Financial proof requirements for studying abroad up to $70,000

By Doan Hung   May 5, 2024 | 04:52 pm PT
Financial proof requirements for studying abroad up to $70,000
Students at the National University of Singapore. Photo courtesy of the National University of Singapore
Many countries require international students to have over $10,000 in financial resources upon applying for student visas, while some countries only require $1,000-3,000.

Upon applying for student visas to study abroad, international students typically must demonstrate sufficient financial resources to sustain themselves while studying.

This is typically a mandate by foreign governments to ensure that the students are arriving to study not work.

The levels of financial requirements have risen in the U.S., Canada and Australia.

From October 2023, international students coming to Australia need to have a minimum of AUD24,505 ($16,000) in their bank account, a 17% increase compared to 2022. The increase requirement is even more drastic in Canada, with a twofold increase to CAD20,600 ($15,000).

Country Financial proof requirement (USD)

The U.S.

2 Switzerland 23,070
3 Australia 15,930
4 The Netherlands 15,685
5 Canada 15,100
6 South Korea 15,000
7 Japan 12,970
8 The U.K. 12,330
9 Germany 12,000
10 New Zealand 11,840
11 Ireland 10,680
12 Portugal 10,500
13 Finland 8,820
14 Singapore 6,175
15 France 5,895
16 Spain 5,400
17 Italy 3,375
18 China 2,500
19 The Czech Republic 1,600

These requirements are established to demonstrate that the students have sufficient financial resources to focus on their studies without needing additional income from part-time jobs.

Additionally, these countries are limiting the number of immigrants, including individuals who attempt to migrate through studying.

In the U.S., the living costs and tuition fees have gradually increased in the past few years, which resulted in increasing financial requirements for visa purposes.

Meanwhile, in South Korea, in mid-2023, the financial requirements for student visas decreased by 25% to $15,000.

According to UNESCO, Vietnam has 132,000 students studying abroad, a leading country in Southeast Asia. Top destinations for Vietnamese students include Japan, South Korea, the U.S., Australia, and Canada.

ICEF Monitor assessed that Vietnam is among the top 10 countries with the highest education mobility globally.

In 2023, Vietnamese students were the fifth-largest student community in the U.S., the second in Japan, the sixth in Australia, and the largest in South Korea.

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