When applying for a visa especially tourist, student, or long-stay visas proof of funds is one of the most critical requirements. It shows the embassy you can support yourself financially during your trip and won’t become a burden.
Here’s a comprehensive list of what counts as proof of funds (with some helpful tips on how to use them effectively):
1. Personal Bank Statements
Most commonly accepted proof of funds.
Requirements:
- 3–6 months recent statements
- Must be in your name
- Must show regular activity, not just one big deposit
- Sufficient closing balance to cover trip duration
Tip: Avoid large last-minute deposits unless you can explain them with documentation (e.g., gift letter, sale of asset).
2. Sponsor’s Bank Statements (If Someone Else is Paying)
Used when a family member or friend is covering your expenses.
Must be accompanied by:
- Sponsorship letter
- Proof of relationship
- Sponsor’s ID/passport copy
- Sponsor’s income proof (e.g. payslips)
Tip: Choose a sponsor with steady income and good financial history.
3. Payslips or Salary Certificates
Especially important if you’re employed:
- Submit last 3–6 months payslips
- Include employment letter confirming your position, salary, and leave approval
4. Tax Returns (or P60, P45, etc.)
Some embassies may request:
- Annual tax documents (especially for work visas or self-employed applicants)
- Shows long-term financial stability
5. Fixed Deposits or Investment Accounts
Accepted by many embassies if you can liquidate them:
- Must be in your name
- Submit original certificate + recent bank statement showing maturity value
6. Proof of Assets
Not always accepted alone but useful as a supplement:
- Property documents
- Land ownership papers
- Car ownership
- Business ownership certificates
Tip: Use this to prove your financial ties to your home country.
7. Scholarships or Grants
Perfect for student visa applicants.
Include:
- Award letter from the sponsor or institution
- Amount awarded
- Duration of coverage
- Breakdown of what it covers (tuition, living, etc.)
8. Pension Statements or Retirement Funds
If you’re retired or receiving a pension:
- Submit official pension statement
- Must show consistent inflow
9. Employment or Business Income (for self-employed applicants)
- Business registration documents
- Company bank statements
- Tax receipts
- Invoices and contracts (to show earnings)
Tip: Add a short cover note explaining your role and income.
10. Travel Cards or Prepaid Forex Cards
Not all embassies accept this as primary proof, but they can support your main proof:
- Statement from the card issuer
- Card balance statement
- Load slip
How Much Money Is Enough?
Each country has a minimum daily requirement (depends on your visa type and stay length):
Example:
- Schengen Visa: Around €60–€100 per day
- UK: £1,334/month (student), £1,270+ (general visitor)
- Canada: CAD $10,000+ for students.
Here are two solid templates you can use or tweak for your visa applications:
1. Proof of Funds Explanation Letter (Self-Funded Applicant)
[Your Full Name]
[Your Address]
[City, Country]
[Email Address]
[Phone Number]
[Date]
To:
The Visa Officer
[Embassy Name]
[Embassy Address]
Subject: Explanation of Proof of Funds for My Visa Application
Dear Sir/Madam,
I am writing to provide additional clarification regarding my proof of funds for my [type of visa] application to [country name].
I am self-funding this trip, and I have attached the following financial documents:
- My personal bank statements for the past [3/6] months
- My fixed deposit certificate worth [amount]
- Proof of ownership of [property/land/business], which I have included to demonstrate my financial stability
These documents clearly show that I have sufficient funds to cover all travel-related expenses including flight, accommodation, transportation, and daily upkeep during my intended stay in [destination country].
Please feel free to contact me should any further information be required.
Thank you for your consideration.
Yours faithfully,
[Your Full Name]
2. Sponsorship Letter Template (When Someone Else Is Paying)
[Sponsor’s Full Name]
[Address]
[Phone Number]
[Email Address]
[Date]
To:
The Visa Officer
[Embassy Name]
[Embassy Address]
Subject: Sponsorship Letter for [Applicant’s Full Name] – [Relationship, e.g., My Sister]
Dear Sir/Madam,
I, [Sponsor’s Full Name], hereby confirm that I will be sponsoring the travel, accommodation, and living expenses of my [relationship], [Applicant’s Full Name], during her visit to [destination country] from [start date] to [end date].
I am currently employed as a [your job title] at [company name] and earn a monthly salary of [amount]. Attached are copies of the following supporting documents:
- My recent bank statements (last 3–6 months)
- My employment letter/payslips
- My valid ID/passport
- Proof of relationship (e.g., birth certificate, photos, or letters)
I assure you that [Applicant’s Full Name] will return to [home country] after the visit and that I take full financial responsibility for her during her stay.
Please feel free to reach out to me for any clarification.
Sincerely,
[Sponsor’s Full Name]
This is just a sample that you shouldn’t copy word for word but you can tweak it a little with this guide.