How to Show Economic Solvency for Studying Abroad

Are you planning to study abroad? Well, there are several requirements you need to fulfill. It seems like you already have the motivation, so let’s scratch that off the list. What comes next is deciding which country to study in, applying for a student visa, and gathering the necessary documents to prove your economic solvency before your trip.

Proof of financial solvency is a requirement for studying in nearly any country worldwide. That is, to enroll in a school or get approval for a student visa from an embassy, they ask you to certify that you have the means to cover your trip expenses. The question is… how do you do that?

Don’t worry; we’ve got you covered! In this post, we’ll explain various ways to prove your economic solvency. Additionally, we’ll outline the documents required as proof of funds in the main countries abroad. Scroll down and dive in!

*Disclaimer: all costs detailed below are illustrative and may vary at any time.

What is Accreditation of Economic Solvency as a Student?

No matter where you study, it’s almost certain that you’ll need to prove financial solvency.

For authorities in each country, this means that you have enough money to study abroad and cover your living expenses. That way, they make sure you won’t be a financial burden upon arrival.

Usually, accreditation of economic solvency is required when you apply for a student visa—although some schools may ask for it to approve your enrollment. The documents required vary from country to country, but let’s discuss that in the following sections.

Keep reading!

How Can a Student Prove Financial Solvency?

The documents to prove financial solvency vary depending on the school or embassy where you apply for a visa.

However, a letter demonstrating a partial or full scholarship, or one of the following documents, are some ways to show you have the means to study abroad.

1. Bank statements

These documents are of good help to prove financial solvency. They reflect the operations, transactions, expenses, and income of an account.

When applying for a visa or enrolling in a school, you’ll need a recent personal statement or one from the person funding your trip, such as your parents.

2. Sponsorship evidence

If your parents, another family member, legal guardian, or a friend is funding your trip, provide a document accrediting it, like a notarized declaration, birth registry to prove family ties or a marriage certificate.

3. Student loans

Studying abroad is expensive, so a student loan is a good option to cover your course and prove economic solvency. Some countries offer such help through government institutions and banks, with a monthly repayment amount that the student must pay.

4. Employer letter

An employer’s letter (yours or of the person funding your trip) serves as proof of economic solvency in some embassies and schools. Depending on the country, you may need to specify the annual salary, job position, duration of employment, or other relevant details.

How Much Money is Needed to Prove Financial Solvency as a Student?

The amount required to prove financial solvency varies from destination to destination.

Sometimes, you may need USD 500 to 600 per month or more than USD 1,000 monthly. In the following sections, we’ll tell you how much it costs to study in the most popular foreign countries.

Accreditation of Economic Solvency in Australia

According to the Australian government, you need 2,000 AUD (Australian dollars) to travel to Australia.

Additionally, for studying in Australia, you’ll need 21,041 AUD (excluding tuition fees) per year of study. If your stay is shorter, divide it by 12, multiply the result by the number of days, and calculate the total.

When applying for a student visa for Australia, you’ll need any of these documents as proof of financial solvency:

• Deposits from a financial institution, such as a bank.
• Evidence of approval for a loan from a financial or government institution.
• Proof of a scholarship or financial support to demonstrate economic solvency.
• If you’re sponsored, evidence that 12 months before applying for the visa your parents or partner had an annual income of at least 62,222 AUD, for example, tax payment receipts.

However, the process of accreditation of economic solvency for studying in Australia doesn’t end there. You must also prove that you have access to the funds or if someone else is funding your trip:

• If you submit bank deposits, provide evidence of the source of those funds.
• Evidence of your relationship with the person funding your trip and the financial support they’ve provided in the past, along with their identification documents.
• If financial support comes from a business, provide evidence that it’s operational.
• In case you’re funding your trip with a student loan, provide evidence that it will be paid according to the agreement made between you, the bank, and the school.
• If you’re funding your trip with a different type of loan, provide evidence of the disbursement.

Funds Required for Studying in New Zealand

Is New Zealand your next destination? To apply for your student visa for New Zealand, prove you have 15,000 NZD for one year of study or 1,250 NZD for each month of study. However, the amount could be higher depending on the city you move to.

To accredit economic solvency to study in New Zealand, immigration authorities require one of these documents:

• Bank statements for the last 6 months.
• Copies of bank deposits.
• Letter proving approval of a student loan by a financial institution.
• Tax payment certificates.
• Letter from your employer stating your position, duration of employment, and income.

You may not need to prove financial solvency for studying in New Zealand if you provide one of these documents:

• Proof of payment for accommodation for your entire stay, such as in a homestay.
• Sponsorship Temporary Entry form filled out by a sponsor recognized by the government.
• Recognized sponsors are New Zealand citizens and residents, registered organizations in the country, or government agencies.
• If someone else is funding your trip, a filled Financial Undertaking Student form.
• The person funding your trip needs to provide a copy of their passport, evidence of their relationship with you, and proof of the required funds as well.

Now that you know how to prove economic solvency in the main countries for studying abroad, it’s time to break open the piggy bank! If you still have doubts about this process, let our Student Advisors clarify them for you! Choose one of these courses, fill out a form, and receive free advice.

Accreditation of Economic Solvency in Canada

To study in Canada, the government requires you to have 10,000 CAD (Canadian dollars), excluding tuition fees, for one year of study outside the province of Quebec.

If you choose to study in Montreal or another city in Quebec, you’ll need 11,000 CAD (excluding tuition fees) for a 12-month stay.

Monthly, you’ll need 833 CAD to study outside Quebec, or 917 CAD if you move to this province. To prove economic solvency, you’ll need:

• Evidence of having a Canadian bank account in your name.
• Proof of a student loan or a loan issued by a bank.
• Bank statements for the last 4 months.
• Bank draft convertible to Canadian dollars.
• Evidence of tuition and accommodation payments in Canada.
• Letter issued by the person funding your trip or by a school if applicable.

Proof of Financial Solvency in Spain

When applying for a student visa for Spain, the government requires you to have 100 % of the Public Index of Multiple Purpose Income (IPREM by its acronym in Spanish) for each month. Currently, this is around 537.84 EUR (Euros) per month. However, the amount varies depending on the region where you’ll study.

If you prove that you’ll pay for the accommodation for your entire stay, you can study in Spain without proving financial capability. Otherwise, you’ll need one of these documents:

• The last 3 stamped bank statements from your account showing detailed transactions.
• The last 3 payslips.
• Evidence of loan approval. The money must be already in your bank account when proving economic solvency.

If you have a scholarship or if you’re not the one funding your trip to Spain, don’t worry! The government requires your parents, legal guardian, or another family member to meet the following requirements:

• Official letter stamped and signed by the institution granting you the scholarship. The granted amount must be detailed in the letter.
• If a family member or legal guardian funds your trip, provide a notarized declaration committing to it.
• Copy of the passport or identity document of the family member or legal guardian funding your trip.
• The last 3 bank statements of the family member or legal guardian funding your trip, in which transactions are detailed.
• The last 3 payslips of family income or legal guardian funding your trip.

Accreditation of Financial Solvency in Ireland

If you want to study in Ireland, the government requires you to have a minimum of 7,000 EUR (excluding tuition), which is an approximate amount needed for one year of study. If the course lasts 6 months or less, they ask for 500 EUR per month excluding course expenses.

When applying for a student visa for Ireland, you need to have access to the money. Additionally, for accreditation of economic solvency, submit these documents:

• Bank statements up to date to prove you have the money and it has been transferred in the last 6 months.
• Bank statements must be printed on letterhead paper. If not, ensure the bank notarizes them and provides a letter certifying their authenticity.
• Your name, address, and type of bank account must be stated in the bank statement.
• Savings account statements must be accompanied by a letter from the bank certifying your access to the money.
• Bank deposits from a savings account or evidence that the money comes from a student loan or sale of property.
• If you have a scholarship, a confirmation letter issued by the granting institution.
• Even if you’re not funding the trip, the requirements for proving economic solvency are usually the same. However, there are additional conditions:
• Provide evidence of your relationship with the person funding your trip, such as a birth or marriage certificate.
  Inform the person funding your trip that they may be asked for an employer letter and 3 salary payment receipts.

Required Amount for Visa-Exempt Students

Did you know some students don’t need a student visa for Ireland?

Filter your nationality on this Immigration Department website and find out. If you’re exempt, upon arrival in the country, authorities ask you to prove you have 3,000 EUR to cover your stay as follows:

• Personal bank statement not more than 1-month-old accompanied by a document dated earlier and your debit card from the same bank.
• One or more debit or prepaid credit cards. You must provide verification that they have the required funds.

Financial Capability Accreditation in Malta

If you’re traveling to study in Malta, the government requires you to have a minimum of 48 EUR per day if you enter the country with a tourist visa (applicable for short courses). If you enter with a student visa, you need to prove an economic solvency of 36 EUR per day for your stay.

When applying for your student visa for Malta, bring one of these documents as proof of financial solvency:

• Personal bank statement or the statement of the person funding your trip for the last 3 months.
• If someone else is funding your trip, provide a copy of their identification document and a declaration letter stating their name, their relationship with you, an explanation of fund accessibility, and their account number.
• Receipt from an ATM in Malta to prove access to funds in the bank account.
• Proof of a scholarship for studying in Malta.

Study and Work Abroad with GrowPro!

If studying abroad is your New Year’s resolution, take us with you! Better yet, let us take you, because, in addition to proving economic solvency as a student, we assist you with all the preparations for your trip. Just book the GrowPro Experience and let’s get started!

Discover the courses we offer in Australia, Canada, Spain, Ireland, or Malta. Once you know which one you’d like to take, click on it, fill out the form, and our Student Advisors will provide more information about our services. Ask anything you want—advice is free!

Know that when you book your course, we take care of all the bureaucratic procedures, so you don’t have to worry about anything! Plus, we accompany you to your destination and give you VIP access to events we organize with other travelers.

So, are you ready to join our community of adventurous travelers? You know what you have to do, so don’t wait any longer—let’s take off! See you soon!