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Understanding the Costs and Benefits of International Education for Your Children as a Bangladeshi Expatriate

29 Aug 2023


Getting a quality education in Bangladesh is one of the many challenges its people face. With little means of earning. A majority of parents cannot afford quality education for their children because either it is too expensive and is beyond affordability or nonexistent.

Bangladeshis, who can manage to travel abroad to earn a living and send money to Bangladesh from UK, Canada, Australia, Europe, Switzerland, or other foreign countries, for financial aid, somehow manage to allocate funds for quality education in the country, whose availability is largely out of the reach of many.
 

According to a report by Arab News, about 10 million Bangladeshis live abroad and the government is planning to send one million Bangladeshis abroad to add to the quantum of inward remittances and also expand the country’s diaspora population.
 

Their financial contribution to the country’s economy cannot be overemphasised. A World Bank report said that the volume of inward remittances to Bangladesh in 2022 was $21.5 billion.
 

Coming back to education, a majority still have reservations about the education quality in the country and they prefer international education for their children. Because one of the major challenges almost all developing countries face is the lack of quality education. 

Due to this, students cannot secure a well-meaning job to secure their future financially. And as they say, quality education nowadays is a sure recipe for success in life.
 

But there are several challenges in seeking quality education for the people of countries like Bangladesh both inside the country and abroad.

This blog will shed light on some of the challenges including the cost of international education and some challenges that surround education in Bangladesh. It will also discuss the advantages of seeking international education.
 

Let’s understand the cost of international education before looking at the advantages of studying abroad.
 

What is the Cost of International Education?

Many developed countries offer the best quality education to students, both foreign and native. But it is not the cost of education alone that makes the difference. Many factors such as lifestyle, university cost, and living expenses make the difference.
 

Therefore, you need to allocate a reasonable amount for your children’s international education in each money transfer from UK to Bangladesh from overseas, considering the different expenses explained below.
 

Let’s now understand the study expenses at length.
 

Tuition Fees

  • United States of America: $32,000 to $60,000 per year
  • China: $2,000 per year
  • Canada: $11,800 to $15,750 per year
  • Australia: $10,060 to $35,730 per year

Textbooks and Supplies

  • United States of America: $1,240 per year
  • China: $60 to $100 per year
  • Canada: $1,500 per year
  • Australia: $360 to 1,080 per year

Accommodation

  • United States of America: $1,500 to $3,100 per month
  • China: $150 to $1,000 per month
  • Canada: $350 to $500 per month
  • Australia: $600 per month

Living Expenses

  • United States of America: $10,000 to $18,000 per year
  • China: $5,500 to $10,000 per year
  • Canada: $11,800 to $15,750 per year
  • Australia: $14,290 to $19,288 per year

Commuting and Transportation

  • United States of America: $90 to $130 per month
  • China: $15 to $20 per month
  • Canada: $30 to $80 per month
  • Australia: $150 per month

These are the average costs of international education in some of the most popular study-abroad destinations.

You also need to know How To Choose The Right Study Program While Moving Abroad From Bangladesh.
 

Let’s now look at some of the prime advantages of getting international education.
 

Advantages of Studying Abroad

Studying abroad is a fascinating thought. And particularly when you belong to a developing country like Bangladesh where myriad challenges surround education at all levels.
 

A few of the prime advantages of seeking quality education abroad are discussed below.
 

Better Education with a Huge Variety

That developed countries offer education with better quality is a given. What is more to it is the fact that the courses are so diverse and varied that you can get a degree in any discipline there is, unlike the traditional courses and degrees in developing countries.
 

Experiencing a New Culture

Studying abroad gives you a chance to explore a whole new culture and know about it deeply. You get to explore the places that offer you a lot in terms of learning about the culture of a particular country.
 

Learn a New Language

While studying abroad, you can get to learn a new language. You can learn another language in your native country too, but learning it in the supporting environment of it will speed up the process and make it easier than otherwise.
 

International Employment Opportunities

An international education paves the way for you to seek a job opportunity abroad with better economic prospects. It can enable you to lift your family out of poverty if you earn a living abroad after graduating and send money to Bangladesh online from UK or other countries to offer financial aid to your family back home.

 

Making New Friends

Studying abroad not only helps you with your career and job but also allows you to make new friends hailing from different cultures, backgrounds and countries. It broadens your social network.
 

Better Self-Management

Since you will stay alone in a foreign country to study, away from your support network, you will have to depend solely on no one but yourself. It will help you become more self-reliant, confident, responsible, and organised.
 

Increased Employability

Seeking an education abroad will make you more suitable for employment. Because international employers know that you got a degree in a foreign country and in an environment that did not always support you as may be the case in your native country. So, it indicates that you are flexible and can adapt to new environments quickly.
 

Strong and Powerful Resume

With international education mentioned in your resume, your job application will stand out from the many applications an employer may receive. It will ensure your application gets the attention it deserves.

These are the prime advantages of seeking education abroad.
 

Wrapping Up the Discussion

To be able to afford your children’s education abroad, make sure to save money as much as you can and particularly on your every online money transfer to Bangladesh from UK, Canada, Switzerland, Australia, Europe, and other developed countries. And your best bet for doing so is ACE Money Transfer given the low fees the firm charges you in addition to offering speed, safety, market-competitive and live currency exchange rates and much more from just one window.
 

Frequently Asked Questions (FAQs)
 

What are the educational challenges in Bangladesh?

Ans. Some of the grave challenges facing education in Bangladesh include inequality, inefficient school network, lack of involvement of parents in the education process, insufficient teaching staff, high fees, lack of sanitation facilities for girls, and commuting long distances.  

 

What does the cost of education abroad depend upon?

Ans. The cost of studying abroad on your living expenses, your commuting, your accommodation plan and whether you wish to live alone or share a room or apartment with others, tuition fees, and your course.

 

What are the major benefits of studying abroad?

Ans. Some of the major benefits of studying abroad include adaptability, cultural awareness, exposure, maturity, quality to lead, global perspective on life, confidence, better self-management and self-reliance, teamwork, independence, resilience, and strong interpersonal skills. 

 

What are some of the challenges of studying abroad?

Ans. Some of the critical challenges you may face while studying abroad are the language barrier, currency difference, managing routine expenses, cultural shock, homesickness, and the lack of your support network.

 

What to consider before studying abroad?

Ans. You must thoroughly consider the cost, location, academic ranking of the institution you are interested in, career opportunities, the value of your degree and course, and financial aid and the available scholarships, before deciding to travel abroad for study.
 

Resources

  • Bangladeshi diaspora

(Bangladesh sets target to send 1 million workers abroad in 2022 | Arab News)

  • Inward remittances

(Personal remittances, received (current US$) - Bangladesh | Data (worldbank.org)


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