Korean Job Discussion Forums

[greasylake]

I have heard that in order to obtain a student visa, one has to prove they have enough money in their bank account to show they can support themselves. Anyone know if this is true and how much money one needs in their account?

[deizio]

$10k USD, and they do want evidence. Send a physical bank statement or letter with your visa application if at all possible. YMMV, but the Korean embassy in the UK wouldnt go for my screenshot printout of my Korean online banking account summary.

[coralreefer_1]

10,000 USD or equivalent in some other currency is the correct amount.

Typically foreign students have a "sponsor"...who must submit banking information to prove the amount, and sign a sponsorship statement saying they will be responsible for the expenses of studying abroad.

But , there are a few points I would like to add.

1. It doesnt have to be your own money. Some universities stipulate the "sponsor" (if not you yourself) must be a parent, other schools will accept any family member (uncle, aunt, sister...etc), while still other universities do not require a family relationship at all. When I got my first student visa back in 2007, the sponsor I used was simply a friend back in the US I used to work with.


2. Also, it is possible to have a professor at the university you are planning to enter to be your sponsor. This requires the same documents as above, as well as a a few other documents related to the Korean professor (tax statements, etc)


3. I urge you to not make the same mistake I did, and make sure any bank statements are OFFICIAL documents. I failed to enter the graduate school or business at Korea university some time ago because the document my father sent me from the US was simply a plain A4 page screenshot the bank teller printed for him showing his account balance...etc. Monthly and quarterly statement are acceptable, or a CD/IRA/ statement, or even an official certificate of balance, but it needs to be official with bank letterhead, maybe a raised bank emblem, or otherwise some type of marking that makes if an official document. Also in the same vein with this, many universities (usually the better universities like the SKY schools and some others) require the bank documents(as well as most other required documents such as transcripts..diplomas..etc) to be "original" documents...not photocopies/faxed/scanned...etc. They must be sent mail or otherwise brought personally if already in Korea, or if still in the home country submitted personally at the embassy or certified mail.

4. Some universities require a type of "period of balance" statement...meaning that the bank documents need to show the required balance has been in the account for a certain period of time (perhaps over the course of 2-3 months. Again, this is dependent on the entrance requirements of various universities.

5. Of note, even though the sponsor signs a statement agreeing to be responsible for tuition..etc, there is no legal obligation for the sponsor to actually pay...nor will the account somehow be billed for tuition each semester. If tuition is not paid..the university will report it to immigration and the visa will be voided, but otherwise there is no debt or responsibility for the sponsor to pay.

[PeteJB]

Keep in mind that's 3000 USD for a D4 visa (Korean studies) or 10,000 for the D2 (Graduate studies).

[deizio]

Coralreefer, I see a difference here in that your issue with proving finances was with the school, whereas mine was with the Korean embassy. I had already satisfied my school (Sungkyunkwan) with everything they wanted (including 1st semester tuition payments), had the acceptance letter, and only really had to show proof of finances when getting the final visa issuance from the embassy in London which I did by mail. Had I known what was coming I would have taken the 20 minutes to walk into the bank and get a statement before I left Korea. i do wonder, has responsibility for checking the finances been passed from individual schools to the authorities since you last applied, or did they both ask to see your finances?

I took a 4 month break between working here and starting school which is why this all happened in the UK (summer 2010). After they turned down my account screenshot and threatened to make me visit London to get a statement from the KEB office there (who said they don't really give out statements for Korean branch accounts but might be able to cobble something together), the embassy eventually accepted a fax of my parents savings account statement I pulled out of a drawer. I also faxed them a nice letter addressed to the Consul pointing out that I had 30 mil in my Korean account from years of long service to Gangnam-gu Office (Korean side of business card attached for maximum impact), had flights booked the following week, had already laid out the tuition, and lived 400 miles from London, all of which seemed to focus their minds. Things went pretty smooth from there.

OP, the $10k (or $3k) will still hold, but the ins and outs will depend on whatever the current regulations are, your school and / or where you process your visa application, how you play it, and who is dealing with it. Just try to start early and get all your ducks in a row.

[coralreefer_1]