Studying abroad is a life-changing experience that offers numerous opportunities for personal growth and academic advancement. When applying for a student visa to study abroad, one of the requirements that many countries have is proof of financial means. This means that you need to show the embassy or consulate that you have enough money to support yourself during your studies. There are two main ways to do this: with a blocked account or with bank statements. In this blog, we will explore the differences between these two methods to help you make an informed decision about your study abroad journey.
What is a blocked account?
A blocked account is a special type of bank account where you deposit a predetermined sum of money for a particular purpose, such as studying abroad. The money is then held by the bank until you arrive in the country where you will be studying. The money in the account is blocked, which means that you cannot access it all at once. Instead, once you arrive, you will receive a monthly allowance from the account to cover your living expenses.
Blocked accounts are often a requirement for study abroad visas in Germany, where students must have €934.00 per month blocked, totaling €11,208.00 for a year. They serve as a suitable option for students who may not possess significant savings and are not sure how much money they will need while studying abroad.
What are bank statements?
Bank statements are simply records of all the transactions that have occurred in your bank account over a period of time. Countries require a specific duration for bank statements, which could be 28 days, 3 months, or more, depending on their visa requirements.
The period of bank statements you need to submit depends on the visa requirements of the country you are planning to study in. These statements provide a detailed financial history and are used to verify that you have sufficient funds to cover your living and study expenses during your stay.
Which option is right for you?
Whether a blocked account or bank statement is better for studying abroad depends on the requirements of the country you are planning to study in. Some countries, such as Germany, require students to have a blocked account. Other countries, such as Australia, accept bank statements as proof of financial means.
In conclusion, whether a blocked account or bank statement is better for studying abroad depends on the requirements of the country you plan to study in. Regardless of your choice, being financially prepared is a crucial step in ensuring a successful and enjoyable study abroad experience.