Chen Xu, Director and Head of Asia at Vorto Trading, explains how Vorto can help international students with their financial requirements when travelling to the UK for further education
Chinese students already constitute the largest single source of overseas students in the UK, with 155,000 students currently in the UK worth an estimated £5 billion annually (source: www.gov.uk).
There are also now some 9,000 young British people studying and interning in China, with numbers up 60% since 2013. The world is getting smaller and Vorto are ideally placed to help students of all nationalities, not just Chinese, when they travel to a foreign country to further their education.
In early 2018 the Prime Minister said: “The close ties between the UK and China are reflected in our relationship on education. More than 150,000 Chinese students study at the UK’s world-leading institutions and make a significant contribution to our academic life.”
In 2019, we have seen record numbers of students from China and Hong Kong applying for places at British universities, overtaking the number of applicants from Wales, according to official figures from UCAS (the University and Colleges Admissions Service). What further evidence do we need that the UK is seen as and is a world leader in further education, with students wishing to travel here for access to some of the best universities in the world.
There has been a spike in demand for undergraduate places from mainland China in particular. The figures, taken from UCAS’s January deadline when the bulk of undergraduate applications are made, show a 1% decline in UK applicants, but a 9% surge from international candidates. This educational demand from overseas brings new wealth to the UK economy as well as our education system.
The number of applications from China and Hong Kong rose from more than 17,000 last year to 21,000 in 2019. Last year there were also more than 100,000 postgraduate students from China and Hong Kong alone at British universities, out of nearly 350,000 full-time postgraduates.
The trends we are seeing this year are set to continue. Vorto have recently opened an office in Shanghai providing local expert advice to students wishing to travel to the UK and we are soon to open an office in Hong Kong to assist with our growing business.
Our international student clients are typically looking to transfer money to the UK for accommodation, student fees and living costs. Typically offering a more cost effective, faster and streamlined solution, Vorto are able to assist our clients with all their international money transfer requirements. If you would like to know more information on how Vorto Trading can help, please contact [email protected]or visit www.vortotrading.com.