digital wallet, spending and getting paid like a local across the world, access to over 40 currencies in over 150 countries, no hidden fees, and we use the mid-market exchange rate, so you’re always getting the actual exchange rate, and not paying unnecessary costs for our benefit. There’s more to what we offer, but I want to get onto the even better news.
In the future, we’re aiming to have all cross-currency transfers be free and in the meantime, we’re here to give you all the information you need to be smart when you spend.
Our team did some investigating (so Nancy Drew/Sherlock Holmes/ another detective you may know) and it turns out international students overpay over £ 362 million a year in unfair transfer fees. And that’s only in America.
When we added up all the money lost in our top 10 countries ranking, we found that international students lose over 945 million pounds a year. Typing that actually hurts a bit 💔
Brb just having a cry.
Ok, I’m back.
We’ve pinpointed the countries where you’ll end up paying the most in hidden fees when sending money to and from, and how much you could save using Wise. We’ve also checked out which countries have the most appealing “overall packages.” That’s taking the cost of tuition, popularity, population of international students, safety and the academic reputation of each country into consideration. Mic drop.
Please prepare to graduate as a finance guru before you ace your actual degree.
KNOWLEDGE IS POWER.
But you already know that because you’re applying to University.
We gathered this data using Numbeo, Worldbank, finder.com, Project Atlas, Statistica, QS World University Ranking for 2023, and our own internal data. We then used these delicious numbers to put together the yummy information you’re about to digest by analysing the average spent on educational costs and the average amount saved on these costs. The figures were taken from March 1st, 2022 to March 31st, 2023.
So fresh, so clean, so current.
Studying at home or abroad is always a hefty figure, unless you’re studying somewhere education is covered by the government depending on what you’re studying and where you're from.
Now let’s get into a breakdown of the 10 priciest countries to be an international student and what it costs every student on average when accounting for tuition fees and other educational costs.
The numbers don’t include accommodation because that obviously depends on where you’re setting up camp. And it’s also important to point out that we’re not trying to put you off studying abroad.
It’s a wonderful, fulfilling, exciting move to make and my year abroad was the best thing I ever did. In my case, that’s probably because I didn’t study much and went out a lot, but I'm sure you’re more responsible than me.
The information you’re about to see is simply there to help you be smart with how you spend.
An average cost of £22,534 or $28,794.96
An average cost of £15,741 or NZ$ 33,776.41
An average cost of £14,080 or AUS$ 27,936.34
An average cost of £12,406 or CA$21,442.95
An average cost of £11,233 or HK$ 112,449.78
An average cost of £10,925 or £10,925
An average cost of £10,741 or SG$ 18,592.81
An average cost of £8,626 or NIS₪41,543.71
An average cost of £5,561 or ¥1,035,035.56
An average cost of £5,183 or CLP$5,757,538.97
Now for the light at the end of the tunnel. Not in the scary death way, but in the “yaaaay, I could save money” way.
We calculated the amount students could have saved transferring money with Wise as opposed to traditional providers by looking at their daily rates vs our Wise card transfer rates. The amount of money students could lose was calculated using the average rate saved percentage for other educational costs, tuition, etc, etc. You know the drill.
89 beautiful Big Macs
182 packs of Krisy Kremes, because health is wealth
Over 114 boxes of the king of all snacks, Tim Tams
125 confusingly yummy packs of Lays Ketchup Chips
62 Sochews Bars 水果條糖 (Like Maoam but better - no shade)
228 packs of colourful Smarties
61 bags of deliciously crispy Pok Pok Chicken Skin
119 packs of yummy KLIK chocolate covered biscuits
58 Kit Kat’s that you’ll obviously eat in one go. No? Just me? Ok.
91 packs of chocolatey marshmallow goodness. AKA Doypack Marshmallow Cubanitos Fruna
And there we have it. A little chunk of knowledge so you can make informed decisions when applying for university or picking a payment provider. And that's your final hint to get Wise. A+ if you get it, D if you don’t.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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