New Zealand is a popular destination for international students pursuing higher education abroad. For a student visa, the students need to maintain a certain bank balance so that the visa can be approved quickly. This is a mandatory requirement as the government of New Zealand needs to know that you have sufficient funds with you to study and stay in the country. Read the blog further to understand how much bank balance is required for a New Zealand student visa.
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Bank Balance Requirement for New Zealand Student Visa
As of 2024, the New Zealand Immigration authorities specified that international students must show they have at least NZD 20,000 per year of study. If your course is shorter than a year, you need to show NZD 1,667 for each month of study. This amount is used to cover living costs such as accommodation, food, transportation, and other personal expenses. Check course course-wise minimum balance required for a New Zeland student visa:
| Course Duration | Minimum Balance Requirement |
| For a one-year course | NZD 20,000 |
| For a six-month course | NZD 10,000 |
| For a three-month course | NZD 5,000 |
Also Read: Also Read: Check here all about SBI Zero Balance account for students
Financial Requirements for a New Zealand Student Visa
The New Zealand immigration authorities have specified how much bank balance is required for a New Zealand visa. To secure a student visa for New Zealand, you must show that you have sufficient funds to support yourself during your stay. This proof of funds is an important part of the visa application process as it shows that international students can cover their living expenses without needing to work illegally or rely on public funds.
Additional Costs to Consider
Apart from the minimum bank balance required for living expenses, the students planning to study in New Zealand should also budget for tuition fees. You can easily get an education loan for New Zealand. Overseas student travel insurance is also mandatory for international students and it costs between NZD 200 and NZD 700 per year. The students should also plan the expenses for round-trip flight tickets, which can fluctuate based on the time of year and airline. Check more details below:
- The tuition fees vary depending on the course and the institution. It’s important to check with your university for the exact amount.
- International students must have health insurance for the duration of their stay. The cost can vary ranging from NZD 200 to NZD 700 per year.
- If you are getting a scholarship, try to manage the scholarship and foreign exchange properly so that you can save money.
Also Read: Check here all the important details about the Karnataka Bank Education Loan to study abroad
Financial Documents Required for New Zealand Student Visa
The financial documents for a New Zealand student visa are required to prove you meet the financial requirements. Keep all the documents handy so that you can submit whatever document is required on time. Check some of the major financial documents required for a New Zealand student visa below:
- Recent bank statements show sufficient funds that have been maintained for a longer period.
- A letter from a sponsor, along with their bank statements, showing their willingness and ability to support you financially.
- If you’ve received a scholarship, a letter detailing the scholarship amount and coverage is required.
- A letter from a recognised financial institution confirming the sanction of an education loan.
This was all the details about how much bank balance is required for New Zealand student visa. You must maintain the minimum balance in your bank account for at least 8-10 months before applying for a visa as a recent big deposit may not be considered. Check some FAQs below based on the same.
For more detailed information and updates, always refer to the official New Zealand Immigration website or consult with a certified education consultant.
FAQs
The New Zealand government requires proof of sufficient funds to ensure that international students can support themselves during their stay without resorting to illegal work or relying on public funds.
It is advisable to maintain the required funds in your bank account for at least 8-10 months before applying for the visa.
Yes, scholarships can be included as part of the financial proof. If you have received a scholarship, you need to provide a letter detailing the scholarship amount and coverage.
If your course duration is less than a year, you need to show NZD 1,667 for each month of study. For example, if your course is six months long, you must show a minimum balance of NZD 10,000.
Yes, apart from the minimum bank balance required for living expenses, you need to budget for tuition fees, health insurance, and round-trip flight tickets.
You will require around NZD 20,000 per year in your bank account for New Zealand student visa.
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