WHY IS FINANCIAL PROOFING?
Financial proofing is proof that students have the financial ability to pay all expenses during the study abroad process such as tuition fees, and living expenses.
WHY DO WE NEED TO PROVE OUR FINANCIAL SITUATION?
For developed countries, financial proof is a mandatory requirement. In addition to showing economic capacity, this is also considered a sign of commitment to the right purpose of exporting. Thanks to that, applying for a visa at the Embassy/Consulate or doing procedures at the Immigration Department also goes smoothly.
The main purpose of this is to control, reduce and limit the acts of fleeing and illegally settling in the countries of residence. Especially studying in Korea, when the illegal situation in Korea is increasing.
Financial proofing procedures
Preparing a Bank book
- This book is to your advantage when the school or the Embassy/Consulate considers your application. If you are disadvantaged in terms of academic conditions, you can make this book to increase your pass rate.
- The requirements for the amount of money in the savings book and the sending time for each level of study abroad are different, namely:
- Study abroad: A savings book with at least 10,000 USD, deposited in the bank for at least 6 months from the date of application for a Korean student visa.
- Studying abroad in college/university/master’s/doctorate: Savings book with at least 20,000 USD, deposited in the bank for at least 3 months from the date of applying for a Korean student visa.
Confirm the job and income of the financial guarantor
- Documents proving family relationship: household registration book, birth certificate (notarized English translation). The sponsor must be a biological parent or a sibling. Particularly in the case of deceased biological parents or both living in Korea, the guarantor can be a sibling or brother-in-law/sister-in-law (with Korean nationality).
- Certificate of job, position, and salary sheet certified by the company that the guarantor is working for
- Commitment to financial guarantee with local certification of signature (original and notarized English translation).