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Financial Planning USA is the top choice for child’s education among Indian parents: HSBC

USA is the top choice for child’s education among Indian parents: HSBC

Of the parents surveyed, 58% rated USA as one of their top three destinations from a list of 50 countries for their child’s education.
Team Cafemutual Nov 25, 2016

HSBC’s ‘The Value of Education Foundations for the future’ report reveals that USA is the destination parents are most likely to consider for their child’s international university education. Of the parents surveyed, 58% rated USA as one of their top three destinations from a list of 50 countries.

However, USA is also the most expensive destination, with the average annual tuition fees for international university students there being as high as $ 33,215 per year.

For parents in India, the top three countries where they are most likely to send their child to university are USA, Australia and the UK. When parents were quizzed for the top three reasons to best explain why they would choose an international university education, more than half (57%) said it was for the international work experience, 57% said that it would increase confidence while 53% said it for was for the exposure to new experiences, ideas and cultures.

The proportion of parents who would consider university abroad for their child is relatively high where almost half of those surveyed (47%) said that they would want to send their children to university abroad. The top three barriers however for sending the child to university abroad are higher costs to the parents (43%), higher costs for the child (29%) and because the child could get homesick (28%).

S. Ramakrishnan, Head of Retail Banking and Wealth Management, HSBC India said, “An international university education for their child is a highly desirable ambition for many parents. However, it comes at higher costs, with living expenses and air fares on top of tuition fees. Early planning and regular saving can help parents overcome these financial barriers and unlock the extra opportunities they wish for their child.”

So how can advisers help parents plan for their child’s international university education? Here are a few tips:

  • Research the options -  You can help parents consider all international options by reviewing university rankings and understanding which countries can offer the best balance between quality of education, cost of tuition and living, and job prospects.
  • Consider all the costs - A university education abroad usually costs more than at home. In addition to higher tuition fees, there are living expenses and international travel costs to plan for.
  • Start planning and saving early – Help them by creating financial plan aligned to the goals.
  • Explore the financing options - The cost of tuition and living as a student abroad can be high. Educate parents about different financing options available to help them fund the education bill.
  • Help them understand how to manage finances abroad – Help parents to understand how they can exchange, accumulate and transfer foreign currencies. Advise parents to open an international bank account to help them manage their child’s finances abroad.

Methodology: The study was conducted online in June 2016 and represents the views of 6,241 parents from 15 countries. The findings are based on a survey of parents who have at least one child aged 23 or younger currently (or soon to be). Over 350 parents (including 150 with a child at university or college) were surveyed in all countries.

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Robert Glen · 9 months ago

Project Funding and Banking Instrument Such As {(BG/SBLC/LC/DC/MTN)} for lease and purchase


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Felix Zeman · 2 months ago
Please read my provider's BG/SBLC Sale Transaction Procedure below and see if it will suit your requirements.


1.    Buyer submits Letter Of Intent (LOI) with full banking coordinates (there must be sufficient cash funds in this account), Enlarged 140% Colour copy of Passport , Client Information Sheet , Certificate of Incorporation (if applicable), Corporate Resolution (if applicable), Non-Solicitation Statement, and an Irrevocable Fee Protection Agreement .

2.    After conducting due diligence, the Seller will countersign the LOI and return it to Buyer including details of the BG Issuing bank, and Seller’s Passport copy. This LOI automatically becomes a full commercial recourse contract and will be notarized to avoid contract breach and Buyer will be required to take care of notarization expenses of the contract documents here in UK. After notarization of the contract documents here in the UK, both parties shall lodge the executed contract with their respective Banks.

3.    Within two (2) banking days, the Seller’s Bank shall send a PRE-ADVICE SWIFT MT199 or MT-799 to the Buyer’s Bank. (EXHIBIT A )  The PRE-ADVICE shall be valid for  four (4) banking days only.

4.    Within the same banking day, the Seller shall email a courtesy copy of the PRE-ADVICE SWIFT MT199 or MT-799 to the Buyer for confirmation. Within three (3) banking days after authentication of the PRE-ADVICE SWIFT MT199 or MT-799, the Buyer’s Bank shall reply and send a  SWIFT MT-799 to the Seller’s bank and a courtesy copy shall be sent  to the Seller’s email.

5.    Within three (3) banking days, after authentication of the Buyer’s SWIFT MT-799, the Seller’s BG Issuing Bank shall send the Bank Guarantee via SWIFT MT-760 to the Buyer’s Bank  ( EXHIBIT B ) and a courtesy copy shall be sent to the Buyer’s email. The Buyer’s bank verifies and authenticate the BG sent via SWIFT MT-760.

6.    Within three (3) banking days, after authentication of the BG sent via SWIFT MT-760, the Buyer shall send payment to the Seller via SWIFT MT-103 and concurrently pay Consultants commission fees of Two Percent of each tranche face value. Courtesy copies of the commission payments shall be sent to the respective consultants/beneficiaries and their paymasters.

7.    Within seven (7) banking days after authentication of receipt of payment to the Seller, the Seller’s BG Issuing Bank shall send the hard copy of the BG to the Buyer’s Bank  via Bank Bonded Courier.

8.    All subsequent tranches will be based on the same procedures until collateral or funds become exhausted.

9.    Any unauthorized calls by any party or its representative lawyers to probe or communicate in an improper way to bank(s) in this transaction shall be prohibited and contract terminated.

10. Please, Ready, Study and Understand VERY WELL, we will work STRICTLY base on this Transaction Procedure.


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I look forward to a mutually beneficial business relationship.


Felix Zeman.
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