International Students in Australia Need Over $19k in Savings to Get Visas

The Australian government has raised the amount of savings that international students need to have in their bank accounts to get their student visas.

International students should now have at least A$29,710 (US$19,576 or €18,216) in available funds to be eligible for an Australian visa, which is about $3,000 more than last year. The new rules went into effect on Friday, May 10, 2024, Erudera.com reports.

This is the second time in about seven months that Australia has raised the financial requirement for international students following concerns that the latter travel to the country to study but spend too much time working. More recently, the country increased the financial requirement to A$24,505 from A$21,041 in October last year.

Announcing the rule, the Department of Home Affairs said the requirement has changed to align with 75 percent of the national minimum salary.

“This will better indicate the amount of money considered reasonable to provide a minimum standard of living while studying in Australia. This proportion considers that students are out of course session for 25 per cent of the year. During this time they may return home or have access to unrestricted work,” the department said.

Commenting on the policy, the Minister for Home Affairs, Clare O’Neil, said a larger sum of money will ensure international students can support themselves while studying in Australia. According to her, a large amount of money in their bank will reduce the risk of students being a target for exploitation.

The Department of Home Affairs also said the new requirement means international students are less likely to experience financial hardship in Australia and breach visa conditions by working more hours than allowed.

According to the department, student visa holders in Australia are allowed to work a maximum of 48 hours per two weeks while studying. After being relaxed amid the COVID-19 pandemic and removed from January 2022 until June 2023, work restrictions for international students were re-introduced on July 1, 2023, increasing to 48 hours per fortnight.

“Student visa holders have no work restrictions when their course of study or training is not in session. These restrictions allow students to focus on obtaining a quality Australian education and qualification, while also gaining valuable work experience and contributing to Australia’s workforce needs,” the government said.

The saving requirement proves that an international student has enough means to cover their travel, study fees, and living expenses during their stay in the country.

Official figures indicate a total 787,000 international students studied in Australia last year, exceeding pre-pandemic levels. That was an increase of 27 percent from 618,000 in 2022. Most international students in Australia hail from Asia, with the top three source countries being China, India, and Nepal.

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