undercover.co.id – Difficulties Indonesian Students Face Managing Finances Abroad , There are a number of difficulties that Indonesian students must face when continuing their education to the next level abroad.

One of the most prominent is managing finances. Why is that?


Life abroad is increasingly challenging, especially when it comes to managing finances. The reason is, they have to calculate the cost of living to pay attention to the difference in exchange rates.


Wise’s survey entitled Interests and Challenges of Indonesian Students While Studying in London revealed that there are several differences between the expectations of Indonesian students about life while studying abroad and the realities they experience, such as aspects of tuition fees and foreign currency.


As many as 66% of respondents said they felt the biggest challenge they had to face while studying abroad was managing finances. Students from Indonesia seem to have difficulty when they have to make payments in different currencies.
This then leads to the issue of overseas transfer fees and waiting times. This becomes a challenge for them when it comes to sending or receiving money, which then affects their financial management.


50% of respondents feel that the transfer fee is expensive. In addition, as many as 41% of students admitted that the waiting time for remittances was quite long. Therefore, when there are services that provide fast, cheap, and transparent solutions, they are enthusiastic.


“Before I started studying in London, I didn’t realize that managing finances abroad was one of the important things that international students needed to prepare. Moreover, with the large exchange rate difference between Rupiah and Pound sterling, one pound sterling is very valuable for us,” said Dhita Mutiara Nabella, a master’s degree student and Chair of the Indonesian Student Association in London (PPI London).


Before leaving abroad, as many as 24% of respondents were worried about financial management with the high cost of living. However, once they are overseas, those concerns increase to 66%. This reflects that students do not really consider the financial realities of studying abroad.


Almost no Indonesian students anticipate tuition fees (1%) and the difference in currency exchange rates (4%) before leaving abroad. In fact, these two factors greatly affect their financial ability while abroad (31% tuition fees and 26%).


Based on the survey results, the majority of international students have difficulty managing personal finances, one of which is when transferring money abroad. High transfer fees (50%) emerged as the main challenge, followed by the slow duration of money transfers to their destination (41%).

image size-full">Indonesian Students
Indonesian Students


In fact, seven in 10 students (73%) agree that high fees and hidden fees are unexpected when making transactions. This then has a negative impact on their finances.

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    In addition, it was found that as many as 58% of respondents need to send money to their families in their home country at least once a month. Thus there is a great opportunity for Wise in helping students overcome difficulties related to money transfers to and from abroad.


    “This survey shows that foreign currency transactions, such as money transfers or when using local bank cards abroad, are often subject to high fees and various other hidden fees that we are not aware of, ” said Elian Ciptono, Country Manager of Wise Indonesia.


    Elian continued that 95% of Indonesian students surveyed said they wanted the cost of money transfer services abroad to be cheaper and more efficient. Therefore, Wise continues to move according to their mission of providing fast, cheap, convenient, and transparent international money transfer services so that students can focus on getting the most out of their education abroad .

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