If you’re a student who hopes to study in another country, you’ll need to know about proof of funds. This month I will cover what that means and how to get yours prepared.
When you visit or stay in other countries, they often need to know if you can pay for your living expenses during your visit. Proof of funds are typically the minimum amount of money you need for your stay in the country. Many countries set this amount by finding out how much you will need per day, then asking you to show that you have the money you’ll need for your entire visit. Other countries decide on the proof of funds needed for each type of traveller. As a student, you’ll have to prove that you can afford to stay in the country that your university is in. Whether or not you’ll be asked to show proof of funds often depends on the country you’re from and the country you’re going to.
How do I show my proof of funds?
Because the country you plan to study in wants to know you can pay your living expenses, it’s important to prove that you have liquid assets, or money that you can actually spend. You can use a bank statement to show that you have the money you need for your stay abroad in a bank account. If you have a job waiting for you in the new country, proof of employment can help you show that you can afford to live there too. Some people use other methods to show proof of funds such as tax returns, pay slips, and employment letters. If your parents plan to help you pay for your living expenses while you study, you can show a fixed deposit statement to show that they will regularly put money in your account. These documents should be issued by the bank or employer and show its name or logo.
If you can show that you have a scholarship, then the proof of funds could be reduced. Make sure you find out if you’ll have to fill out or show a special form to have the proof of funds reduced. Because countries want to be sure you can afford the trip back home, you can sometimes also use your return ticket to get the proof of funds reduced. If you’ve already booked your return ticket, find out if you can show it to lower your proof of funds.
Always make sure you check with the embassy for your study destination to find out if you can get your proof of funds reduced.
How do I find out ‘proof of funds’ for different countries?
Because different countries have different proof of funds, you should do some research to learn what you’ll need to show. Sites such as StudyCostCompare can tell you all you need to know about the cost of studying abroad. With these sites, you can also see tuition fees, living costs, and the visa fees for the countries where you want to study. You could always ask directly at the embassy of the country you wish to study in. This can take longer though, which is why we think StudyCostCompare is the better way to get information about proof of funds because it uses the country you are from to find the cost and displays the fees in your local currency, making it easy to compare costs of destinations.
It is important to find out how much you’ll need to have before setting out on your study abroad journey, so why not research it now? If you’re applying for visas, make sure you read our guide to the ten common student visa questions.
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