Are you dreaming of studying abroad? Fantastic! But before you pack your bags, there’s a requirement you MUST have: the study permit. Most countries require international students to demonstrate they have enough financial resources to cover their living expenses before they apply for a study permit- this is proof of funds (POF).
Recently, some study abroad destinations have increased the amount of POF that international students must have to be eligible for a study visa. The amount of money you need to show varies greatly depending on your destination. This article will be your guide, comparing POF requirements for 20 top study abroad destinations in 2024.
Note that the sums mentioned do not include tuition, health insurance, airfare/travel, and other fees. These funds are what the governments expect individual students to have available during their study period. POF may vary based on the country and type of study, and the values can change often. For up-to-date information, please subscribe to our blog. This information was last updated in April 2024.
Lower POF Requirements (Below US$10,000)
| Country | POF (in UDS) per academic year |
| China | $2,500 |
| Czech Republic | $1,600 |
| Finland | $7,560 |
| France | $5,895 |
| Italy | $3,375 |
| Singapore | $6,175 |
| Spain | $5,400 |
Mid-Range POF Requirements (US$10,000 – US$14,000)
These destinations are slightly more affordable but still require substantial proof of funds
| Country | POF (in UDS) per academic year |
| Ireland | $10,680 |
| Japan | $12,970 |
| New Zealand | $11,840 |
| Portugal | $10,500 |
High POF Requirements (US$14,000+)
For a comfortable living experience in these countries, you’ll need to show a higher level of financial resources
| Country | POF (in UDS) per academic year |
| Australia | $15,690 |
| Canada | $14,930 |
| Netherlands | $15,685 |
| South Korea | $20,000 |
| Switzerland | $23,070 |
| United Kingdom | $14,940 |
| UAE | $15,000 |
| United States | Depends on some factors |
Remember: These are just general figures. Specific requirements can vary depending on your program, living arrangements, and the school. It’s always best to consult the official government or university websites for the latest and most accurate information.
Beyond the Numbers: What Can You Use as Proof of Funds?
In addition to the amount, you should also consider the type of documents you use to prove your funds. Commonly accepted forms of proof include:
- Bank statements
- Scholarship awards
- Financial sponsor letters (with sponsor’s bank statements)
Conclusion
Proof of funds requirements might not decide where students choose to study. However, these requirements do offer valuable clues. They show a destination’s cost of living and act as a meter for students to assess their financial convenience in that location. In this way, POF becomes a factor that students use to weigh the appeal of different destinations.
To ensure a smooth application process, factor in additional costs like tuition fees, health insurance, and travel expenses. Research scholarships and financial aid opportunities that can ease the financial burden.
Turn your study abroad dreams into reality! Compare proof of funds requirements for 20 destinations. Start Your Search!
