How Much Bank Balance Is Required For Iceland Student Visa?

Iceland is known as the most sparsely populated country in all of Europe and dares say the world. With a population of over 376,435 people according to a survey carried out in 2022, little surprise the country accepts immigrants into her territory to help boost national growth and economy. Let us see how much bank balance is required for iceland student visa.

How Much Bank Balance Is Required For Iceland Student Visa?

How Much Bank Balance is required for Iceland Student Visa?

Issues about financial suitability and study in any country are dependent on the citizenship of the intended student. European countries with trade alignments with Iceland usually do not require a visa to access the country. However, a bank balance showing funds capable of covering tuition and monthly upkeep, totalling $5500, is required for Iceland student visa.

Studying in Iceland

The country boasts good universities located in different parts. One very known university is the University of Iceland and Reykjavik University, known for their excellent curriculum and teaching standards. Because the larger population of the Iceland community are good English speakers, this increases the number of students willing to study in this country.

One amazing reason for studying in this country is its beautiful landscape. Iceland has amazing scenery; hot springs, mountaintop ranges, glaciers and several other eye candies are reasons for selecting this country.

Iceland also got a rich history. There is also a rich and exotic arts and culture community present in this country. But even more important is their acceptance and open social structure.  

Why is bank balance important for a student visa?

This topic will always remain a trending conversation due to the high volume of education-based immigration in different parts of the world today. For many, this has been a major stumbling block to gaining studentship in different schools.

One important reason for this requirement is to ascertain that the intending student is capable of funding their fees throughout their education process, as well as other living expenses. This puts the institution at ease and removes the pressure of questioning financial capability after admission has been given.

Important factors Influencing Bank Balance Requirement

These factors influence the amount required on an individual’s bank balance.

1. The Program Location:

This is one of the major factors influencing the amount required as a bank balance. The chosen location plays an important factor in determining the estimated cost of expenditure and living of the student. Location influences the overall cost of the program. The location affects factors such as the cost of food, transport, accommodation and other expenses. This is one of the most advised factors for immigrants to consider when selecting a study program.

2. The Program Choice:

Different programs have different price tags attached to them. Programs should be selected based on interests but also mostly on the budget of the student. This is necessary to fit the funds required for a student visa. When the right program is selected, the pressure of sourcing extra finance for the program will be taken off.

3. Number of Dependencies:

This is another factor influencing the amount required for a student visa. For most students, the option to travel with family is usually the case. This decision also affects the financial requirement for visa approval. For students travelling with dependents, the need to prove that the accompanying family members can be cared for is essential. Therefore, the amount needed for someone travelling alone and another travelling with family will vary.

Other requirements for a student Visa

Asides a proof of financial capacity required in providing a bank statement, other documents are required before students can obtain a student Visa. Most of these documents are presented during the interview stage. The following are the required documents for a student visa. They include;

1. A passport photograph.

2. Student and academic transcripts

3. A valid passport

4. The payment receipt showing payment of the application fee to the university

5. Test scores such as TOFEL, GMAT or GRE.

6. Visa payment; this is a one-time payment application fee. This varies in price.

7. Proof of admission or acceptance into the proposed university

8. Health insurance

9. Documents such as marriage certificates, birth certificates and other civic documents are required especially for married couples and other classes of individuals.


The country remains one of the world’s recognized locations for quality education. Education policies of the country are regulated by the Ministry of Education, making the government directly responsible for maintaining the standards of the system. For international students, Iceland is a good destination for education. 

Frequently Asked Questions

1. What is the climatic condition of Iceland for international students?


Iceland has a predominant coastal climate. In Iceland, summer is described as cool while the winter is mostly mildly cold. It has an average recorded temperature of -3 to +3 degrees Celsius during the first month of the year and up to about +15 degrees in July, the country is okay for international students to live in.

2. What is Iceland ranked in terms of education?


The country is known for its respected education system and colleges. They offer prestigious degree certifications and are ranked among the 400 – 500 percentile globally in reading and science.