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Press release from CNW Group

Global survey: Canada an attractive choice for international students, with some of the lowest student fees amongst Western developed nations

Tuesday, August 13, 2013

Global survey: Canada an attractive choice for international students, with some of the lowest student fees amongst Western developed nations

07:15 EDT Tuesday, August 13, 2013

VANCOUVER, Aug. 13, 2013 /CNW/ - International students studying in Canada pay less in student fees than their counterparts studying in other top education markets around the world, according to new research from HSBC.

Australia is the most expensive country for overseas students to study in, followed by the USA, the UAE and the United Kingdom. One of the main factors behind this was a notable strengthening of the Australian Dollar against the U.S and other currencies.

In fact, Canada continues to attract a record number of students from abroad. In 2013, Canada welcomed a record 100,000 international students, an increase of 60% from 20042.

The global bank looked at available data on higher education in thirteen countries around the world and found that international students could expect to find some of the lowest student fees in Germany, Spain and Russia.  For example, international students studying in Germany pay an average US$635 in student fees per year.

Table 1: International Student Fees

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

Betty Miao, Executive Vice President, Retail Banking and Wealth Management, HSBC Bank Canada said:"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 to continue to grow.

"Families with these aspirations need to plan ahead.  The good thing about education planning is that it is predictable. Children's education needs are tightly constrained to a defined number of years. It is the annual cost that is the main variable depending on the country chosen for your child's higher education.

"Those who wish to educate their children overseas need to consider more factors than simply tuition fees, such as 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 travel 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."

Notes to editors:

1. HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 6,600 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, and the Middle East and North Africa.  HSBC Bank Canada, a subsidiary of HSBC Holdings plc, is the leading international bank in Canada.With assets of US$2,645bn at 30 June 2013, the HSBC Group is one of the world's largest banking and financial services organizations.
2. Source: Citizenship and Immigration Canada, 2013.
3. Sources and Methodology
The research was conducted in13 countries around the world.
Fees represent the average tuition cost for international students based on the top 10 largest institutions in each relevant country (sourced from individual institution data).
US Dollar conversion exchange rate as at 17th July 2013
 

 

SOURCE: HSBC Bank Canada

For further information:

Media enquiries: 
Aurora Bonin
Senior Manager, Public Affairs
HSBC Bank Canada
(604) 641-1905

Fabrice de Dongo
Senior Manager, Public Affairs
HSBC Bank Canada
(416) 868-8282

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