Australia proposes doubling bank balance requirement for student visas

Australia has proposed doubling the bank savings that international students must show to obtain a visa.

A discussion paper released by Australia's Department of Home Affairs on October 30 sets out four options for proving financial capacity. Under three of these options, applicants would need to prove that funds for study and living costs have been deposited in an Australian bank account.

This amount could be equal to the full tuition fee for the entire study period plus 50 percent of living costs, or the first year's full fee plus full living costs. Under some options, the funds would need to have been in the account for one to three months before the application is submitted.

The proposal also allows capacity to be shown through recognized education loans, scholarships and personal savings. Depending on the length of study and the fee, students may need to show as much as 140,000 Australian dollars.

At the exchange rate Nepal Rastra Bank set for the Australian dollar on Kartik 15, this amount comes to about 149 million rupees. At present, students only need to show the source of funds for tuition, 12 months of living costs and travel expenses.

Under the new arrangement, authorities will also examine the source of the funds, whose name they are held in, and whether the student is allowed to operate the account. Changes to the process for verifying genuine students have also been proposed.