All about financial proof to study in Korea 2022

Financial proof to study in Korea.

All about financial proof to study in Korea 2022

Experience proving financial resources to study in Korea update. In the process of preparing Korean study abroad documents, in addition to academic records, personal records, etc., financial documents to prove Korean study abroad are one of the important documents for the Embassy or Consulate. can issue visas for international students.

What is the financial proof of studying in Korea? Why do you need to prove your finances to study in Korea?

Financial proof study in Korea (Financial Proofing or Demonstrate Financial Capability) This means showing that the international student and his/her family can afford to live and study abroad. This proof helps to affirm that international students go abroad for the right purpose of study, not to borrow their name to work, settle illegally or other illegal purposes, etc.

Reference work: Cost of studying in Korea

What documents are needed to prove financial support to study in Korea?

In essence, proof of finance to study in Korea includes 2 steps: 

* Passbook requirements when proving financial resources to study in Korea 

Depending on the nature of different school groups, the requirements for savings books to prove financial South Korea to study also different. Currently, there are 3 groups of schools as follows:

  • At the Korean embassy in Hanoi with schools in the top 1%, also known as direct visa schools, students are exempted from all documents proving their financial resources to study in Korea, including savings books.. Students can deposit their savings in US dollars or Vietnamese dong. If you make a passbook deposited in Vietnamese dong, when you go to ask for a confirmation of the balance at the bank, you should ask the bank staff to convert VND into USD equivalent so that the school and the Embassy or Consulate know. 
  • For certified schools, also known as schools for visa interviews, students must submit all documents proving their financial resources to study in Korea including a savings book worth 10.000 USD sent 6 months before the date of admission. submit a visa application. 
  • With the group of TOP 3 schools that are not certified, students are required to submit a deposit book to prove their finances to study in Korea at a Korean bank worth 10.000 USD. The deposit period is 1 year in the form of account freezing. This passbook can only be withdrawn for the first time when the student enrolls for 1 months and the second time after the student has enrolled for 6 year at the school. 

The time to open a savings book to prove your financial status for studying in Korea depends on the study abroad category, usually from 3 to 6 months

Notice from the Embassy of Korea from July 1, 7 in Vietnam regulations on financial documents proving Korean study abroad, specifically savings books, has the following changes: 

  • Master's degree: equivalent to 20.000 USD, minimum time to open a savings book is 3 months.
  • Language system: equivalent to 9.000 USD, time to open a savings book for at least 6 months
  • According to the exchange program between a Vietnamese school and a Korean school: equivalent to 9.000 USD, time to open a savings book for at least 3 months

Passbook when submitted to the Embassy, ​​need to meet the following documents to prove financial study abroad in Korea:

  • Original and copy of passbook for easy comparison 
  • The person whose name is on the book can be an international student or a financial guarantor, usually a parent, ..
  • Original balance confirmation certificate issued by the bank within 10 days before submitting the application. 
The proof helps confirm that international students go abroad for the right purpose of study.

The proof helps confirm that international students go abroad for the right purpose of study.

* Requirement for proof of income when proving finance to study in Korea

Families must prove their financial resources to study in Korea, so that the school as well as the embassy or consulate general can see that their parents have a stable job and income to pay for the international student during their study in Korea. South Korea.

This income section also shows what income the savings are from. These incomes can be monthly salary, profit from business, rental, interest from bank deposit, income from farming, breeding, trading,... as long as the source lawful and regular income.

Schools in Korea are very interested in the stable monthly income of students' parents. Therefore, in addition to proving work, there are many other ways such as doing business, renting houses, etc. Ensuring a stable income of both parents from 35-40 million/month or more.

In case biological parents provide financial guarantee, the following documents are required: 

  • Documents proving family relationship such as household registration book, birth certificate.
  • Financial documents of parents such as confirmation of job, position and salary sheet certified by the agency or enterprise in which the guarantor is currently working. Income requires local certification.
  • Original with photocopies of passbook and confirmation of deposit balance issued by the bank within 10 days before the date of application.

In case parents have died or are in Korea, the sponsor can be: 

  • Brother or sister or brother-in-law or sister-in-law (with Korean nationality) financial guarantee. 
  • Documents proving family relationship in Korea and Vietnam, such as household registration book, birth certificate, translated into English and notarized. 
  • Proof of financial support of the guarantor (original and notarized English translation). 
  • Local certified financial guarantee commitment (original and notarized English translation). 

Sponsored by a professor in Korea under a research institute, the dossier includes: 

  • Financial proof of professor, certificate of account balance. 
  • Professional certification provided by schools in Korea.
  • Commitment to financial guarantee for students, stating the amount provided and notarized. 

Thus, the passbook helps international students to pay all kinds of expenses, while the financial documents proving the financial status of studying in Korea are to help the competent authority to verify the amount in the passbook is correct. is legal or not. 

If I don't have enough money, can I prove my finances to study in Korea? 

The procedure will be very simple, if the family's financial potential is guaranteed, just bring money to the bank and open a savings book, so international students can complete a set of documents to prove their financial status. study Korean. Otherwise, international students can still make documents to prove their financial resources to study in Korea through banking services or savings account rental services to prove their study abroad finances. Korea is supported quickly and efficiently. 

Study abroad groups and financial documents to study in Korea

In case of self-pay study abroad, you must have: 

  • Passbook original and photocopy with a minimum amount of 10,000 USD with a term of at least 6 months 
  • Documents proving parents' income are translated into English and notarized by the agency. 
  • The parent's guarantee commitment is translated into English and notarized by the local authority. 

To study abroad with a full scholarship, it is necessary to have: 

  • Grade 12 diploma and transcripts are translated into English and notarized by the school and agency.
  • Original admission letter and scholarship notice from the school.

For the case of studying abroad with a semi-full scholarship International students need to prove the financial ability of their family or guarantor. If the scholarship is less than 50% of the total tuition fee and living expenses, the international student needs to switch to the self-sufficient student visa system.  

In addition, if you are guaranteed by the company to study abroad, you need to prepare: Labor contract, Financial guarantee letter of the company, Confirmation of financial statement. get the company's account balance.

Financial proof is an indispensable step when studying in Korea.

Financial proof is an indispensable step when studying in Korea.

Financial proof to study in Korea, should I open a savings book at a bank with a high interest rate? 

Interest rate is a very important factor that many customers are interested in when saving money. Here are a few banks with the best interest rates today: 

  • Techcombank with Superkid Savings package
  • SCB bank, pretty good interest rate
  • Agribank, Vietcombank, Vietinbank…

Financial proof of studying in Korea can be divided into many books to send? 

When making a passbook to prove financial study abroad in Korea, you can deposit money in Vietnamese, American, etc., and have the minimum equivalent value as required by the School or higher, send as much as possible because the more you can prove it, its financial strength is strong.

However, it must be consistent with the explanation of income sources. The family does not have to put all the money in one book, but it can be divided into several books. Because my family does not always have a large amount of money to deposit at once, when I have a lot of money, I will deposit it in a bank as a savings book, as long as the total amount on the books is enough as required.

Some experiences to prove financial study abroad in Korea

To Proof of finance to study in Korea In the fastest and most successful way, international students should actively learn first and save the following useful experiences:

Actively find out information about financial proof to study in Korea

Learn the basic procedures to prove your finances to study in Korea. Finding out information in advance will help international students have an overview to proactively prepare documents and procedures to prove their finances to study in Korea.

Actively prepare your savings to prove your finances to study in Korea

Normally, when planning to study abroad in Korea, international students should actively prepare a savings book as soon as possible to help prove their finances to study in Korea smoothly. 

The above is a summary of comprehensive information about the procedures for proving financial aid to study in Korea. In general, proof of financial resources to study in Korea is a mandatory condition if you intend to study in the land of kimchi. Therefore, international students as well as their families need to understand the processes and procedures. Hopefully, the article can accumulate more useful and complete information on the processes and procedures of proving financial study abroad in Korea so that the preparation of documents is fastest and most effective!

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