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Overseas Education Boom Drives Record Foreign Currency Outflow

Published : Friday, 24 July, 2026 at 4:04 PM

Observer Online Report

For thousands of Bangladeshi families, studying abroad has become more than an academic ambition. Increasingly, it is a long-term financial commitment that many households are willing to shoulder in the hope of securing better educational and career opportunities for their children.

That growing aspiration is now clearly reflected in the country's foreign exchange data.

According to Bangladesh Bank, Bangladesh remitted US$881.7 million through authorised banking channels for overseas education during the 2025-26 fiscal year, the highest annual amount recorded so far. At the prevailing exchange rate used in the central bank's data, the expenditure is equivalent to approximately Tk 109.33 billion.

The latest figure is nearly 32.4 percent higher than the US$665.9 million recorded a year earlier and more than double the US$430.2 million spent in FY2021-22, illustrating the rapid growth in education-related foreign currency remittances over the past five years.

A steady climb

Bangladesh Bank's figures show a consistent upward trajectory.

Education-related remittances rose from US$430.2 million in FY2021-22 to US$524.4 million in FY2022-23. They increased further to US$539 million in FY2023-24 before accelerating to US$665.9 million in FY2024-25. The latest fiscal year saw the sharpest increase, reaching US$881.7 million.

Overall, expenditure has grown by about 105 percent within five years.

The data cover funds remitted legally through Bangladesh's banking system for tuition fees and other approved educational expenses.

Beyond scholarships

The latest trend suggests overseas education is no longer driven primarily by scholarship recipients.

According to information from commercial banks and Bangladesh Bank officials, a growing number of Bangladeshi families are financing overseas education with their own resources.

While undergraduate and postgraduate programmes account for most applications, interest is also increasing at the secondary and higher secondary levels.

A Bangladesh Bank official, speaking on condition of anonymity to Risingbd, said many parents are prepared to bear substantial educational expenses because they believe overseas qualifications will offer their children better future prospects.

New destinations emerge

The United States, the United Kingdom and several European countries continue to attract large numbers of Bangladeshi students. However, banks say student preferences are becoming increasingly diversified.

Applications have grown noticeably for universities in Japan, South Korea, Australia, New Zealand, Malaysia and China, reflecting broader choices among prospective students.

Internationally, student mobility has expanded significantly over the past decade, with many countries actively recruiting overseas students as part of their higher education strategies, although several major destinations have recently tightened aspects of their student visa policies.

Banks handling rising demand

The increase is also visible in banking operations.

BRAC Bank says it currently opens between 2,000 and 2,500 student files every month, while applications from regions including Sylhet and Chattogram have also risen.

City Bank reports opening 800 to 1,000 student files monthly, with Japan, South Korea, Australia and New Zealand accounting for a significant proportion of applications.

Other commercial banks have likewise reported growing demand for education-related remittance services.

How the student file system works

Bangladesh Bank requires students admitted to recognised overseas educational institutions to open a student file through an authorised dealer bank.

The facility allows tuition fees and approved living expenses to be remitted legally. To continue remitting funds for subsequent semesters, students must submit proof of academic progression before further payments are approved.

Banks offering the service describe it as the principal channel for processing education-related remittances in compliance with Bangladesh Bank regulations.

An investment�"or an economic cost?

Economists generally view overseas education as an investment in human capital because it equips students with advanced knowledge and internationally recognised qualifications.

At the same time, the sharp rise in education-related remittances means that a growing volume of foreign currency is leaving Bangladesh each year through legitimate channels.

The trend therefore presents two realities simultaneously: expanding access to international education for Bangladeshi students while increasing demand for foreign exchange.

The Bangladesh Bank data do not indicate how many students eventually return to Bangladesh after completing their studies, making it difficult to assess the long-term economic return from the expenditure.

The domestic challenge

The latest figures also raise broader questions about Bangladesh's higher education system.

Education specialists have long argued that improving research capacity, strengthening university infrastructure and expanding opportunities for graduates would enhance the competitiveness of domestic institutions alongside overseas study options.

International evidence also suggests that student mobility continues to grow as higher education becomes increasingly global, with governments balancing the educational, economic and migration dimensions of international student flows.

Looking ahead

Bangladesh's record expenditure on overseas education reflects a changing educational landscape rather than a temporary surge.

More families are choosing to invest substantial sums in international qualifications, while banks continue to process growing numbers of education-related remittances.

Whether this trend ultimately translates into stronger human capital for Bangladesh will depend not only on opportunities available abroad but also on the country's ability to strengthen higher education, research and skilled employment at home.

SKS