A study conducted by Wise, the global technology company, highlights the significant financial challenges faced by Indian students when pursuing higher education abroad. Beyond tuition fees and living expenses, Wise’s research reveals that Indian international students are also losing around Rs 54,800 crore in foreign exchange fees, an often overlooked expense.
With close to 133,135 Indians studying abroad, this is an average of 41 lakh lost annually per student from transfer-related fees. These fees, which often include hidden fees in marked-up exchange rates charged by most traditional providers, usually come into play during transactions involving a different currency.
The research ranked the 10 most expensive destinations to study abroad, both in terms of tuition costs and money
Indian students studying in the United States lose the most in transfer fees
According to internal Wise data, Indian students studying abroad spend the most money on education in the United States, with an average of Rs 2,262,676 spent per year. The United States also proved to be the costliest in transfer fees, with students losing Rs 75,799 on average per year.
Popular study destinations New Zealand
As per RBI
For instance, assuming an average annual outward remittance of Rs 800,000 per student, currency conversion fees alone can add up to Rs 24,0001 – exacerbating an already stressful financial situation.
“Studying abroad is a big financial investment for students and their families, and inflated exchange rates and high transfer costs for moving money internationally only add to their burden. Students and their families deserve to know how much they’re being charged, so that they can make informed decisions about how they manage their money and minimise unnecessary fees,” Surendra Chaplot, head, Global Product, Wise, said.
