Governments across the globe require international students to demonstrate proof of sufficient funds when applying for student visas. These financial requirements vary significantly depending on the study destination, with some countries asking for more than US$15,000, while others require less than US$5,000.
Recent trends show that some top study destinations have increased the amount of funds students must show to ensure they can support themselves without needing to rely heavily on work during their studies. This shift also helps to attract students genuinely focused on gaining a high-quality education.
While higher financial requirements might discourage some prospective students, destinations with lower proof of funds requirements are seeing increased interest from international students. These more affordable countries are becoming popular alternatives to traditional study hubs, particularly as the cost of living rises in more expensive destinations.
The proof of funds figures below are for 2024 and represent the minimum amount of money students need to have access to during their stay. These amounts exclude tuition fees, health insurance, travel costs, and additional expenses for family members.
Proof of Funds Requirements by Country (2024):
- Australia: AUD$29,710 (US$19,537)
- Canada: CDN$20,635 (US$14,930)
- China: US$2,500 per year
- Czech Republic: 3,130 CZK/month (US$1,600 annually)
- Finland: €590/month (US$7,560 annually)
- France: €615/month (US$7,860 annually)
- Germany: €11,904 (US$12,875 annually)
- Ireland: €10,000 (US$10,680 annually)
- Italy: €350/month (US$4,500 annually)
- Japan: 2 million yen (US$12,970 annually)
- Netherlands: €14,700 (US$15,685 annually)
- New Zealand: NZD$20,000/year (US$11,840)
- Portugal: €820/month (US$10,500 annually)
- Singapore: 8,400 S$ (US$6,175 annually)
- South Korea: US$20,000
- Spain: €600/month (US$7,680 annually)
- Switzerland: HF 21,000 (US$23,070 annually)
- UAE: Depends on the university – Abu Dhabi University requires US$15,000
- UK: £1,100+/month (US$14,940 annually for 9 months)
- US: Varies; top universities may require proof of over US$70,000 for the first year.
Analysis of Proof of Funds Tiers:
- High-requirement countries: Australia, Canada, the Netherlands, South Korea, Switzerland, UK, US, and select UAE universities, with minimums exceeding US$14,000.
- Mid-range countries: Ireland, Japan, New Zealand, and Portugal, requiring between US$10,000 and US$14,000.
- Lower-requirement countries: China, Czech Republic, Finland, France, Italy, Singapore, and Spain, all under US$10,000.
While the proof of funds requirement isn’t always a deciding factor, it does provide a helpful indication of the cost of living in different destinations. For students seeking affordability, countries with lower requirements may be more attractive. However, the true cost of studying abroad goes beyond just meeting visa requirements, making comprehensive research essential before applying.
