Overview
The Australian Department of Home Affairs requires student visa applicants to demonstrate they have sufficient funds to cover tuition fees, living costs, and travel costs for themselves (and any accompanying family members). The main mechanism for Nepali students is the Government of India/Australia's Genuine Investment in Education (GIC) program, along with bank statements showing liquid funds.
How Much Money Do You Need?
| Cost Category | Amount (AUD) | Approx. NPR (Mar 2026) |
|---|---|---|
| Tuition fees (Year 1) | AUD 25,000–45,000 (course-dependent) | NPR 22–40 lakh |
| GIC deposit | AUD 24,505 | approx. NPR 21.6 lakh |
| Living costs per year | AUD 29,710 | approx. NPR 31.3 lakh |
| Return airfare | AUD 2,000 | approx. NPR 1.8 lakh |
Note: Exchange rates fluctuate. Use finduni.ai's Proof of Funds Calculator for the current NPR equivalent.
What is the GIC (Genuine Investment in Education)?
The GIC is a fixed deposit you make at a participating Australian bank before your visa is granted. It is NOT a fee , the money belongs to you.
- Amount: AUD 24,505 (2025–26 figure; reviewed annually)
- Where to deposit: ANZ, Commonwealth Bank (CBA), NAB, Westpac, or other DIAC-approved banks
- How to access: First instalment released on arrival. Remainder released in subsequent instalments over your course.
- Who needs it: All student visa applicants (Subclass 500) except those sponsored by specific governments or scholarships
Bank Statement Requirements
In addition to the GIC, immigration officers want to see active bank balances showing the funds are truly available:
- Bank statements from the last 3–6 months
- Balance should cover at least living costs + travel (in addition to what is in the GIC)
- Sudden large deposits close to the visa application date raise red flags, so maintain funds consistently
- Both personal and parental accounts can be used if you have a sponsor letter
Sponsorship by Parents
Most Nepali students are sponsored by their parents. To prove this:
- Sponsor letter signed by parents confirming they will fund your study
- Parents' bank statements (last 6 months)
- Parents' income proof: salary slips, ITR, business registration, property documents
- Relationship proof: your birth certificate
The stronger your parents' financials, the more convincing the overall funds case.
Common Mistakes Nepali Students Make
- Sudden large cash deposits: UKVI and DIBP flag sudden large deposits as suspicious. Build up funds gradually over months.
- Showing only fixed deposits: liquid funds (savings/current accounts) are more convincing than FDs alone.
- Not opening a GIC account before applying: the visa application requires proof the GIC has been opened.
- Using a family friend's account: DIBP expects funds to be from your immediate family circle.
How to Open a GIC Account from Nepal
- Choose a participating bank (e.g., ANZ, CBA)
- Apply online from Nepal before travelling, as most banks allow this
- Transfer AUD 24,505 via Nepal Rastra Bank-approved forex transfer
- Receive GIC certificate and attach it to your visa application
Your local bank (e.g., NMB, NIC Asia, Everest Bank) can assist with outward forex remittance under NRB regulations.