Can Show Money Be Withdrawn While the Student Visa is Processing in Australia?
Pursuing higher education in Australia with a student visa means adhering to various visa conditions, including those related to financial guarantees. One common query is whether it is permissible to withdraw 'show money', a term used to describe the financial deposit required to demonstrate financial stability and capability to cover living and study expenses.
Overview of Financial Guarantees for Student Visas
When applying for a student visa in Australia, you are required to present financial evidence to show that you can cover your living and study expenses. This requirement is typically met by providing a signed declaration or, in some cases, a 'show money' deposit. This deposit serves as a financial guarantee that the student has the necessary funds to cover their expenses during their studies.
Withdrawal of Show Money
It is not advisable to withdraw the 'show money' while your student visa application is pending. Doing so could be seen as a violation of visa conditions and could lead to issues with your application. The purpose of the financial guarantee is to ensure that you have sufficient funds to support yourself during your studies. If you withdraw the money, you may fall below the required financial threshold, which could result in the rejection of your visa application.
Consequences of Withdrawal
While withdrawing the 'show money' might provide temporary financial relief, it could also complicate your situation. Immigration authorities may inquire about your financial status during the visa processing period, especially if they have reason to suspect that you might be falling short of the required funds. If the balance in your account drops below the required level, you risk having your visa application rejected.
Refund of Show Money
It is worth noting that if your visa application is unsuccessful, the 'show money' will be refunded. However, this situation would be the last resort. It is important to maintain your financial records and provide any necessary documentation as requested to ensure that your application is processed smoothly.
Is There a Solution?
Given the strict financial requirements and the implications of withdrawing the 'show money', you need to consider alternative arrangements. Here are some steps to consider:
Redeploy the Funds: Use the funds for essential living and study expenses. Ensure that you have a comprehensive plan to manage these expenses during the visa processing period. Provide Updated Financial Documentation: Keep a record of your financial transactions and provide updated bank statements and financial documents if required during the visa application process. Seek Professional Advice: Consult with an immigration expert to understand the specific requirements and advice tailored to your situation.Conclusion
It is crucial to maintain compliance with visa conditions to avoid any issues with your student visa application. With proper planning and adherence to the financial requirements, you can navigate the application process smoothly and secure your desired academic journey in Australia.