How much bank balance is required for a student visa for a masters degree abroad?

Question

K S Saini · Accepted Answer

A student visa for a master's program typically requires proof of funds to cover tuition and living expenses for at least the first year of study. The specific amount depends on the country and university. 
For instance, in the USA, students need to show funds for one year of tuition, which may range between $20,000 to $50,000, plus additional living expenses, generally estimated at $10,000 to $15,000 per year. 
Other countries like Canada, Australia, and the UK have similar requirements, where the combined total for tuition and living expenses can vary but generally falls in a similar range. 
It's essential to check the specific requirements of the intended destination, as some universities may have their own additional stipulations. 
Remember to have these funds in an accessible account for at least a few months to satisfy the visa authorities. Liquid funds like savings account balances or fixed deposits are usually acceptable.

Neema Nigam · Answer

The exact bank balance you&rsquo;ll need for a student visa for a master's degree abroad varies by country and your chosen university. 
In the USA, proof of $30,000 to $60,000 in liquid funds is generally expected, covering tuition and living costs. 
In countries like Canada or Australia, requirements are similar&mdash;tuition fees plus estimated living expenses (around $10,000 to $15,000 annually). The UK also requires evidence of funds for tuition along with approximately &pound;12,000 for living expenses outside London. 
Make sure the funds are accessible in a liquid form, like savings accounts or fixed deposits. Authorities usually require proof of these funds being in the account for a specific duration before application submission.

Prateeksha Manral · Answer

The bank balance requirement for a student visa when planning to study for a master's degree abroad can vary significantly depending on the country and the specific visa regulations. 
Typically, you'll need to show that you have enough funds to cover your tuition fees and living expenses for the first year of your studies.
Here's a general breakdown:
1. United States: You should be prepared to show funds for the entire first year of tuition plus living expenses. For many universities, this could be around $30,000 to $50,000, depending on the school and location.
2. United Kingdom: The UK requires proof of &pound;1,023 per month (for courses outside London) or &pound;1,334 per month (for courses in London) for living costs, in addition to your tuition fees. This is required for each year of your studies when applying from outside the UK.
3. Canada: You&rsquo;ll need to demonstrate that you can cover the tuition fee for one year plus CAD 10,000 for living expenses.
4. Australia: The requirement is around AUD 21,041 per year for living expenses, plus tuition fees.
5. Germany: Typically requires proof of around &euro;10,332 in a blocked account, plus the cost of tuition if your course isn't free.
Before you apply for your visa, it&rsquo;s crucial to check the specific requirements from the official immigration or consulate website of the country where you plan to study, as these figures can update and vary depending on your situation. 
Always ensure you have a little extra than the minimum requirement to account for any unforeseen expenses or fluctuations in currency exchange rates.

How much bank balance is required for a student visa for a master's degree abroad?