Considering studying abroad in 2024? Here’s what you need to know about the required proof of funds.

1, May 2024

According to a recent article from ICEF, some major study abroad destinations have increased the amount of funds that are required for prospective international students.

Some ask for $15,000 or more, while some ask for less than $5,000 - below is the list comparing the current minimum requirements for proof of funds for various destinations across the globe:

Australia: AUS$24,505 (US$15,690)
Canada: CDN$20,635 (US$14,930)
China: USD$2,500 per year of study
Czech Republic: 3,130 CZK (US$133) per month, so assuming a stay of one year, US$1,600
Finland: £590 per month (US$630), so assuming a stay of one year, US$7,560
France: £615 (US$655) per month of study (so assuming a study duration of nine months, US$5,895)
Germany: £11.208 (US$11,952) for one year
Ireland: €10,000 (US$10,680) immediately available and the same amount for each subsequent year of study
Italy: £350 (US$375) per month of study (so assuming a study duration of nine months, US$3,375)
Japan: 2 million Japanese yen (US$12,970) for one year
Netherlands: €14.700 (US$15,685) for one year
New Zealand: NZD$20,000 per year (USD$11,840)
Portugal: €820 per month (US$875), so assuming a study duration of 12 months, US$10,500
Singapore: 8,400S$ ($6,175)
South Korea: US$20,000
Spain: €600 (US$640) per month (so assuming a study duration of nine months, US$5,400)
Switzerland: HF 21,000 (US$23,070) per year and the same amount for each subsequent year
UAE: Depends on the university – for Abu Dhabi University, the proof of funds is US$15,000
UK: Just over £1,100 (US$1,660) per month of study (so assuming a study duration of nine months, US$14,940)
US: New F-1 students must prove that they have funds for the first year of study (some US embassies will ask for proof of funds for the duration of a program). For those accepted to highly ranked institutions (e.g., University of California, Santa Barbara) – proof of funds can run over US$70,000 for the first year of a program

*It is important to note that these values can change every year, and sometimes proof of funds depends on the student’s country and type of study.* This research is as current as April of 2024.

Based on this research, students must demonstrate a higher level of access to funds in Australia, Canada, the Netherlands, South Korea, Switzerland, the UK, and US (as well as some universities in the UAE) – all requiring over US$14,000. The next tier includes Ireland, Japan, New Zealand, and Portugal (US$10,000-$14,000), while countries requiring the least amount of available funds are China, Czech Republic, Finland, France, Italy, Singapore, and Spain (under US$10,000).

Reference:

ICEF. (2024) Comparing student visa proof of funds requirements across 20 study destinations.