{"id":42410,"date":"2024-04-17T21:22:32","date_gmt":"2024-04-17T20:22:32","guid":{"rendered":"https:\/\/monitor.icef.com\/?p=42410"},"modified":"2024-07-31T19:22:13","modified_gmt":"2024-07-31T18:22:13","slug":"comparing-student-visa-proof-of-funds-requirements-across-20-study-destinations","status":"publish","type":"post","link":"https:\/\/monitor.icef.com\/2024\/04\/comparing-student-visa-proof-of-funds-requirements-across-20-study-destinations\/","title":{"rendered":"Comparing student visa proof of funds requirements across 20 study destinations"},"content":{"rendered":"\n
In recent months, some major study abroad destinations have increased the amount of available, guaranteed funds that international students must have to be eligible for a study visa. Part of the motivation here is to ensure students do not have to take on too much work while studying just to make ends meet. Another is to encourage only students with a genuine interest in pursuing a high-value qualification to apply for a study visa.<\/p>\n\n\n\n
The effect of higher proof of funds can serve as a deterrent for a segment of prospective international students. Destinations requiring lower amounts of guaranteed funds are often less expensive for students in general, and as per our recent article on emerging host countries<\/a>, more affordable destinations are:<\/p>\n\n\n\n In this article, we take a look at proof of funds requirements in 2024 across 20 destinations.<\/p>\n\n\n\n Please note: These sums are exclusive of what may be required for tuition, health insurance, airfare\/travel, additional family members, or other fees. They are the funds the governments expect individual students to have available to them while studying for a certain time period. Also note: These values can change every year, and sometimes proof of funds depends on the student\u2019s country and type of study. The best source of current information for students and agents are individual institutions and government officials. The following figures were updated in July 2024, and are current as of that month.<\/em><\/p>\n\n\n\n \u2022 Australia:<\/strong> AUD$29,710 (US$19,537)<\/p>\n\n\n\n \u2022 Canada:<\/strong> CDN$20,635 (US$14,930)<\/p>\n\n\n\n \u2022 China:<\/strong> USD$2,500 per year of study<\/p>\n\n\n\n \u2022 Czech Republic:<\/strong> 3,130 CZK (US$133) per month, so assuming a stay of one year, US$1,600<\/p>\n\n\n\n \u2022 Finland:<\/strong> \u20ac590 per month (US$630), so assuming a stay of one year, US$7,560<\/p>\n\n\n\n \u2022 France:<\/strong> \u20ac615 (US$655) per month of study (so assuming a study duration of one year, US$7,860)<\/p>\n\n\n\n \u2022 Germany:<\/strong> \u20ac11,904 (US$12,875) for one year<\/p>\n\n\n\n \u2022 Ireland:<\/strong> \u20ac10,000 (US$10,680) immediately available and the same amount for each subsequent year of study<\/p>\n\n\n\n \u2022 Italy: <\/strong>\u20ac350 (US$375) per month of study (so assuming a study duration of one year, US$4,500)<\/p>\n\n\n\n \u2022 Japan:<\/strong> 2 million Japanese yen (US$12,970) for one year<\/p>\n\n\n\n \u2022 Netherlands:<\/strong> \u20ac14.700 (US$15,685) for one year<\/p>\n\n\n\n \u2022 New Zealand:<\/strong> NZD$20,000 per year (USD$11,840)<\/p>\n\n\n\n \u2022 Portugal:<\/strong> \u20ac820 per month (US$875), so assuming a study duration of 12 months, US$10,500<\/p>\n\n\n\n \u2022 Singapore:<\/strong> 8,400S$ ($6,175)<\/p>\n\n\n\n \u2022 South Korea:<\/strong> US$20,000<\/p>\n\n\n\n \u2022 Spain:<\/strong> \u20ac600 (US$640) per month (so assuming a study duration of one year, US$7,680)<\/p>\n\n\n\n \u2022 Switzerland: <\/strong>HF 21,000 (US$23,070) per year and the same amount for each subsequent year<\/p>\n\n\n\n \u2022 UAE: <\/strong>Depends on the university \u2013 for Abu Dhabi University, the proof of funds is US$15,000<\/p>\n\n\n\n \u2022 UK:<\/strong> Just over \u00a31,100 (US$1,660) per month of study (so assuming a study duration of nine months, US$14,940)<\/p>\n\n\n\n \u2022 US:<\/strong> New F-1 students must prove that they have funds for the first year of study (some US embassies will ask for proof of funds for the duration of a programme). For those accepted to highly ranked institutions (e.g., University of California, Santa Barbara) \u2013 proof of funds can run over US$70,000 for the first year of a programme.<\/p>\n\n\n\n Looking at the research above, it\u2019s clear that students must demonstrate a higher level of access to funds in Australia, Canada, the Netherlands, South Korea, Switzerland, the UK, and US (as well as some universities in the UAE) \u2013 all requiring over US$14,000. The next tier includes Ireland, Japan, New Zealand, and Portugal (US$10,000-$14,000), while countries requiring the least amount of available funds are China, Czech Republic, Finland, France, Italy, Singapore, and Spain (under US$10,000).<\/p>\n\n\n\n On its own, a destination\u2019s proof of funds requirement is not among the top factors influencing where students choose to study. But the requirement does provide a signal to students of whether they can comfortably afford to live in a destination \u2013 and in this sense, the funds requirement is an interesting variable in the overall way in which students measure the attractiveness of different destinations.<\/p>\n\n\n\n For additional information, please see:<\/p>\n\n\n\n In recent months, some major study abroad destinations have increased the amount of available, guaranteed funds that international students must have to be eligible for a study visa. Part of the motivation here is to ensure students do not have to take on too much work while studying just to make ends meet. Another is…<\/p>\n","protected":false},"author":7,"featured_media":42411,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"twitterCardType":"","cardImageID":0,"cardImage":"","cardTitle":"","cardDesc":"","cardImageAlt":"","cardPlayer":"","cardPlayerWidth":0,"cardPlayerHeight":0,"cardPlayerStream":"","cardPlayerCodec":"","footnotes":""},"categories":[1866,1862,1861,1809,1867,1808,5,1817,19,1865,1863,1860],"tags":[],"featured_settings":[],"acf":[],"yoast_head":"\n\n
Considerable variation in terms of requirements<\/h2>\n\n\n\n
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