Financial Requirements for Student Visas
For the purpose of meeting the financial requirements for a Student visa, the Department of Immigration and Citizenship has developed a list of acceptable financial institutions in the Philippines based on the legislative definition of a ‘financial institution’ under Australia’s Migration Regulations. Institutions included have been assessed as having good financial standing, credit rating, and integrity.
From 15 March 2009, only evidence of a money deposit or loan from an ‘acceptable Philippine-based financial institution’ included in this list will be accepted. Documents from other Philippine-based financial institutions will not be accepted as evidence of source of funds.
Applications lodged with the visa office prior to 15 March 2009 will be assessed as per current arrangements.
Prospective applications that do not have the required documentation are advised to delay lodgement and seek alternate funds from an ‘acceptable financial institution’. If a Student visa application is lodged after 15 March 2009 without the required documentation, the visa office may provide an opportunity to seek alternate funds from an ‘acceptable financial institution’ before a decision is made.
The department will review the list quarterly.
Acceptable Financial Institutions in the Philippines (from 15 March 2009):
- Metropolitan Bank & Trust Co.
- Banco de Oro Unibank, Inc.
- Bank of the Philippine Islands
- Land Bank of the Philippines
- Development Bank of the Philippines
- Rizal Commercial Banking Corp.
- Philippine National Bank
- Citibank N.A.
- China Banking Corp.
- Union Bank of the Philippines
- Allied Banking Corp.
- HK & Shanghai Banking Corp.
- Security Bank Corp.
- United Coconut Planters Bank
- Bank of Commerce
- Philippine Trust Co.
- Standard Chartered Bank
- Philippine Bank of Communications
- Asia United Bank
- East-West Banking Corp.
- ING Bank
- Philippine Veterans Bank
- Deutsche Bank AG
- Mizuho Corporate Bank, Ltd.
- BDO Private Bank
- Bank of Tokyo-Mitsubishi, Ltd.