Studying abroad has many benefits, but it can come with high costs and the need to manage money across multiple countries.
But fees are only part of the equation; the average annual cost including living expenses is around £24,000.2 This figure will vary depending on the specific course, university and location.
There may be additional costs to consider on top of this too, such as flights to see family members.
To obtain a visa, international students also need to prove they have enough money to support themselves and pay for their course.
Explore more: Checklist for moving overseas
Ways to fund education overseas
When the time comes, it may be possible to work while studying in the UK. This will be subject to the conditions of your visa. Here are some other ways to cover the costs.
If you’re able to start early and can get into the habit of making regular contributions, saving may help you pay for the degree without going into debt. Different savings accounts can have different benefits, so make sure to find the right one for you.
If you’re preparing to fund your child’s degree and still have several years until they’re due to go, you might want to consider investing. However, while offering the potential for higher returns, investing carries the risk of losses. So, you could get back less than you invested.
It’s also important to have money set aside for emergencies before you consider investing.
Explore more: Saving vs investing
Another option is to borrow money, as long as you're confident you’ll be able to keep up with repayments.
If you’re going to be regularly sending money to a family member overseas, it’s worth thinking about how to make this simple and cost effective. Exactly how much and how often you’ll be transferring money may determine the best way to do it.
An International Money Transfer gives you the flexibility to transfer a set amount at a set time and at regular intervals. You may also be able to link global accounts with some international banks. For example, HSBC Global View and Global Transfers enables customers to quickly send money without a fee and also see all their international accounts in one place.