Germany is the best-value study destination, according to analysis by Moneytransfers.co.uk.
For the recent research, the money transfer comparison website looked at nine factors to determine which countries were the best value for money for international students. These factors were:
- Tuition fees
- Food prices
- Healthcare/insurance cost
- Pharmacy cost
- Public transport cost
- Accommodation cost
- Gym membership cost
- Employment prospects
- Cost of receiving money
The study also factored in the quality of the education, by looking at where each country’s institutions ranked in global university rankings. The 20 countries on this list were taken from this list of the best countries to study abroad.
Germany topped the list because of its free tuition for undergraduates and low-cost tuition for postgraduate students. It is also home to many high-ranking universities, with 22 German universities featured in THE’s World University Rankings 2023.
Mexico, Thailand, France and the Netherlands make up the rest of the top five, because of their low tuition fees, lower cost of living and low rent prices. France and the Netherlands, both with a number of high-ranking universities, are popular with international students. Many of their courses are also taught in English.
Some of the most popular countries for international students, such as the UK, US, Canada and Australia, found themselves towards the bottom of the table, because of their high tuition fees, living costs and healthcare.
The average monthly rent in the UK, US and Australia was more than $1,000 (all costs were converted to US dollars for analysis) in contrast to the monthly rent in other popular countries such as Germany ($800), France ($717) and Italy ($629).
Health insurance is also an important factor for international students to consider. Switzerland has the most expensive medical insurance, costing $350 per month, while Italy offers the cheapest insurance at $14 per month.
The cost of studying at a university in the United States
The cost of studying at a university in Australia
The cost of studying at a university in the Netherlands
Singapore was found to be the most expensive country for students, with average monthly costs of $5,203 primarily because of high rent and tuition fees.
Jonathan Merry, CEO of MoneyTransfers.com, stated how essential it is for international students to take finances into consideration when seeking higher education internationally.
The full list is shown below and you can read the full report here.
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| 1 | Germany | $42 | $84 | $120 | $25 | $76 | $800 | $36 | $3 | 2.42% | $1,186 |
| 2 | Mexico | $63 | $46 | $25 | $24 | $20 | $440 | $33 | $3 | 4.72% | $653 |
| 3 | Thailand | $154 | $77 | $167 | $9 | $35 | $307 | $46 | $4 | 2.53% | $798 |
| 4 | France | $281 | $68 | $25 | $17 | $70 | $717 | $36 | $3 | 5.30% | $1,216 |
| 5 | Netherlands | $193 | $76 | $142 | $29 | $92 | $1,173 | $32 | $5 | 2.93% | $1,742 |
| 6 | Japan | $500 | $77 | $15 | $24 | $66 | $557 | $60 | $9 | 2.47% | $1,308 |
| 7 | Italy | $204 | $67 | $14 | $25 | $38 | $629 | $51 | $6 | 5.05% | $1,034 |
| 8 | Ireland | $1,083 | $54 | $38 | $29 | $119 | $1,444 | $49 | $3 | 4.24% | $2,818 |
| 9 | Brazil | $83 | $47 | $50 | $15 | $45 | $264 | $23 | $10 | 7.52% | $537 |
| 10 | Spain | $163 | $56 | $54 | $15 | $42 | $725 | $41 | $3 | 9.21% | $1,099 |
| 11 | Turkey | $42 | $43 | $18 | $3 | $30 | $346 | $26 | $6 | 12.45% | $515 |
| 12 | Greece | $125 | $53 | $25 | $24 | $32 | $413 | $41 | $6 | 10.94% | $720 |
| 13 | New Zealand | $1,558 | $64 | $108 | $26 | $110 | $1,056 | $42 | $6 | 2.93% | $2,970 |
| 14 | Australia | $1,867 | $66 | $67 | $18 | $108 | $1,348 | $50 | $3 | 3.53% | $3,526 |
| 15 | Egypt | $208 | $33 | $17 | $2 | $11 | $109 | $17 | $6 | 15.28% | $403 |
| 16 | United Kingdom | $2,317 | $52 | $49 | $21 | $83 | $1,001 | $39 | $3 | 2.48% | $3,566 |
| 17 | Switzerland | $117 | $122 | $350 | $46 | $93 | $1,642 | $88 | $6 | 3.46% | $2,464 |
| 18 | USA | $2,191 | $70 | $83 | $21 | $70 | $1,535 | $42 | $2 | 3.58% | $4,014 |
| 19 | Canada | $2,225 | $65 | $47 | $24 | $74 | $1,122 | $41 | $3 | 5.92% | $3,601 |
| 20 | Singapore | $1,733 | $67 | $125 | $23 | $95 | $3,035 | $117 | $7 | 3.38% | $5,203 |
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