What is a student Visa?
A student Visa permits a student to study at a foreign country’s higher education facilities. South Korea is not only a center of historical richness and cuisine but also home to some of the top universities in Asia. Let us see how much bank balance is required for a South Korea student visa.
How much bank balance is required for a South Korea Student Visa?
The cost of a student Visa is reliant on the time allocated in the document. Typically, the time ranges from a few months to a year and over a year. Students who choose to study in South Korea for a semester of approximately 3 months and apt for student visa must provide their respective bank statements, These bank statements must be as recent as possible and contain a minimum required balance of $3000. Students who decide to study for the 1-year long program must provide similar bank statements with a minimum amount of $10000. The amount does not only cover the duration of your stay but also takes into account potential savings. Savings are important because they can relieve any sudden impact of impromptu spending.
Why is the specified amount important?
The bank statements that one provides act as proof of your financial capacity in a foreign country. The more money you have in your account, the better it is as an indicator of this security. One should note that a study VISA will be higher in terms of value than other documents E.g. a tourist Visa. If you fail to provide this proof, the Korean embassy might fail to process and approve your VISA.
Additionally, a bank statement must not just be any ordinary accruement of funds. This statement must instead indicate a steady income which proves that the account in question is active. One must be careful of the opening and closing balance of the fee statement, making sure that money doesn’t appear to accrue in the time leading up to the VISA application. Why so?
- It can make you appear suspicious, relating to how you suddenly acquired the money.
- As a student, the amount showcased must be enough for you and realistic. It should match your financial profile.
- The viability of funds confirms that you are traveling with prospects without the intention of potentially overstaying illegally.
Use of a sponsor’s account
The embassy allows for a sponsor’s bank statements because most students are not fully independent. A sponsor must be someone connected to you via family ties, either a parent or guardian.
Family ties are the most recognized form of relations. The document of choice to confirm this relationship is the birth certificate. The sponsor must also present a letter confirming their employment status alongside bank statements.
If you are a student under a scholarship from an institution, present the appropriate documents and proof of stay and accommodation. This is a less strenuous option since most formalities are already covered.
What should be the ideal duration covered in the statements?
A bank statement should cover at least 6 months. Observation of statements for half a year further confirms the steady flow of income.
On a personal level, the provision of these bank statements entails that you run the account and funds appropriately. These transactions not only give a hint of your financial standing but your habits as well. All embassies assess that one is a worthwhile applicant for them to consider. Do not attempt to lie about your application or documents. Instead, state whatever standing you are in as clearly as possible. If you may have entrepreneurship endeavors and have someone deposit money in your account, or if you have some extra funds in addition to your salary, you must account for it. A sponsor must also explain their situation clearly if this is the case for them.
If you provide false information on your financial standing, you may warrant a penalty of getting banned from the country for up to 5 years. Avoid using middlemen in assessing your documents E.g. travel agents. It is best to arrange your documents yourself in a careful manner.
Who is eligible for this VISA?
The Visa is open to anyone who may want to study in Korea. A student VISA is classified as a D-2 VISA, covering all long-term higher education courses. An applicant can acquire it from the respective Korean embassy or consulate in their respective country.
Conclusion
As stated, a student VISA needs more funding and planning compared to other kinds of VISAs. Planning will allow you to effect the necessary instructions, so go for it! South Korea is a wonderful environment for students
Frequently Asked Questions(FAQs)
How much money is needed to apply for a South Korean VISA?
The price varies according to the amount of time you plan to spend in the country and the type of entry you prefer to use be it single or multiple entries. Single-entry VISAs tend to be cheaper than multiple-entry ones. The cost ranges from $40-$90.
