How Much Bank Balance is Required for an Australian Tourist Visa in 2023

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How Much Bank Balance is Required for an Australian Tourist Visa?

If you’re dreaming of a thrilling adventure in Australia, exploring its picturesque landscapes, vibrant cities, and unique wildlife, you might wonder about the financial side.

It is not a secret that Australia is the 12th most expensive country in the world, with average living costs cheaper than London but more expensive than the United States. Sometimes you may think getting a visa to Australia may cost an arm and a leg. So be with us because today we will dive deep into How Much Bank Balance is Required for an Australian Tourist Visa.

Financial Requirements for an Australian Tourist Visa

When planning your trip to Australia, it’s essential to have a clear understanding of your financial obligations. The Australian government requires applicants to demonstrate they can support themselves financially during their stay. This means having sufficient funds to cover your expenses without public assistance.

Bank Balance Requirement

One of the critical aspects of the financial requirement is your bank balance. The amount you need to show in your bank statements depends on various factors, including the duration of your stay, the type of visa, and the purpose of your visit.

Visitor Visa Subclass 600

The Visitor Visa Subclass 600 is a versatile visa that allows you to travel to Australia for various purposes. It is suitable for tourism, visiting family and friends, conducting business activities, or attending conferences and trade fairs.

With this visa, you can experience the wonders of Australia while enjoying a temporary stay of 3, 6, or 12 months, depending on your circumstances.

The Visitor Visa Subclass 600 offers three different streams to cater to various travel purposes:

Tourist Visa Stream

This stream allows you to visit Australia for tourism, sightseeing, holidays, or to visit family and friends. You can explore this beautiful country and even study or train for up to 3 months. However, working in Australia is not permitted under this visa.

Business Visitor Stream

For those traveling to Australia for business purposes, the Business Visitor Stream is ideal. You can engage in general business activities and attend conferences, seminars, or trade fairs. However, selling goods or services directly to the public or working in Australia is prohibited.

Minimum Bank Balance for an Australian Tourist Visa

On the cheaper side, if you plan a budget-friendly trip, you should have 250AUD and 350AUD per week. However, for a more luxurious holiday experience, the budget may go up to 500AUD or even over 1000AUD per week.

Keep in mind that if you’re also considering working while in Australia, having a solid savings base of around 4000AUD to 5000AUD when you arrive is recommended.

Factors Affecting the Required Bank Balance

Several factors come into play when determining the required bank balance for your Australian tourist visa application.

Duration of Stay

The duration of your stay significantly impacts the amount you need to show in your bank statements. The financial requirement for a shorter trip will be less than an extended stay.

Accommodation and Living Expenses

Considering the cost of accommodation and daily living expenses in Australia is crucial. These costs can vary depending on the city or region you plan to visit.

Return or Onward Travel

Sufficient funds for a return or onward travel are essential to ensure your ability to return home or continue your journey. This demonstrates to the authorities that you have concrete plans for your trip.

Demonstrating Sufficient Financial Means

To satisfy the financial requirement, you’ll need to provide relevant evidence. This may include bank statements for the past three months with a closing balance of at least 5000 AUD per applicant. Additionally, you might need to submit payslips, audited accounts, taxation records, or evidence of credit card limits.

Suppose you have a sponsor for your visa application. In that case, they must also meet financial requirements, including providing bank statements with a closing balance of at least 5000 AUD and proof of assets ownership in Australia.

Applying for an Australian Tourist Visa

In order to apply for an Australian tourist visa, you must prove that you are a genuine visitor with sufficient funds and incentives to return home. It’s essential to provide evidence of employment, study, or assets to support your application.

FAQ

How much do I need in my bank account to go to Australia?

To go to Australia, you should have sufficient funds to cover your expenses during your stay. The recommended amount is around 4,000 to 5,000 AUD. However, it’s important to note that the actual amount may vary depending on your circumstances and planned activities. It’s always wise to have a buffer and ensure you have enough funds to support yourself throughout your trip.

How much does a 1-year tourist visa cost for Australia?

The cost of a 1-year tourist visa for Australia can vary depending on the type of visa and your nationality. Currently, the cost for a tourist visa (subclass 600) in the Tourist Stream is 190 AUD for an offshore application and 475 AUD for an onshore application. It’s important to check the official Australian government website or consult with a registered migration agent to get the most up-to-date information on visa costs.

Conclusion

Embarking on an adventure to Australia requires careful financial planning. To meet the financial requirements for an Australian tourist visa, you must demonstrate that you have enough funds to support your stay and return journey. Remember to consider factors such as the duration of your stay, accommodation expenses, and the purpose of your visit. Providing the required bank balance and supporting documentation increases your chances of obtaining an Australian tourist visa and enjoying an unforgettable experience in this beautiful country.

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