The ultimate int’l student guide to financial requirements to study abroad

There is a long list of things to check off if you plan to study abroad.

Of course, you must first meet the required grades of various entrance exams – from your language proficiency tests to your pre-university results, which vary depending on your destination. 

Then, there might be an application letter that will make or break your chance of getting into your university of choice.

Once those are settled and you’ve rightfully earned an acceptance letter, money comes into play as you acquire your student visa, apply for scholarships or loans, and deal with other financial hassles you have to go through pre-departure.

But before you do all that, you have to identify and meet the financial requirements of the country you are going to ensure that your applications are granted — one of the most common reasons for student visa refusals.

To put it simply, student financial requirements are monetary evidence that proves you can afford your tuition fees, travelling expenses, and living costs while you are in the country. This ensures students do not have to prioritise working while studying to make ends meet.

In Singapore, if you plan to enrol in a programme that exceeds 30 days, you have to have a Student Pass. Source: AFP

Proving you can afford to study abroad will eventually earn you a visa, but the requirements can vary by country and type.

The lowest of them all is the Czech Republic, with an annual financial requirement of just about US$1,600, a fraction of the cost required by other countries.

No matter how low the financial requirement is, one could argue whether it helps or hurts students more. Take the unfortunate Nigerian graduates at Teesside University, for example. In May 2024, they were ordered to leave the UK as their home country experienced one of its worst economic crises to date, wiping out their savings entirely.

Although a destination’s proof of funds requirement is not the top concern influencing where students choose to continue their education, it does provide an early indication of whether they can comfortably afford to live there or otherwise.

Let’s take a look at the financial requirements of some popular study abroad destinations.

What you need to fulfil the financial requirements of the most popular study abroad destinations

China’s best university, Peking University, is located in Beijing. You can find the country’s iconic site, the Forbidden City, here too. Source: AFP

China

Student visas to China are divided into two categories: X1 and X2. The former is for enrolling in programmes longer than six months; the latter accommodates for less than that.

Both visas have similar financial requirements, though, which is a bank balance of US$2,500 for every academic year, presented in the form of an original bank statement in English.

New Zealand

New Zealand offers several ways to obtain a student visa, depending on the type of programme you want to pursue and how long you intend to stay in the country.

However, the financial requirement to obtain one remains the same for all, which is US$11,200 per year or US$930 per month.

UK

Students who have been in the UK with a valid visa for at least 12 months do not need to comply with the financial requirements. For others, though, you need to prove you have enough money for 28 consecutive days in order to obtain a visa.

If you are enrolling for courses in London, you are required to show you have US$1,840 per month, totalling US$22,080 a year. For ones outside the capital – US$1,410 per month and US$16,920 a year.

To study in Malaysia, you have to meet the financial requirements and pay a Personal Bond. Source: AFP

Malaysia

To acquire a student visa to Malaysia, you are required to provide a bank statement covering one year of tuition fees and living expenses, amounting to US$12,700.

On top of that, you are required to pay a mandatory deposit of US$160 to US$640 to ensure you adhere to all regulations and laws in the country. This is called the Personal Bond.

Hong Kong

While most countries need you to clear your financial requirements during immigration, Hong Kong lets you enter the country with whatever amount – just as long as you can cover your expenses to learn and live there.

Instead, the financial requirements for studying in Hong Kong are according to the university. For example, the Hong Kong Baptist University asks for a minimum balance of US$14,000 to US$21,000 per year, while the Chinese University of Hong Kong is okay with US$6,400 to US$13,000.

This is proven through a photocopy of either your bank statements, savings account passbooks, tax receipts, or salary slips when applying for a student visa.

Quebec has its own financial requirements than the rest of Canada. Source: Pexels

Canada

Starting January 2024, Canada has set a threshold for one student’s Cost of Living Financial Requirement at US$14,000 per year. If you plan to bring a family member, the required funds can go up to around US$3,400 per person. This rule is applicable to all provinces and territories in the country except Quebec.

To pursue higher education in Quebec, you must have at least US$10,700, plus a settlement fee of US$350 for your first year here.

US

Like Hong Kong, the US does not specify an exact amount of your bank balance when enrolling here, but some institutions may provide specific financial requirements or thresholds.

Whether you apply for the F-1 or M-1 student visa, you should prove that you can afford to study and live in the country with daily expenses that can go between US$8,000 and US$15,000 annually, depending on the city.

It’s not that easy to jump head-first into applying for universities in Australia if you don’t meet the financial requirements. Source: AFP

Australia 

The financial requirements for studying in Australia are increasing each year. In May 2024, the current rate shot up from US$15,000 to US$18,000 in savings per year.

This latest sudden hike in financial requirements comes just seven months after the previous increase, amounting to a 21% rise. This is due to the higher living expenses that students need to reside in the country temporarily.

Singapore

To obtain a student visa (also known here as a Student’s Pass) to the Lion City, you must show a minimum bank balance of US$18,000 to US$25,000.

While Singapore’s Immigration & Checkpoints Authority (ICA) did not specify an exact amount, it is safe to have a bank balance that covers your tuition fees at the very least, which can reach an average of US$28,000 for a four-year general course.