Minimum Bank Balance for Student Visa

The minimum bank balance for a student visa is a hot topic among international students. Many students are unaware of the required balance and find out too late that their account doesn't meet the requirement. In this blog post, we will break down the minimum bank balance for a student visa and provide some tips on how to meet the requirement. Stay tuned!

As an international student, one of the most important things you'll need to obtain in order to study in Canada is a student visa. And in order to get your student visa approved, you'll need to prove that you have the financial resources in place to cover the cost of your education and living expenses. So what is the minimum requirement for proof of funds as an international student?

Key# 1 Select the RIGHT PROGRAM 

As an international student, it is important that you select the right program to fit your budget in order to meet the proof of funds requirements for your student visa. There are a variety of programs available, so it is essential that you do your research in order to find the one that best suits your needs. You should also consider the cost of living in the country where the program is located, as this can have a major impact on your overall expenses. By carefully selecting the right program and budgeting accordingly, you can ensure that you will have the funds necessary to obtain your student visa and begin your studies abroad. The average tuition fee you will find is about 16,500cad for the 1-year program. 


Key#2 Select the LOCATION PROGRAM 

As an international student, one of the most important factors to consider when choosing a location to study is the cost of living. Vancouver is often seen as an expensive city, and while this is true to some extent, it is also possible to find affordable accommodation and living costs if you know where to look. For example, Prince George's is often cheaper than Vancouver when it comes to rent and groceries. However, it's important to factor in your overall budget when making your decision. If you can afford to live in Vancouver, then it may be the best option for you in terms of job opportunities and access to amenities. However, if you're on a tight budget, then Prince George may be a better option. Ultimately, the right location for you will depend on your individual circumstances and what you're looking for in a study abroad experience.

Key#3 Decide whether you go alone or with your Family

If you're an international student planning to bring your family to Canada, there are a few things you need to keep in mind. First, you'll need to demonstrate that you have enough financial resources to support your entire family. This means that your proof of funds will need to be significantly higher than if you were coming alone. You'll also need to decide whether you want to all come at once or whether you'll come first and then send for your family later. If you're on a tight budget, it may be best to come first and then get a job so that you can support your family financially. Whatever you decide, make sure you take the time to plan ahead so that the transition goes smoothly for everyone involved. As per IRCC, you are required to show 10,000cad for a single application, an additional 4,000cad for your spouse, and an additional 3,000cad for each kid that you will bring to Canada. 


Program Cost - 16,500cad per year

Cost of Living in Canada - 10,000cad per year for a single applicant

Books, and other expenses - 2,000cad for a year

Ticket Cost - 1,300cad from PH to Canada

TOTAL: 29,800cad

There are a number of factors to consider when choosing a location, including the cost of living, availability of scholarships and financial aid, and job prospects. By doing your research and taking all of these factors into account, you can find a location and program that fits your budget and meets the proof of funds requirements for a student visa.

Make sure you start the process early so that you have plenty of time to gather all the required documents. And if you have any questions about program options and locations, don't hesitate to reach out to us for guidance. 

Here are some of the mentors that will help you make the perfect choice for you, click here to fill out an application and speak to a real human (ex-international student - Mc, and Dex) - and see if we're a fit to work together inside the SLE Premium Coaching Program. 

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Each student has a unique story and something valuable to share - hearing these testimonials will give you insights into studying at a university in another country, suggest potential challenges and rewards, and show you that no matter where you are from or what your background is, there are others just like you who have succeeded in doing so. Read on for some amazing stories!