Financial Requirements for a New Zealand Student Visa
How much money do you need to have saved to qualify for studies in New Zealand, and what are the requirements?
Overview
New Zealand is a sought-after destination for international students pursuing higher education. To be eligible for a student visa, applicants must demonstrate they have a specific minimum amount in their bank account. This is essential, as the New Zealand government needs confirmation that students can financially support both their studies and living expenses while in the country. Read on to find out the exact required balance for a New Zealand student visa.
Bank Balance Requirements for a New Zealand Student Visa
New Zealand Immigration requires international students to demonstrate that they have at least NZD 20,000 available per year if their course lasts 12 months or more. For shorter programs, applicants must show NZD 1,667 for each month of study. These funds are intended to cover typical living costs, including rent, food, transport, and personal expenses. You will need to provide evidence of the funds being in an approved bank account, and there should be a stable balance in the account for 8-10 months before applying.
In United States Dollars, the balance requirements are:
Course Length
Minimum Balance Requirement
One year course
$12,500 USD
Six month course
$6,200 USD
Three month course
$3,100 USD
Costs of Study and Other Costs to Consider
As well as maintaining the required minimum balance for living expenses, prospective students heading to New Zealand must also account for tuition fees, health insurance, and airfare. They must also have a valid bank account that is able to make international transfers.
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Additionally, you’ll need to budget for round-trip airfare, which varies depending on the season and airline choice
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Tuition costs differ by institution and program, so it’s important to check with us at Landed for the exact figures
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Health insurance must be maintained for the full duration of your studies and generally costs between $120 USD – $400 USD per year
Financial Documents Required for a New Zealand Student Visa
Applicants for a New Zealand student visa must supply financial documentation to confirm they meet the required funding criteria. It’s wise to have all relevant paperwork ready so you can promptly submit anything requested. Key documents can typically include:
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Recent bank statements demonstrating a stable balance over time.
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Sponsor support: accompanied by their bank records and a letter confirming they can and will fund your studies.
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Scholarship verification: an official award letter outlining the scholarship amount and coverage.
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By preparing these documents in advance, you’ll ensure a smoother visa application process.
FAQ
Why is it necessary to show a bank balance for a New Zealand student visa?
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.
How long should the funds be maintained in the bank account before applying for the visa?
It is advisable to maintain the required funds in your bank account for at least 8-10 months before applying for the visa.
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Can scholarships be included as part of the financial proof?
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.
What happens if the course duration is less than a year?
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.
Are there any additional costs to consider apart from the bank balance?
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.
What Bank Balance is Required for a New Zealand Student Visa?
You will require around $12,500 USD in your bank account for each year of study for a New Zealand student visa.
