Study Abroad Sufficient Funds Requirement
What is Proof of Sufficient Funds?
At this point in your life, your parents probably won’t work as your personal secretary anymore so you are left to gather the information necessary for studying abroad. Many students get confused about the study abroad sufficient funds requirement. There are a lot of pieces of information to collect and applications to complete. Information pertaining to you leaving the country (probably for the first time) is like a foreign language. Insurance, funds, visas, even applying for a passport- how do you keep track of what is necessary?!
It is also imperative you do it correctly and understand fully. That’s where we come in.
How can I properly provide ‘Proof of study abroad sufficient funds’?
Typically you can’t go wrong with having a printout of your personal bank account activity, or an official form from your bank to show how much money you have in your account. Be sure to include the date you last updated it so you can prove it is as current as possible.
Other forums have said that some countries will simply accept your funds if you can prove you have a credit card account. It is best to be prepared (old school style) with printed out information because you can’t expect to show the man at customs your banking app to prove your sufficient funds. Some travelers also suggest cold hard cash. We cold hard do not suggest traveling with that much cash money EVER.
When traveling always have your documents and several backups of them because you never know the mood of the patrol officer you will have on a given day. Though that doesn’t sound totally reliable, some countries governments are more relaxed and some are more strict. You are better off being over prepared for these circumstances versus being forced to go home.
Why is study abroad sufficient funds required?
The country you are temporarily entering wants to ensure you have enough money to live there without causing crime and mischief to obtain money, and rightfully so. Also, the government wants to make sure you get the most out of your education instead of stressing about money.
Basically, it means that you need to provide the border control, embassy, or whomever with proof that you have enough money in your bank account to last you for the duration of your trip. Be careful because this changes per country and varies with how long you stay. They can be strict about study abroad sufficient funds and you don’t want to get denied at the border.
Presuming you will be in the given country for 12 months, below is a list to gauge how much you will need to have in your accounts to prove your sufficient funds. Please check this before your travel as the number fluctuates per year with inflation and deflation of the US dollar.
Germany- 8,700 euro
Italy- 450 euro a month/ 5,400 euro for year
France- 615 euro a month/ 7,380 euro for a year
Australia- 19,830 AUD ($14,876)
United Kingdom- $350 per month of stay, $4,200
New Zealand- about $10,000