In this article we will discuss the equation you could you to determine the minimum bank balance you need to show in your bank account for a student visa application.
You must demonstrate your ability to sustain yourself and any family members accompanying you.
You may demonstrate your funds through various means;
Bank balance confirmation,
Bank account statement for previous 4 months
Student loan from the bank
Property and assets
Employment funds
Tax documents
Please note that you may be required to demonstrate the source of funds, which means you need to prove how the money got accumulated in your bank account over the time. This can be tricky as it can easily lead to visa rejection. Your student visa consultant can guide you on this matter to avoid visa refusal.
How to calculate the minimum amount of funds required for your student visa?
Use the equation below to calculate the minimum bank balance required to maintain in your bank account during student visa lodgment;
Min. funds = tuition fee for first year + total living expenses for a year + return air fare
How much funds is required to show in bank for Canada student visa application?
The 12-month living cost for Canada are as follows;
Student - CAD 10,000
First family member - CAD 4,000
Every additional accompanying family member - CAD 3,000
You can now calculate the total funds by adding up the cost of your annual university tuition fee and price of return airfare. The convert it to your local currency to determine the exact amount required to show in your bank account.
How much funds is required to show in bank for Australia student visa application?
Students must be aware that the cost of studying in Australia vary depending on the education provider, the degree of study chosen, and the location of study in Australia. The Department of Home Affairs has financial criteria that you must achieve in order to be granted an Australian student visa.
The 12-month living costs as of October 2019 are as follows:
For students or guardians - AUD 21,041
For partners coming with you - AUD 7,362
For a child coming with you - AUD 3,152
How much funds is required to show in bank for UK student visa application?
The evidence of maintenance must prove that the money were kept for a minimum of 28 consecutive days, ending on the date of the closing balance stated on your bank statement.
The amount of money you will require is determined by where you'll be studying. You will require either:
£1,334 per month (for up to 9 months) for courses in London
£1,023 per month (for up to 9 months) for courses outside London
Your child and your partner must each have a specific quantity of money. The amount of money required is determined on where you will be studying.
They must possess either:
£845 a month (for up to 9 months) for courses in London
£680 a month (for up to 9 months) for courses outside London
How much funds is required to show in bank for New Zealand student visa application?
You must offer evidence that you have enough money to maintain yourself while studying in New Zealand.
If you intend to study in New Zealand for more than a year, you must submit a payment plan outlining how you intend to support your future years of study. The best way to address this is to use the FTS (Funds Transfer Scheme). For each year of studies, you will require NZD $15,000 to cover your living expenses. This is the very minimum you must transfer to your FTS account.
Living expenditures for your partner and kid will vary depending on where you reside, but expect to pay between NZ$9,000 and NZ$15,000 per person each year.
How much funds is required to show in bank for Sweden student visa application?
A student's monthly living expenses must be at least SEK 8,694. Your husband, wife or partner must have at least SEK 3,622.50 per month. A dependent child needs at least SEK 2,173.50 per month.
FAQ
Do I need to show two years of total funds if I plan to study for two years?
Preferably YES. This increases your chances of acquiring your study visa since you can demonstrate that you have the financial means to sustain yourself throughout your studies and stay in the country.
Do I require to show the source of funds?
Yes, the visa officer will look at the transactions in your bank accounts. For example, if you had CAD10,000 deposited in your bank account, you would need to explain and provide evidence as to where the money came from.
Can I use property, investment, or real estate revenue as proof of funds?
If you already own these assets, you can use them as secondary evidence of funds but not as main proof. The primary evidence of finances should still cover the one-year tuition fee plus one-year living expenses in Cash, Money that you can truly liquidate whenever you need it.
Visit us and meet one of our expert student visa consultant to find more information on bank balance requirements.
Related Links:
Study in Australia Study in Canada Study in New Zealand Study in UK