Overseas education spend projected at $91 bn by 2030

High Fees, Higher Degrees

- SIDDHARTH UPASANI

INDIAN FAMILIES COULD end up spending $91 billion on foreign education for their children in 2030, up from $44 billion in 2024, with the money they lose due to exchange rate markups and fees charged by traditional banking players potentially approaching half a billion US dollars.

According to a report by global payments firm Wise and Redseer Strategy Consultants, released on Friday, around a quarter of the annual foreign education spending of Indians—amounting to roughly $11 billion in 2024—is met through money transferred overseas from India, with the rest largely coming from earnings and financial support within the destination country. According to the report, more than 95% of these remittances go through traditional banking channels, which charge a mark-up of 3-3.5 per cent on the exchange rate.