Australia's Work and Holiday visa (462) for Latin Americans

The Work and Holiday visa (subclass 462) is Australia's working holiday pathway for citizens of countries that have signed specific bilateral agreements with Australia. While the subclass 417 covers mainly European nations, Canada, Japan, and Korea, the 462 was negotiated separately with a different group of partner countries — including Chile, Argentina, Peru, Uruguay, Ecuador, and Brazil. If you are between 18 and 30 years old, the 462 lets you stay in Australia for up to 12 months, work to support yourself, and study for up to four months. This guide covers per-country requirements, how the annual cap system works, the key differences from the 417, and what happens with your banking and taxes once you arrive.

Your country: annual caps and current application status

Australia sets a hard annual limit on the number of first 462 visas granted to each partner country per program year (1 July to 30 June). Once a cap is reached, new applications pause until the quota resets on 1 July. For lower-cap countries, places can disappear within days of the July 1 opening. Always verify the live status on the official Department of Home Affairs website before applying.

• Chile — annual cap: 3,400 visas. No government support letter required. Quota opens 1 July; tends to sell out before the fiscal year closes.
• Argentina — annual cap: 4,400 visas. No government support letter required. Monitor cap status closely around July; can exhaust before 30 June.
• Peru — annual cap: 1,500 visas (expanded from 100 in January 2019). Government support letter required from Peru's Ministry of Foreign Affairs.
• Uruguay — annual cap: 200 visas. Government support letter required from Uruguay's Ministry of Foreign Affairs. With only 200 places, the quota fills within days of 1 July.
• Ecuador — annual cap: 100 visas. Government support letter required from Ecuador's Ministry of Foreign Affairs and Human Mobility. Important: the Ecuadorian government suspended issuing support letters due to high demand — no new letters until July 2026, effectively pausing applications for the current program year.
• Brazil — annual cap: 500 visas. The bilateral agreement took effect on 1 July 2022. No confirmed government support letter requirement.

462 visa requirements checklist

All applicants must meet the following base requirements at the time of application. Some vary by nationality — check the country-specific notes in the section above.

• Age: between 18 and 30 inclusive on the date you lodge your application (not the date you travel).
• Valid passport from an eligible country.
• Functional English: minimum IELTS average 4.5, TOEFL iBT 32, PTE Academic 30, or Cambridge CAE equivalent — taken within the past 12 months.
• Tertiary education: at least two completed years of undergraduate university study, or a recognised two-year tertiary qualification.
• Sufficient funds: approximately AUD 5,000 demonstrable plus return airfare (or equivalent funds).
• No dependent children accompanying you during your stay.
• You must be outside Australia when you lodge the application.
• Health and character: pass a medical exam if requested and provide a police clearance certificate.
• Government support letter: required for Peru, Uruguay, and Ecuador (see current per-country status above). Not required for Chile, Argentina, or Brazil.

How the annual cap and timing problem actually works

Unlike China, India, and Vietnam — which require entering a pre-application ballot and being randomly selected before they can even lodge a visa application — Latin American countries do not use a ballot. Instead, the 462 operates on a first-come, first-served basis within the annual cap. When the limit is reached, applications automatically pause.

For Ecuador (100 places) and Uruguay (200 places), the quota disappears within days of 1 July. For Peru (1,500) and Brazil (500), the window is wider but can still close months before June 30. Chile (3,400) and Argentina (4,400) have more generous caps, but growing demand means waiting until the final quarter of the year is risky. The recommended strategy: have every document ready before 1 July and apply as early as possible on the first day of the new Australian fiscal year.

• Key date: 1 July — annual quota resets for all countries.
• No ballot for Latin Americans: applications are first-come, first-served, not by lottery.
• Ecuador: quota exhausted for 2025-2026; support letter suspension until July 2026.
• Uruguay: 2025-2026 quota exhausted at time of publication; resumes 1 July 2026.
• Live cap status: immi.homeaffairs.gov.au → WHM program → Status of country caps.

Key differences between the 462 and the 417

Day-to-day life in Australia on a 462 visa is virtually identical to life on a 417. The differences are in how you qualify, not in what you can do once you land.

• Eligible countries: the 417 applies mainly to Europe, Canada, Japan, South Korea, Taiwan, and Hong Kong. The 462 covers Latin Americans, US citizens, Chinese, Indonesians, Thai nationals, and others.
• Extra entry requirements for 462: proof of functional English and at least two years of tertiary study. The 417 requires neither.
• Government support letter: required for some 462 countries (Peru, Uruguay, Ecuador). Never required for the 417.
• Ballot: only applies to China, India, and Vietnam within the 462 scheme. No Latin American country uses a ballot.
• Work and study in Australia: the same for both — up to 6 months with a single employer, up to 4 months of study.
• Tax: identical. Both visa subclasses are treated as Working Holiday Maker (WHM) status. The first AUD 45,000 of income is taxed at 15% when the employer is registered. There is no tax difference between 462 and 417.
• Bank account and TFN: requirements to open a bank account and apply for a Tax File Number are exactly the same for 462 and 417 holders.
• Second and third visa extensions: both require 88 days of specified regional work for a second visa; a third visa requires an additional 179 days.

How Tern helps

Tern is a multi-currency account you can open from your phone before you board the flight — your passport and visa approval are all you need (pre-launch registration is open now). Your account details are ready when you land in Australia, so you can share them with your first employer from day one without waiting in line at a bank branch. Top up from Chilean pesos, Argentine pesos, Peruvian soles, Brazilian reais, or other currencies at the mid-market rate with no hidden exchange margin, and use your card at ATMs with no withdrawal fees. With caps that fill fast and application windows that do not wait, Tern is designed to make your financial landing in Australia as smooth as possible.