Study abroad

Planning your child’s tertiary education overseas

Education funding and planning assistance for study abroad

Understand the education fund you need to win at the starting line

Nowadays, many parents choose to send their children to study overseas, where they can receive a top quality tertiary education and experience cultural diversity. It is crucial to understand the expenses associated with studying abroad, including tuition fees, living costs, VISA expenses¹ etc. to be financially prepared

United Kingdom Wide cultural diversity and best universities in the world, e.g. Oxford and Cambridge	Tuition fee per year: Around HKD120K - HKD250K Living expenses per year: Around HKD35K - HKD80K Accommodation expenses per year: Around HKD60K - HKD120K UK Tier 4 visa application fee: Around HKD3.5K
United States Over 4,000 tertiary education institutions. Research and teaching opportunities for postgraduates	Tuition fee per year: Around HKD120K - HKD250K Living expenses per year: Around HKD80K - HKD170K Accommodation expenses per year: Around HKD35K - HKD85K US student visa application fee: Around HKD1.3K
Australia A more affordable option to study overseas combined with an enjoyable lifestyle	Tuition fee per year: Around HKD100K - HKD200K Living expenses per year: Around HKD100K - HKD160K Accommodation expenses per year: Around HKD60K - HKD150K Australia student visa application fee: Around HKD3.5K
Canada Affordable tertiary education with post-graduate work and immigration opportunities	Tuition fee per year: Around HKD100K - HKD210K Living expenses per year: Around HKD60K - HKD110K Accommodation expenses per year: Around HKD20K - HKD70K Canada student visa application fee: Around HKD1K

Studying abroad can cost a fortune – it's no secret that parents tend to save up early for their children's education. With Money Master, you can set up a thorough savings plan and track expenses from your Hang Seng Hong Kong Dollar accounts and credit cards while registering for H A R O WhatsApp to receive progress reminders and personalised tips, allowing you to create a prosperous future for your children with ease.

Various investment and life insurance options may suit your financial needs. To fund your child's pursuit of tertiary education overseas, you may consider products such as our Monthly Investment Plan for Funds (MIPF) that allows you to set up your investment plan according to your goal without tying a large amount of capital up front. Short-term life insurance plans that provided guaranteed cash may also help you to grow funds gradually for your children’s education.
You may also consider applying for a personal instalment loan if you need

Requirements and readiness for overseas education

When considering a study abroad destination, talk to your child about their academic interests and life aspirations. Do proper research or consult an overseas education advisor before choosing a suitable destination
Be aware of application deadlines and overseas requirements since these may vary from course to course. Public examinations such as the IELTS, TOEFL and SAT, or a Student Learning Profile, which lists students' achievements and awards, might be required for particular schools or programmes. Check out the overseas education requirements on the official school website to be well prepared
Apply for a student visa as soon as you have confirmed the school enrollment as application processing times vary. Supplementary documents such as proof of financial ability, Certificate of No Criminal Conviction (CNCC) and body check report might be required depending on different countries' standards

Choosing a safe accommodation is vital for students studying overseas. In general, international students may choose a homestay, student dorm or private apartment rental
Overseas student health coverage is compulsory for international students in some countries. Review your child's medical insurance coverage to see whether it provides sufficient coverage for overseas medical or hospital expenses in the study destination
A credit card can soothe any financial emergencies while offering convenience for overseas spending

Send your love and care to your child overseas

After your child has settled down and opened an overseas bank account, you can make a remittance through Overseas Transfer services via Hang Seng Personal e-Banking, your nearest branch or Phone Banking to transfer money overseas for tuition fees and living expenses. To process an international money transfer, you need:
- Bank name
- Account number
- SWIFT code²
- Local clearing code (if any)
A bachelor’s degree programme normally takes 3 to 4 years to complete. Upon graduation, your child may return to Hong Kong to begin their career or stay overseas for further studies or work. Some countries / regions, such as Canada and Taiwan also offer permanent residency to skilled workers
As for parents, your child's graduation also signifies a major life milestone and it should be about time to start retirement planning and prepare for your twilight years

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The above information is for reference only.
According to the notice of Cross-Border Interbank Payment System (CIPS), starting from 1 January 2021, all cross-border RMB transfer will be handled with SIWFT BIC CODE via CIPS, remittance instruction with CNAPS CODE will not be accepted.

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