The general rule is that you need to show that you have enough money to cover both your tuition fees and your living costs.
You will need to do the following:
1) First you need to confirm how much money you have to show. For your initial visa application, you will need to show you have enough money for your tuition fees plus living costs (maintenance).
- For your tuition fees, by default this is the whole tuition fee amount as shown on your CAS and will just be for your first year of study. Or if doing a 1 year masters course, it will be the whole tuition fee.
- Living Costs is usually £9135. Most full time students who are on a course lasting at least 9 months will need to show this amount. For those doing shorter courses like Pre-sessional English, the living cost amount is broken is £1,015 per month of the length of the course for a max of 9 months. We always try and advise for everyone to show the max £9135 amount to be safe
2) Then you must show that you have held this total amount for a of minimum 28 consecutive days before you apply for your visa
3) You are allowed to hold this money as foreign currency in an overseas bank account. You must make sure the the money you are holding in foreign currency is equivalent to the correct money in Great British Pounds (GBP) and the UKVI will only use the exchange rate on the OANDA website and they will not consider any other kind of exchange rate tool. The UKVI will use the exchange rate from the day you pay for your visa application.
You will usually prove you have held this money by providing some form of official financial evidence and it must show personal, readily available cash. This means you must show this money held in a current(checking) or savings account in your name or your parents name. You cannot use evidence from:
- Stocks or Shares
- Investment Portfolios
- Credit Cards
- Bank accounts in the name of a family business
- Private bank loans unless you plan to hold the cash for 28 days before you apply for your visa(then normal bank statement rules apply)
You are allowed to deduct the any tuition fees you have already paid toward your course from the total amount you have to show
It is important to show you have paid this amount for the deduction to take any effect and you will usually do this by getting your CAS updated. If you want to rely on these deductions to show a lower amount of money then you must make sure your CAS is updated BEFORE you apply for your visa.
For example, your tuition fees are £10,000 and living costs are £9135. Before you complete your visa application, you pay £5000 toward tuition fee. Your CAS is updated to show these payments.
£10,000 + £9,135 = £19,135
£19,135 - £5000 = £14,135
You need to show £14,135 held for 28 consecutive days