Funding is a crucial consideration when planning to study abroad in the UK. Students have to prove they can financially support themselves during their time in the country. The UK visa authorities have clear guidelines regarding the amount of funds international students must display in their bank accounts.
Securing a UK student visa requires meeting various eligibility criteria. One of the most essential requirements is to show that you have sufficient funds to cover tuition fees and living costs during your stay in the UK.
In this article, we will review the bank balance requirements for the UK Student Visa and address any questions you might have about the UK Student visa bank balance.
About UK Student Visa
The UK student visa allows foreign students to pursue higher education in the UK. It gives students permission to study in the UK for the duration of their course (from 6 months to 5 years). To apply for a UK student visa, one needs a valid CAS (Confirmation of Acceptance for Studies) from the sponsoring university and needs to meet other eligibility criteria like language proficiency. Apart from this, international students are also required to show a minimum bank balance for UK Student Visa to meet the living costs while studying in the country.
When Do You Not Have To Prove Your Finances?
There are certain scenarios where students are not required to show proof of funds for their UK student visa application. This includes cases such as those described below –
- Suppose the student has had a previous UK visa valid for 12 months within the last three years. For example, a student who had a Tier 4 (General) student visa for an undergraduate course lasting three years would not need to prove finances for a master’s programme application.
- When applying from within the UK on a valid visa type like a Tier 4 or Student visa. For instance, a student already studying in the UK on a Tier 4 visa and wishing to pursue a top-up course would not need to show funds.
- If the student holding a nationality exempt from financial evidence under the UK’s differential evidence scheme. Nationals of countries like Canada, Japan, USA, Australia etc are not required to submit bank statements during visa applications.
- Applying as a postgraduate doctor or dentist on an approved foundation programme. For example, a US national applying as a foundation year one doctor on the NHS salary would be exempt from financial evidence.
Processing Time Of UK Visa For Students
The standard processing time for a UK student visa application outside the UK is around three weeks. Priority and super priority visa services are available at additional fees which can expedite the process. From within the UK, the visa processing usually takes eight weeks due to higher security checks involved. It is always advisable to apply for a visa well in advance, preferably six months for overseas and three months for in-country applications.
What Is The Acceptable Proof Of Funds?
The UKVI has specified certain documents as acceptable proof of available funds for a student visa application. These include –
- Bank statements—The applicant’s original bank statement from a regulated bank must be no older than 31 days from the application date and show 28 consecutive days of the minimum required balance (usually £1000s).
- Fixed deposits—An original fixed deposit receipt held for at least 28 days in the student or parent’s name should clearly show the deposit amount and date.
- Education loans – Loan sanction letter and offer letter from approved UK student loan providers. The loan amount should be only for tuition and living expenses. The sanction date should be within six months of application.
- Scholarship or sponsorship letters—The amount must cover full course fees and living costs, as per the requirements. Letters must be from a legitimate source, like the government or established trust.
- Property or assets—A property valuation certificate not older than six months. A sale agreement of other assets, like investment bonds, if liquidating for funds.
- Documents in the name of the student’s parents—Parents’ bank statements/fixed deposits, but they need to sign a letter taking full financial responsibility for the student.
The funds should be readily available in the stated accounts at the time of application and visibly meet the minimum balance requirements depending on course location.
Who Can Be The UK Student Visa Sponsors?
Only parents can act as visa sponsors for a UK student visa by showing sufficient funds in their bank accounts and providing invitation/accommodation letters. Other relatives, such as siblings, grandparents, etc., are not accepted as sponsors.
FAQs
Q1. How much money should I show in my account for UK student visa?
If your course is in London, you must show a minimum of £1,334 in your bank account. For courses outside London, the minimum required balance is £1,023 per month.
Q2. How much bank balance is required for UK student?
As per UKVI, a student applying for a UK visa must show funds of at least £1,334 or £1,023 per month (depending on study location) to cover nine months of living expenses.
Q3. What is the minimum bank balance for UK visa?
Students applying to study in London need a minimum monthly bank balance of £1,334. The requirement for courses outside London is £1,023.
Q4. Which currency should I show my bank balance for a UK student visa?
The bank balance for a UK student visa must be shown in British Pounds (GBP). The bank statement or letter must mention the balance in GBP.
Q5. What if my account balance falls below the requirement after visa submission?
The funds shown in the bank statement must remain valid for all decision-making stages of the visa application. The application is considered non-compliant if the balance drops below the minimum requirement at any stage, such as biometrics or a visa interview.
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