How Much Bank Balance is Required for UK Student Visa?

Do you know, showing the financial statement is mandatory for a UK student visa? According to the Gov.UK, there is a 28-day rule for showing proof of funds for every international student. The minimum bank balance requirement for a UK student visa depends on the tuition fees and living expenses in UK. 

Do you know what is the bank balance required for UK student visa? In this blog, we will demonstrate the types of study permits in UK, how much bank balance is required for UK student visa, and the 28-day bank statement rule for UK study visa. So, if you want to study in UK for the upcoming intake, this blog will help you a lot. 

Types of Study Permits in UK

Do you want to apply for a UK student visa? The Study visa in the UK was previously known as the Tier 4 student route in UK.  There are three types of study permits available for international students in UK. Such as:

Visa Type	Eligibility	UK Student Visa Fee
General Student Visa	Students aged 18 or above	£490
Child Student Visa	Students aged 4 to 17 years old	£490
Short-term Study Visa	Students studying English language for 6 months to 11 months	£200

Check Your Eligibility!

What is Proof of Funds for UK Student Visa?

Proof of Funds for a UK student visa (specifically a Student visa) is evidence that you have enough money to support yourself while studying in the UK. This includes covering your living expenses and tuition fees. It is a key requirement by the UK Home Office to ensure that international students can sustain themselves financially during their studies without needing public funds.

How Much Bank Balance is Required for UK Student Visa?

As part of a UK student Visa requirement, international students may need to display sufficient financial capacity for the duration of their studies to be granted a student Visa. The amount of financial requirements in UK usually depends on the tuition fees and the living costs in UK. However, a student can assume an amount of £25,000-£35,000 as the bank balance required for UK student visa. Let’s demonstrate it broadly. 

Tuition Fees at UK Universities

In general, the UK universities offer affordable tuition fees ranging from £12,000-£15,000. However, some courses may cost more. The CAS payment usually requires a maximum of 50% (the amount should be mentioned in your offer letter) of tuition fees. You have to show the rest of the money after the CAS deposit to the UK university as your bank statement requirement. 

Living expenses in UK

The UK government has increased the maintenance cost in UK for international students. Under the UK student visa new rules, students coming to London need to prove they have £1,483 per month to cover their living expenses. For students studying outside of London, they need to show they have £1,136 per month. The academic year in UK is for 9 months, so, you have to show the amount multiplied by 9 months. 

Amount of Bank Balance Required For UK Student Visa

The amount of bank balance required for UK student visa can be demonstrated by an example. Let’s say your tuition fee for one year in the UK is £15,000, and the CAS deposit is £2000. If you’ve already paid the £2,000, you’ll have £13,000 left to pay.

Now, if your university is in London and you plan to live nearby, the UK government estimates that living expenses in London are about £1,483 per month. For a 9-month academic year, that means you’ll need at least £13,347 for living costs.

So, according to the UK Home Office, your bank statement needs to show a total of (£13,000 + £13,347) = £26,347.

Now, let’s assume your university is outside of London, then your living expenses per year in UK will be (£1,136*9)= £10,224. So, the bank balance required for UK student visa form outside of London will be (£13,000+ £10,224) = £23,224.

The 28-day Financial Statement Rule for UK Student Visa

You or your parents or partner need to have a minimum amount of money in your bank account for at least 28 days in a row. This period must end no more than 31 days before you pay your visa fee online. The required amount should cover both your tuition fees and living expenses. During these 28 days, the balance should not drop below the required amount at any time. The UKVI will only accept money that stays untouched in the account during this time. The funds must be in your name or your parent’s name, and money from any other third party won’t be accepted.

How Can You Show the Proof of Funds for a UK Study Permit?

You can prove you have enough money to show the proof of funds for a UK study permit by using: 

• A student loan from a government, government-sponsored loan company, or a regulated student loan scheme
• An official financial sponsorship – for example, from a national government or university
• Your own money
• Your parent’s money – they must provide a letter confirming they agree to you using it this way
• Your partner’s money, if your partner is in the UK or applying at the same time

Is there any UKVI-approved specific Bank to Show the Financial Statement?

Do you know where you can show the bank balance required for UK student visa? To help students, the Home Office International Operations and Visas provides a list of banks and financial institutions whose statements they will accept for General student visa applications. To know more about the UKVI-approved banks in the UK for your country, you can always contact AIMS Education. 

Final Words

AIMS Education, an education consultancy firm, can help you with any information on a student visa for the UK. Besides, if you need to know any information regarding the minimum bank balance required for UK student visa, the counsellors of AIMS Education are there to help you. So, visit us if you want to study abroad in UK for the upcoming intakes.

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