Student Visa Financial Requirements: Analysing Funds for Leading Study Destinations

Studying abroad is a dream for many as it offers enriching opportunities for academic as well as personal growth. As a study abroad aspirant, you might be aware that moving to a new country for higher education requires fulfilling many obligations and documentation. 

Be it University applications or Visa applications, the process is very detailed and lengthy. However, this does not end with just completing different sets of paperwork. Many countries require International Students to exhibit sufficient funds to cover their Tuition Fees and Living Expenses during their stay. 

So let us look into the various aspects as to why this becomes essential. 

Table of Content

1. Proof of Funds-How Essential for Student Visa?
2. Proof of Show Funds for Major Study Destinations 
3. Proof of Funds for Living Expenses in European Study Destinations 
4. Proof of Funds for Asian Study Destinations 
5. Acceptable Ways to Demonstrate Required Funds 

Proof of Funds-How Essential for Student Visa?

The requirement for proof of funds serves multiple purposes.

• Firstly, it ensures that students can support themselves financially without relying solely on Part-Time Work, thereby maintaining focus on their studies. 
   
• Secondly, it acts as a measure to prevent potential cases of financial hardship or even homelessness among International Students. 
   
• Lastly, it reassures Immigration Authorities that students are not a burden on the host country’s resources and are capable of meeting their financial obligations.

In this article, we will analyse the financial requirements of some of the leading study abroad destinations across the world, including the USA, the UK, Canada, Australia, New Zealand and many countries of Europe and Asia. So, without any further ado, let’s get started. 
 

Proof of Show Funds for Major Study Destinations 

• USA – US$ 40,000 – US$80,000 or higher. (It may vary depending on the First-year Tuition Fees & Living Expenses) 
   
• UK – £27,808 per year for Courses in London & £22,267 per year for Courses outside London.  (These are the approximate figures and may vary if the Tuition Fees are higher) 
   
• Canada – CA $38,635 per year 
   
• Australia – AUS$ 65,000 – AUS$75,000 per year
   
• New Zealand – NZ $45,000 – NZ$ 67,000 per year
   

Proof of Funds for Living Expenses in European Study Destinations 

• Ireland – €10,000 per year
• Germany – €11,208 for one year
• Netherlands – €14,700 for one year
• Switzerland – CHF 21,000 – CHF 55,000 per year
• Finland – €590 per month for one year
• France – €615 per month for the study duration
• Italy – €350 per month for the study duration
• Spain – €600 per month for the study duration
   

Proof of Funds for Asian Study Destinations 

• Singapore – S$ 16,400 – S$ 45,000 per year
• South Korea – US$ 20,000 – US$40,000 per year
• China – US$ 2,500 – US$ 25,000 per year
• Japan – US$ 5000 for Tuition Fees & US$ 5000 for Living Expenses per year
• UAE – AED 60,000 – AED 1,50,000 per year.

Considering that you are now aware of the figures, let’s move ahead and get acquainted with the acceptable modes of funding that you can use to prove your funding requirements. 
 

Acceptable Ways to Demonstrate Required Funds 

International students have several options to show their financial capabilities while applying for a visa. They include the following choices: 

• Bank Statements: You can provide Bank Statements showing sufficient funds in your savings account if you opt for Self-funding. Also, as per the Visa norms of most study destinations, it is important to note that these funds should be readily accessible and not tied up in investments or assets.
   
• Scholarships: Documentation proving Scholarships or Grants from a Government, Organization, or Institution are also accepted. Since they cover Tuition Fees and Living Expenses at times, Immigration authorities will cross-verify your Scholarship letter.
   
• Sponsorship: Parents or Legal Guardians can be Official Sponsors to provide the required funds for your student visa. However, for this, they will have to show their Bank Statements as evidence of covering the Course Fees and Living Expenses.
   
• Education Loans: Confirmation of approved Education Loans from recognized Financial Institutions is accepted by visa officers. However, every study destination has different guidelines for Secured and Unsecured Loans. So, ensure that the loan terms align with your study destination. 

While these options are given in a generalised manner, you need to check the acceptable options for your shortlisted study destination. 

Summing up this article, these are the updated and relevant figures for the Student Visa financial requirements. So, no matter what study destination you decide, it is essential to meet the financial requirements set by the destination country to ensure a smooth and successful visa application experience. We hope that by understanding and fulfilling the proof of funds criteria mentioned above, you will now commence your International Education adventure with confidence. 

Figuring all these things out can be a tedious task but what if we tell you that KC Overseas Education provides complete end-to-end assistance for aspirants like you? Yes, you read it right! Our Experts not only help in the University Application Process but also provide Personalized Assistance and Detailed Guidance on Visa requirements and Financial Documentation. Additionally, with Élan Overseas Education Loans (Fin-tech Division of KC Overseas Education), your loan funding is also taken care of. 

The journey of pursuing higher education abroad begins with adequate preparation and planning. So, our Country Experts can guide you in making the process simpler and more streamlined. 

Reach out to our team today & initiate your Study Abroad Application for the Upcoming Intakes!