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seoulsurvivor8
Joined: 25 Aug 2011
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 Posted: Mon Sep 22, 2014 12:53 am Post subject: Verification of Deposit - Student Visa |
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| I want to maybe go back in the Spring to Korea for a Masters (Korea Univ). What the hell is a 'verification of deposit' and isnt $10,000 cash a very difficult amount to come by without getting a loan pre-acceptance? |
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FriendlyDaegu
Joined: 26 Aug 2012
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| Posted: Mon Sep 22, 2014 4:26 am Post subject: |
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Sounds like it's probably the bank form stating how much money you have.
I don't think it's unreasonable at all to require students have 10k in the bank before moving to Korea for a Master's program. |
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optik404
Joined: 24 Jun 2008
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| Posted: Mon Sep 22, 2014 4:31 am Post subject: |
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| They need to see you have enough in the bank to survive and so that you don't become a liability. When I went to Yonsei KLI they asked for a deposit statement showing 3K. |
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aq8knyus
Joined: 28 Jul 2010
Location: London
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| Posted: Mon Sep 22, 2014 6:32 am Post subject: Re: Verification of Deposit - Student Visa |
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| seoulsurvivor8 wrote: |
| I want to maybe go back in the Spring to Korea for a Masters (Korea Univ). What the hell is a 'verification of deposit' and isnt $10,000 cash a very difficult amount to come by without getting a loan pre-acceptance? |
It also has to be 10,000 USD, so if you are not an American they will calculate your money into US dollars, not won.
For your initial D2 application the money can come from multiple bank accounts. For example I showed my bank statement from my home country and added it to the statement from my Korean bank.
However, if you are going to use statements from your home bank they will have to be originals. In my experience photocopies were not allowed.
The bank statement must have also been issued within the last month and the money has to have been in there for a month(ish).
If it is a bit difficult you could ask your family to transfer the money and keep it in your bank account for a month. Then get the statement and simply let them transfer it back out again without spending a penny.
Alternatively you can use your home country account, get the statement and then transfer the funds into your Korean account. Then presto! you have doubled your money. |
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seoulsurvivor8
Joined: 25 Aug 2011
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| Posted: Mon Sep 22, 2014 1:54 pm Post subject: Re: Verification of Deposit - Student Visa |
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| aq8knyus wrote: |
For your initial D2 application the money can come from multiple bank accounts. For example I showed my bank statement from my home country and added it to the statement from my Korean bank. |
Oh, okay. So if I use my Korean bank account and the accounts of relatives I just make sure the total adds up to the requested $10,000? (Plus notarized letters from my parents/the account holders saying they are related to me and can support me financially, etc.) |
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seoulsurvivor8
Joined: 25 Aug 2011
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| Posted: Mon Sep 22, 2014 1:57 pm Post subject: |
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| FriendlyDaegu wrote: |
I don't think it's unreasonable at all to require students have 10k in the bank before moving to Korea for a Master's program. |
I don't think it's unreasonable either, but my parents and I don't have $10,000 sitting around in cash in any account. We're not that financially well-off. I also don't want to have to take out an education loan merely to apply for admission at the risk of not being accepted. That was the source of my shock and awe in all of this. |
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coralreefer_1
Joined: 19 Jan 2009
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| Posted: Mon Sep 22, 2014 4:17 pm Post subject: |
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Note that universities vary in this regard.
One university may require the money to be in either your own account, or a parent. Another university may accept bank documents from anyone who also signs the sponsorship document. The first university I entered in 2007 allowed ANYONE to be the sponsor, and I like yourself didnt have the cash myself and neither did my parents...so I asked a former coworker from the US, who agreed to send the documents needed and all went well.
When I applied to Korea University graduate school, their guidelines stipulated the the sponsor if not myself had to be a parent. Check with the international office of the university you are interested in (as the English version of the university websites tend to not be updated often, or provide as much info)
Also, a professor at the university may be willing to act as your sponsor. Assuming you have been in contact with the head of the department about the possibility of entering and exchanged emails with them, there is usually an option for a professor to submit tax paperwork/income documents to complete the requirement. |
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seoulsurvivor8
Joined: 25 Aug 2011
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| Posted: Mon Sep 22, 2014 11:33 pm Post subject: |
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I've been writing to the office of international studies and they confirmed that Korea Univ. will accept verification of deposit from many accounts as long as the total amount is $10,000.
As far as sponsorship, couldn't a relative who doesn't have the $10,000 amount just step into a sponsorship role instead? Or do sponsors have to be unrelated?
Again, probably depends on the university I imagine... |
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talentedcrayon
Joined: 27 Aug 2013
Location: Why do you even care?
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| Posted: Mon Sep 22, 2014 11:37 pm Post subject: |
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Do you have a line of credit?
Withdraw 10,000. Have the bank give you a verification.
You will pay about 1-2$ in interest.
Problem solved
edit: pay it back the moment you get the verification. |
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seoulsurvivor8
Joined: 25 Aug 2011
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| Posted: Tue Sep 23, 2014 1:20 am Post subject: |
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| Line of credit as in credit card? I'm definitely only approved for about $2,000 credit on a card. I'll see what I can do in terms of credit or loans though. It did cross my mind. |
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aq8knyus
Joined: 28 Jul 2010
Location: London
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| Posted: Tue Sep 23, 2014 4:46 am Post subject: Re: Verification of Deposit - Student Visa |
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| seoulsurvivor8 wrote: |
| aq8knyus wrote: |
For your initial D2 application the money can come from multiple bank accounts. For example I showed my bank statement from my home country and added it to the statement from my Korean bank. |
Oh, okay. So if I use my Korean bank account and the accounts of relatives I just make sure the total adds up to the requested $10,000? (Plus notarized letters from my parents/the account holders saying they are related to me and can support me financially, etc.) |
If your using your relative's account then you have to go through a whole different process involving guarantors.
Im sure your parents trust you and can just put the cash into your account for the month. Or you can open a joint account and as long your name is there, no worries.
However, for my university the verification of deposit was my issue to handle with immigration. I didn't have to show the uni anything about my financials.
As you are going for KU best follow coralreefer's advice as every uni is different. |
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seoulsurvivor8
Joined: 25 Aug 2011
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| Posted: Tue Sep 23, 2014 8:14 am Post subject: |
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This used to be an issue handled by immigration alone. It was passed of as a responsibility of schools to determine if international students are financially stable before awarding the student visa. Because of that the school literally pulls a dollar amount out of their butt used to test financial solvency upon the time of application.
I can't find anything related to an International Student Office for Korea University.
For reference, I guess, here's the admission checklist for international students to the GSIS. (Item 9 is the item I'm talking about.)
http://gsis.korea.ac.kr/admissions/admission-for-international-students |
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talentedcrayon
Joined: 27 Aug 2013
Location: Why do you even care?
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| Posted: Tue Sep 23, 2014 9:50 am Post subject: |
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A line of credit isn't a credit card.
It is a flexible pre-approved loan from the bank. It might be called something different where you are from.
Your parents might be able to help you out. If they are willing they could get a line of credit, deposit the money into your account, you get the verification and then give them the money back so they can pay off the loan.
You just need to show you have money in your account. |
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SeoulNate
Joined: 04 Jun 2010
Location: Hyehwa
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| Posted: Tue Sep 23, 2014 4:51 pm Post subject: |
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| On a side note, if you dont have 10 grand to pay for grad school and living costs, wouldnt it be a bad idea to come and enrol in a grad program in the first place? |
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seoulsurvivor8
Joined: 25 Aug 2011
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| Posted: Wed Sep 24, 2014 3:19 am Post subject: |
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| Well Im American so $7,500 USD yearly tuition with a high chance of scholarships from Korea U is a hell of a lot lower of a loan/debt set-up than a comparable degree and course of my education back home which would run me maybe $50,000 USD a year on top of my undergraduate student loan debt...I thought this out. Dont worry. Im a smart shopper. |
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