International students studying in Canada pay lower student fees than their counterparts studying in other top countries around the world, says new research from HSBC.
Canada also continues to attract a record number of students from abroad. In 2013, the data found Canada welcomed a record 100,000 international students, an increase of 60% since 2004.
The HSBC research says Australia is the most expensive country for overseas students, especially because the Australian dollar has strengthened against the U.S dollar and other currencies. The USA, the United Arab Emirates and the United Kingdom also have high international school fees.
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The lowest fees can be found in Germany, Spain and Russia. For example, international students studying in Germany pay an average US$635 in fees per year, while those in Australia pay more than US$25,000 per year.
“With rising affluence, particularly in developing markets, and an increasingly competitive workplace that demands quality skills and a global outlook, we expect appetite for international education will continue to grow,” says Betty Miao, executive vice president of retail banking and wealth management for HSBC Bank Canada.
She adds, “Those who wish to educate their children overseas need to consider more factors than simply tuition fees. [There’s also]…living costs, exchange rates and inflation in their estimates of total costs.
“On average, living expenses can comprise at least a third of total costs and parents need to budget for traveling home during school holidays. As such, there is a need for parents to ensure their children’s education forms an important part of their financial planning.”
Check out the fee comparison table below:
| Country | Annual Fees (US$ per year) |
| Australia | $25,375 |
| United States | $25,226 |
| United Arab Emirates | $21,371 |
| United Kingdom | $19,291 |
| Canada | $18,474 |
| Singapore | $14,885 |
| Hong Kong | $13,182 |
| Japan | $6,522 |
| China | $3,983 |
| Taiwan | $3,270 |
| Russia | $3,131 |
| Spain | $1,002 |
| Germany | $635 |
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