Here are the main points:

Nearly all study abroad destinations mandate that prospective international students possess a specific amount of accessible funds

There's notable diversity in the minimum funding stipulations among different global destinations

Some necessitate US$15,000 or more, while others require less than US$5,000.

We examine proof of funds criteria for 15 destinations in 2024.

Recently, major study abroad locations have upped the required available funds for international students seeking study visas. This shift aims to prevent students from overworking during studies and to attract applicants genuinely interested in pursuing valuable qualifications.

Higher proof of funds can dissuade some potential international students, leading them to consider more affordable destinations, which are:

A) Increasingly preferred by many international students.

B)Observing growth in their international student population alongside the rising costs in leading destinations.

This article delves into the proof of funds requirements for 15 destinations in 2024.  

Please be aware that these amounts do not include potential expenses for tuition, health insurance, airfare/travel, additional family members, or other fees. They represent the funds that governments require individual students to have accessible during their study period. It's important to note that these values can fluctuate annually, and proof of funds requirements may vary based on the student's country of origin and the type of study program. The most reliable sources of up-to-date information for students and agents are individual institutions and government authorities. Our research findings are accurate as of May 2024.

1.      Australia: AUD$29,710 (US$19,537)

2.      Canada: CDN$20,635 (US$14,930)

3.      Czech Republic: 3,130 CZK (US$133) per month, so assuming a stay of one year, US$1,600

4.      Estonia: €350 (US$377) per month (so assuming a study duration of nine months, US$4,524)

5.     France: £615 (US$655) per month of study (so assuming a study duration of nine months, US$5,895)

6.      Germany: £11.208 (US$11,952) for one year

7.      Latvia: €430 per month (US$463), so assuming a study duration of 12 months, US$5,556)

8.     Lithuania: €277 per month (US$298), so assuming a study duration of 12 months, US$3,576)

9.      Italy: £350 (US$375) per month of study (so assuming a study duration of nine months, US$3,375)

10.     Malta:  €693 per month (US$747), so assuming a study duration of 12 months, US$8,964)

11.      Poland: €180 per month (US$194), so assuming a study duration of 12 months, US$2,328) 3

12.      Singapore: 8,400S$ ($6,175)

13.     Switzerland: HF 21,000 (US$23,070) per year and the same amount for each subsequent year

14.      UK: Just over £1,100 (US$1,660) per month of study (so assuming a study duration of nine months, US$14,940)

15.     US:  While it is not specified, for US student visa applications, you must have a minimum balance of $10,000 to get an F1 visa. It is usually said that your bank account must show at least 1.5 times the amount mentioned in your I-20 form or a minimum of 10,000 USD to be considered eligible for the F1 visa    

Significant discrepancies exist in the criteria across various destinations:

Based on the outlined research, it's evident that students face a higher threshold for demonstrating access to funds in Australia, Canada, Switzerland, the UK, the US,, all mandating over US$14,000. Conversely, countries with lower financial accessibility requirements include the Czech Republic, Estonia, France, Latvia, Lithuania, Italy, Malta, Poland, and Singapore, with thresholds under US$10,000. While a destination's proof of funds criteria alone may not rank among the top factors influencing students' choice of study location, it does serve as an indicator of the affordability of living in that destination. Therefore, the funds requirement adds an interesting dimension to how students evaluate the attractiveness of different study locations.