Key takeaways
Key takeaways
- Proof of your financial capability is a key element in obtaining your student visa.
- Various acceptable documents to prove your financial capability include bank statements, sponsorship letters, and scholarships.
- The minimum fund requirements vary between countries.
Are you planning to study abroad? It’s a crucial decision, and a great choice to learn from the best, explore new cultures, and expand your horizons. But this exciting adventure also requires you to complete several documentation processes. Securing your student visa is one of them!
For a student visa, you should prove your financial capability to pursue the course by submitting accepted financial proofs. If you’re not sure about the documents to produce as financial proof, we can help you.
Let’s explore in detail the minimum financial requirements for studying abroad and the documents you need to submit. Continue reading!
Table of Contents
- Minimum funds required for popular study-abroad destinations
- Types of acceptable financial proof documents for your student visa
- Tips for preparing financial documents accurately
- Final thoughts
- Frequently asked questions
Minimum funds required for popular study-abroad destinations
While applying for a student visa, you must prove that you have sufficient funds to meet your course fees and living costs. The minimum funds required will vary from one country to another.
Check out the table below for details about the minimum funds required in popular overseas destinations.
| Country | Minimum proof of fund requirement |
|---|---|
| USA | There is no specified minimum amount. It varies depending on the institution and program. |
| UK | In London, you will need a minimum of GBP 1400 per month, up to 9 months maximum. Outside London, you will need GBP 1100 per month. |
| Canada | You need CAD 10,000 per year for living expenses. If your spouse or common in-law partner is accompanying you, an additional CAD 4000 is required. If one child is accompanying you, an additional CAD 3000 is required. |
| Australia | You will need AUD 21,041 as living expenses per year. If you are bringing a partner an additional AUD 7362 per year and if you are bringing a child an additional AUD 3152 per year is required. |
| New Zealand | If you are from Malaysia or Singapore you need NZD 2250 total funds. For Thailand, the required minimum is NZD 7000 total funds and for the UK, it’s NZD 350 per month of stay. For all other countries, the minimum requirement is NZD 4200 total funds. |
| Ireland | You must show funds for your living expenses, which come to EUR 7000 per year. |
| Germany | You should have EUR 11,094 per year for living expenses. |
| France | You must show funds for your living expenses, which come to EUR 615 a month. |
Types of acceptable financial proof documents for your student visa
There are specific financial documents you can submit as proof of funds. These documents vary from country to country. We have compiled below a list of the financial documents accepted as proof of funds in various countries.
USA
- Proof of scholarships: If you receive a scholarship or any grant from your university, it will be shown in Section 7 of your I-20 form. You can use it as proof.
- Bank statements: You can use recent bank statements or letters from financial institutions that show sufficient funds.
- Affidavit of Support (Form I-134): You can produce a notarised affidavit from a U.S. resident agreeing to support you financially during your studies.
- Financial guarantee letter: Letters from government agencies or sponsors confirming financial support.
- Employment verification: Letters from your employer verifying your employment status, salary, and leave approved for studies.
- Proof of assets: Documents showing the value of assets you can use to fund your studies.
Source: US Department of State-Bureau of Consulate Affairs
UK
- Bank statements: You need a bank statement that belongs to you or your parents/partner. If your parent or partner is supporting you, a letter providing their consent to use the funds is required.
- Loan letters: If you have taken an education loan, you can produce it as proof of financial capacity. The loan must be from your government or a student loan company sponsored by the government.
- Sponsorship letter: You can use a letter from your financial sponsor as proof.
Source: GOV.UK
Canada
- Bank statements: You can provide bank statements or other official letters from financial institutions that show sufficient funds.
- Bank draft: Use a valid bank draft in convertible currency.
- Canadian bank account: If you have transferred money to Canada in a bank account in your name, you can use it as proof.
- Loan letter: A loan approval letter or a disbursement letter can confirm that you have a student loan as funding.
- Scholarship letter: If you have a scholarship, you can provide a letter from the institute.
- Canadian scholarship certificate: You can use a copy of your Canadian scholarship certificate.
Source: Government of Canada
Australia
- Bank statements: You can use the recent bank statements that show sufficient funds.
- Scholarships: Official scholarship letters from the institution confirming the award of the scholarship, its amount, and duration.
- Financial guarantee letter: You can produce affidavits from your sponsors showing their commitment to finance your education along with proof of their financial capability.
- Employment verification: Letters from your employer verifying your employment status, salary, and leave approved for studies.
- Educational loans: A loan sanction letter from a recognised institution with details about the loan confirmation, the amount, and its terms.
- Bank drafts: You can use bank drafts in convertible currencies as proof.
Source: Department of Home Affairs
New Zealand
- Bank statements: Submit the recent bank statements that show sufficient funds.
- Financial Undertaking Form (INZ 1014): You can use this form if a third party is sponsoring you.
- Employment verification: Letters from your employer verifying your employment status, salary, and leave approved for studies.
- Fixed deposits: Your fixed deposits are also proof, provided they are at least three months old at the time of your visa application and should be breakable at any time.
- Sponsorship: A notarised sponsorship letter with details of the sponsor and your details.
Source: New Zealand Immigration
Ireland
- Bank statements: You can produce recent bank statements showing sufficient funds.
- Sponsor details: If you have a sponsor, you can use a notarised affidavit of support and the financial documents of the sponsor.
- Alternative evidence of finance for degree students: If you are a degree student, you can use the Student Bond System which requires alternative evidence of finance.
Source: Department of Justice
Germany
- Blocked account: You can open a blocked account or a Sperrkonto in Germany and deposit the specified amount in the account.
- Scholarships: You can use the scholarship award letter as proof.
- Sponsorships: A formal letter from the sponsor committing to financially support your studies. The sponsor has to submit the letter at the local immigration office and prove their financial capability.
Source: Germany Visa
France
- Bank statements: Use the recent bank statements showing sufficient funds.
- Pay slips: You can use the last three months’ pay slips.
- Credit/debit card: Copies of valid credit or debit cards can be used as supplementary proof.
Source: Government of France
Tips for preparing financial documents accurately
Errors in the financial documents can lead to rejection of your student visa. So, it’s advised that you review the documents carefully before submitting them. Below are a few common tips to help you prepare financial documents correctly.
- Bank stamps: At times the bank stamps might be missing in the documents. Cross-check the documents and ensure that valid bank stamps are present.
- Account balance: Make sure that your bank account has the minimum balance for the specified time, else it might lead to rejection.
- Currency and conversions: There could be errors in the currency or the currency conversion. Ensure that the documents show the required amount or the proper conversion rate.
- Expired documents: Avoid submitting expired or outdated documents.
- Ineligible bank accounts: Ensure that the financial documents are from banks that are eligible in the country you wish to study.
Final thoughts
When you apply for a student visa, you must provide proof of your financial capability to study in the preferred country. Several documents, like bank statements or sponsorship letters, are accepted as proof of your funding capability.
Be sure that you do careful financial planning and explore all the options, so you can confidently proceed with your education dreams.
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Frequently asked questions
How much is the bank balance required for a student visa?
The bank balance required for a student visa will depend on the country you are planning to do your studies. For instance, the minimum balance required for a US visa could be USD 50,000 per year while for Canada it could be CAD 20,000 in a year.
What is proof of sufficient funds for a student visa?
There are many documents you can use as proof of funds for a student visa. Some common documents include bank statements, scholarship letters, loan letters, and sponsorship letters.
Can I submit a 3-month bank statement for a UK student visa?
Yes, you can submit a 3-month bank statement for your UK student visa. However, the statement must show the required funds to be in your account for a minimum of 28 consecutive days.
