Regardless of which type of travel visa you are applying for, visa consular or embassies normally want you to show the proof of financial support to sustain the traveler while on their trip abroad. This can be proven through presenting current bank statements, mobile money statement, loan letters or financial sponsorship letter attached with financial statement of the sponsor.
In this blog, we are going to look at one by one, however we shall concentrate on the most commonly used by most of visa applicants, that's the bank statement.
A bank statement is a financial record that shows all the transactions for a particular bank account owner in a specified period of time. It shows all the inflows and outflows.
Before we choose which bank statement to present before the visa consular as the means of financial support. Let’s see what really the visa consular needs to find out in one’s statement.
1.The visa consular or embassy would need to know whether the applicant have sufficient funds to sustain their stay abroad
2.The embassy needs to understand whether ones bank transactions match the sources of income and their expenditure proofs they are presenting.
In this case therefore having larger balance on the presented bank statement does not guarantee one’s visa approved, someone with relatively smaller amounts may stand higher chances of their visa being approved if at all they have clearly shown their sources of income, expenditure proofs and its matching the transactions they are making on the presented bank statement.
Building a standing bank statement
If you are expecting or having plans to travel in the nearby future, don’t just wake up and add a larger sum of money on your account to present without showing the source of income for the deposited money.
We recommend that you start building your statement in time, like six to seven months prior your visa application submission.
Even if the money is not yours, just ensure that it passes on your account for some few hours or days before you give it back to the owner. All the money from your different sources of income should be deposited first onto your account before you spend it. In other wards just keep the account active for specific period depending on which embassy you are submitting your application i.e. most of bigger embassies ” Europe” , “USA” and Canada require you to present six months bank statement while smaller embassies requires 3 months bank statement is normally enough.
The statement you are to present may also depend on the type of visa you are applying for .
For example someone applying a student visa is expected to present a larger statement compared to someone applying a visit visa for just a few days.
Do embassies verify the submitted bank statement? If yes , how do they do it?
Yes, most embassies verify the bank statements visa applicants submit alongside their visa applications.
According to our research with banks, this is how they normally phrase their emails.
"Kindly confirm for us the transactions of the attached copy of scanned bank statement from Mr. /Mrs. ABC born on this day/month/year with account number XXX."
Using a sponsor bank statement
This is another common way of provingmeans of subsistence while applying for your travel visa.
However you must be able to establish the relationship you have with the sponsor.
An official notarized letter of sponsorship and affidavit for both yourself and the sponsor can be added on the list of submitted documents to prove your relationship with the sponsor.
If you do your transactions mostly using mobile money and are soon applying for how you will prove you financial stand.
Mobile money statements are accepted by almost all embassies provided they are certified by mobile money company is coming from and an official recommendation letter from mobile money company is attached.
What happens when you use false financial statement?
If the visa consular or embassy finds out the applicant has used a false financial statement, they can burn them from applying for any type of visa at that same embassy for two to five years depending on the country the applicant is applying from.
Unfortunately, some visa agents use false statements on applying for their clients. However it’s not bad to use them because they understand consular rules and dynamics for visa application better than you do, but when it reaches to proof of financial support, we recommend that the applicant themselves provide it as they are the only ones to provide the rightful proof on it no one else, or let the agent advise you on how best you can do it then continue with his advice.
It is therefore forbidden to provide a false financial statement.
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How do you write proof of means of financial support? ›
Proof of financial means to cover the expenses for the duration of your visit: o Bank statements showing the past 3-month transaction history and the average balance for the past 6 months. o Any additional relevant documentation (employment letter, pay slips, proof of pension, business registration, investments, etc.).What is evidence of sufficient funds? ›
Proof of Funds (POF) is a letter or documentation that certifies that an individual, institution, or corporation has sufficient funds (money) to complete a transaction.How much funds do we need to show for U.S. visa? ›
There is no fixed minimum bank balance for US student visa, but one should have 10,000 USD and above to get F-1 visa. How Much Funds to Show for an F-1 Student Visa?What is an example of proof of financial need? ›
Examples: “In total, I have $4,000 in savings. My family is unable to contribute to my education, so even taking into consideration the $10,000 in federal grants and loans I've received, I need to come up with $3,000 to cover this year's tuition and housing expenses.”How do you prove evidence of funds? ›
- An agreement in principle/mortgage in principle.
- Bank statements of your deposit amount (for mortgage buyers)
- Bank statements of your cash amount (for cash buyers)
- Evidence of you selling a property (if using the funds to buy the new property)
- Evidence if the money has been gifted.
Financial support is money provided to enable an organization to continue. This money is usually provided by the government.What is financial support example? ›
The financial assistance may be in the form of guarantees, loans, cost-sharing arrangements, subsidies, or welfare payments. Tax allowances, grants, and government bailouts of struggling companies are also examples of financial assistance.How much bank balance do I need for visitor visa? ›
The amount of bank balance you should have for applying to the US tourist visa depends on the duration. If it is a 15-day trip, you must have $ 5,000-10,000 in your bank.What happens if you cant prove source of funds? ›
Legal and Regulatory Requirements
Proving source of funds is a regulatory requirement because conveyancing is susceptible to fraud due to the large sums of money which change hands. If the source of the funds you are using for your purchase cannot be proven, your purchase will not be able to proceed.
Bank statements are usually a mandatory requirement by the Schengen embassies/consulates in India and cannot be omitted. Your visa is at a higher chance of being rejected if you do not provide your bank statements along with other supporting documents showing that you have sufficient means.
What is proof of sufficient funds for travel USA? ›
How do I prove that I have enough money to travel? It's simple: Get a bank certificate or bank statement or both. A bank certificate is usually a one-page document that certifies that you have an account with that branch. Often, the latest available balance is indicated.How does an embassy check the bank statement? ›
mybankStatement® is a one page ticket generated by your bank to replace traditional paper based bank statements that are normally submitted in visa applications. It contains a unique ticket number and passcode that can be used by Embassies to efficiently verify your account holdings are genuine.What are the 3 key financial documents? ›
The income statement, balance sheet, and statement of cash flows are required financial statements. These three statements are informative tools that traders can use to analyze a company's financial strength and provide a quick picture of a company's financial health and underlying value.What are the 5 financial documents? ›
The five key documents include your profit and loss statement, balance sheet, cash-flow statement, tax return, and aging reports.How do you prove a bank statement in evidence? ›
Therefore if certified copies of the statements of accounts have been exhibited as per the requirement of Section 2A of the Act, the statement of account would be admissible and in case no objection to the witness proving the same is taken at the time when the document is exhibited, the document would be validly read ...How do I write a financial support letter? ›
The letter should contain all the relevant details including the name of the applicant, the name of the person who is giving the support and the financial amount involved. Since the letter is from an individual, the writer needs to include their bank statement to prove that he or she can meet the commitment.What is your source of financial support? ›
There are four basic types—grants, scholarships, loans, and work study—and four basic sources—federal, state, institutional, and private—of financial aid.What are reasons for financial assistance? ›
Maybe your financial situation has changed — a parent became unemployed or had to take a lower-paying job, or money intended for college is now needed to pay for a serious health issue. Whatever the reason, you're experiencing more financial need than you did when filled out the FAFSA.What is proof of financial status? ›
Income Tax Return BIR 2316. Certificate of Employment with monthly income (issued within the last 3-6 months) Payslips (dated within the last 3 months) Payroll bank account statement, web screenshots of online banking payroll credits or mobile banking app.How many bank statements do I need for a visa? ›
You need a bank statement issued from your current bank which shows your detailed transactions in the last three to six months, including your income.
What bank statement is used for visa? ›
The bank statement should be printed on the letterhead of the bank and duly signed and stamped by the bank official authorities. The statement must display the bank account number, applicant's address and other details of the applicant for verification purpose.How much proof of funds do I need for a B2 visa? ›
Copy of Bank statements from last 6 months. Bank Account verification/ balance letter. Copies of last three salary statements/ pay slips. Copies of previous years Tax Returns –W2 forms ( if applicable).How do I write a formal financial support letter? ›
The body of the letter should clearly state your current financial situation; what caused the hardship; and what you would like the school, camp, or mortgage company to do about it. If possible, you should include financial statements or other paperwork that proves your claim of financial hardship.What does proof of financial means mean? ›
This is particularly important when applying for a visa. Proof of financial means can, for example, be documents proving your parents' income, a bank guarantee or a declaration by a person living in Germany that they will be a guarantor for the applicant.How do I say I need financial support? ›
I am in need of financial assistance in order to attend college because I am a low-income student. I am the 1st child to attend the college. Although my parents gave me many supports, I received a limited financial assistance due to low family income.What is a letter of support example? ›
Example of “Letter of Support”
I am pleased to be writing a letter in support of the proposal (name of the project) being submitted to the (name of the program) Program by our (name of department) at (name of institution). We strongly support this grant application and the focus on (mention the purpose of the study).
Most letters have three parts: an opening statement that identifies the project/program where funds are being sought, one or two middle paragraphs that indicate the relationship of the writer to the effort seeking funding, and a closing statement. Be sure all your supporters address the same person at the same address.What is proof of support from parents? ›
An Affidavit of Consent and Support is a document that proves and declares that the affiants, the parents in this case, are giving someone else consent to do something and guaranteeing (financial) support to carry out the action.Which bank statement is required for visa? ›
Your bank statements must be from the last three to six months, and they must be issued by the bank, signed, and stamped by the financial institution. You should obtain your bank statements at least three to four days before submitting your application.