Sufficient Funds For Australian Visa Explained 2021

Just like a neighbor who could overstay their welcome, the Australian authorities want to make sure that you can make it back home, even when you come visit.

To feel confident that you’ll want to return home, you may be asked on your Australian visa application about how much money you have for your trip.

But how do you answer that question and how much is enough? Don’t worry, read on to understand what the Australian Department of Home Affairs is expecting you to have for funds for your visa application.

💁 Visa applications and immigration to another country is tricky, so there is no one better than a professional to help you through this process. While this article can provide information, it is not intended to be taken as advice. You can contact the Department of Home Affairs or an immigration specialist for help for your exact personal immigration needs to Australia.

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🚦How much is sufficient funds for Australian Visa?
When you are travelling to Australia for fun or as a student specifically, you may be asked to show evidence of adequate financial means. This is an important part of the application that should be looked at carefully. It is possible for you to be rejected if you are not able to verify and meet the requirements laid out by the Department of Home Affairs.

And while showing financial means is one thing, you also need to prove you have access to the money as well. So if the money is provided by someone else, you will have to show evidence of the relationship with that person, that company or the loan agency in your application.

Let’s see how much is exactly needed for students and visitors.

🏫 How much bank balance is required for an Australia student visa?
You may be asked to show that you have enough money for your entire stay in Australia as a student. That means you must have enough funds to cover the following:

* Your travel in and out of the country
* 12 months of course fees, which can be pro rata for shorter programs
* 12 months of living costs, which can be pro rata for shorter stays
* Any school fees for dependent children accompanying you

While travel to and from Australia will be dependent on your starting location, living costs can be estimated. For a 12 month stay, it currently it stands as:

* Living costs for a student: $21, 041

If you have parents or a child coming with you, the living costs are** $7,362** and $3,152 respectively. You will need to show that the entire amount can be provided for.

For course fees, you need to show that you can cover your program for it’s cost for 12 months, or the overall program costs if it is shorter than 12 months.

Another alternative is showing a personal or parental annual income of $62,222 in the 12 months preceding your application. This can be done through showing tax records, as bank statements will not be accepted. ¹

These numbers can be changed and updated, so keep an eye on the Department of Home Affairs website for the latest requirements.

🏨 How much bank balance is required for an Australian tourist visa?
While there is no specific or set amount that you are required to have in your bank account, the Department of Home Affairs will want to see that you have enough money for the length and breadth of your visit in Australia. This can be proven through:

* Personal bank statements
* Pay slips
* Audited accounts
* Tax records
* Credit card limit
* A letter from who you are visiting stating that they will be providing for your stay

You may also be asked to show proof that you intend on returning home, like evidence that you have work, school, family members or property to return to. ²

Requirements for Australian Visa
To start, you are required to have a legal passport from your home country, and go through the proper channels to get an Australian visa. You must be able to complete the visa application fully and thoroughly before arriving in the country, for most cases. You will also have to meet the financial requirements for the visa fees and charges.

New Zealand passport holders do not require a visa to enter Australia.Additionally you will need to pass the health and character requirements as laid out by the Department of Home Affairs. Anyone that is perceived to be a threat to the Australian community, either in public health or through endangerment, is likely to be unable to get a visa. ²

💰 Fees and charges for Visa Applications
If you are applying for an Australian visa, there are going to be fees associated with the process. Let’s take a look at what they are.

The fees listed below are for applications submitted outside Australia. If you are submitting an application while currently in Australia, your fee may be different. Check the Department of Home Affairs website for the fee that is relevant to your circumstance.

Keep in mind that the cost for an Australian visa can change from time to time, so make sure you are updated with the latest fees and charges from the Department of Home Affairs website.

Type of VisaFeeAdditional feesTourist visa application from outside Australia⁴$145NoneBusiness visitor$145NoneFrequent traveller from People’s Republic of China$1,065NoneStudent Visa⁵$620$460 if over age of 18Temporary Work (Short term)⁶$310$310 if over age of 18Partner (Provisional) Visa⁷$7,715$3,860 if over age of 18 As of March 23, Additionally, depending on the situation the Australian immigration department may ask for additional information in regards to health, language or police checks. These could be additionally billed items for the visa submission.

The fees listed are only for the charges and fees with the application. If you are using an immigration specialist or professional to aid in your process, there may be additional fees they charge for the service.

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What can you do with an Australian Visa?
Different visa options for Australia open up the country to visitors, students, workers and family members of citizens depending on the needs. But finding the right visa for your circumstance is crucial as it will determine how long you can stay and what conditions you have to meet.

Note: having an Australian visa does not determine eligibility for citizenship. To become a citizen you will first need to become a permanent resident of Australia.

Here are the 3 most common types of visas for Australia and what you can do with each:

🎓 Student Visa
For studying in Australia, there are 3 types of visas: a Student visa, a Student Guardian visa and a Training visa. The first, a Student visa, lets you stay for the length of your program as long as it is part of a full time course at a recognized educational institution.

A Training visa is a temporary visa that lets you take part in workplace occupational training for your job with a maximum stay of 2 years.

A Student Guardian visa is for adults who are accompanying a student who is below the age of 18 for the course of their study. It is a temporary visa for the length of the course. ⁸

🎡 Visiting or Tourist visa
Close to 17 different visa options are available for those visiting Australia. This includes holiday visitors, extended working and holiday visas, business travellers, frequent visitors from the People’s Republic of China and medical visas to name a few. The fees, length of stay and ability to work can vary depending on the type of visa you qualify for. Read the details carefully on the Visiting Visa Options page to find the visa that is best for you. ⁹

💼 Work Visas
With 44 visas to choose from, Australia offers unique and tailored visas for different industries and types of work. Examples of different work visas are:

* Sporting
* Religious Work
* Business owners
* Investors
* Research activities
* Skilled workers
* Superyacht crew
* Independent work visas

Depending on the nature of the work and the arrangement with the Australian partner, company or organization, there will be conditions on how long you can stay and how often the visa will have to be renewed. ¹⁰

The Australian Department of Home Affairs website has an easy-to-use visa finder depending on whether you are looking to work, study or visit.

SourcesAll sources updated as of 23 March, This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.