International students applying for student visas must prove they can fund themselves during their study abroad. Student visa proof of funds is a requirement by the immigration authority to ensure studying abroad would not burden the country’s economy.
Most countries in the world require student visa proof of funds before granting a study permit. This is done by providing evidence of your finances and showing that you have enough money in your bank account to support yourself during your studies.
There are many ways through which you can get the student visa proof of funds. It is up to you how much money you want to show as your student visa proof of funds.
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What is Student Visa Proof Of Funds?
A student visa proof of funds is an official document that shows that you have enough money to support yourself during your stay and return home after completing your education.
This document should also indicate that you have enough money to pay fees at the time of admission to an institute. This may vary depending on the institute you have chosen and whether it is private or government-run.
Before obtaining a student visa, you must be aware that most countries’ high commissions will check if you have enough money to support yourself during your stay. Also for you to return home after completing your studies. If they find out that you don’t have enough money, then they won’t grant you a student visa. The costs include two main components:
Tuition fees
This is the most expensive part of your education and can vary widely depending on what school you choose. The cost of tuition typically depends on whether you’re studying at a public or private college and whether they offer scholarships or grants.
Living expenses
These are the costs associated with getting by day-to-day, including things like rent, food, transportation, and entertainment. It’s important to consider these expenses carefully. If they decline your visa application due to a lack of funds, you may not be able to reapply until three months have passed since your prior visa was given.
Also Check Out: How Long Does a Student Visa Last & How can I Renew?
Types of Student Visa Proof Of Funds
The most common types of student visa proof of funds include:
Bank statements: This is the most common type of proof of funds that are used. It shows all the accounts you have at a bank and the value in those accounts. If you have several accounts, then you would need multiple bank statements. The bank statement should show that you have enough money to cover your expenses for at least six months.
Foreign exchange certificate: This is another form of proof that shows how much foreign currency you have in your account and how much money they leave after they pay your expenses for every month.
Letter from employer: If you are working full-time, then it is likely that your employer will give you a letter confirming how much money they pay you every month. This letter should also include details about your job title and the country where the company operates. Also, information about their business license and registration number so that immigration officers can verify this information easily if needed.
Also Check Out: How to Renew Student Visa in America
Amount Required For Proof of Funds
Depending on your country of residence and whether you have a dependant. A bank in your home country provides the student visa proof of funds, which must indicate that you have enough money to live in the nation you applied for.
If you don’t have a dependent and are from a low-income country, you will need to show that you have at least $10,000 in some countries. While if you do have a dependent, you will need to show $20,000.
If your home country bank does not issue that, another option is an international money transfer service such as Western Union or MoneyGram.
Ultimately, The amount of money required is different for every student, depending on where you come from, your educational level, and your specific circumstances.
Also Check Out: Easy Step by Step Procedures to Get Austria Student Visa
Documents You Can Use As Proof Of Funds
1. Get a letter from your bank or financial institution
The first thing you should do is to contact your bank to request a letter confirming your account balance. You should provide them with the details of your planned trip and ask them if they can grant you an exception to allow you to withdraw funds from your account.
This is the easiest way to get student visa proof of funds confirming that you have the required amount available in your account. This letter should include, your name and address, name of the bank or financial institution, account number, and the balance.
2. Use your parents/guardians’ bank statement
As your parents are probably the ones who will be paying for most of your college expenses, they’ll be your source of funds. The best way to prove that those funds exist and will continue to do so is by getting a letter from their bank. This letter will state their income and how much they have in savings.
We have seen students who have been denied visas because their parents didn’t provide enough documentation about their income. That made it hard to get a clear picture of what they had available on hand. To make things easier, ensure to provide all required documents.
Also Check Out: How to Apply for a Canadian Study Permit and Visa
3. Official financial sponsorship letter
If a sponsor or university covers your course fees, they will issue an official letter stating how much money they will be providing for your tuition fees. Some even offer the living costs during your time as a student.
In some cases, this may be your own bank or credit card company, but it could also be from the school or college sponsoring you.
If an external source is not paying for your course fees, then you may still be able to get your student visa proof of funds from another source, such as family members or financial institutions.
4. Student Loan letter
You can get this letter from a bank or a financial institution. This letter states that you have borrowed money from them and that they will be able to pay it after getting your visa approved.
In order to get this letter, you need to fill out a loan application form at the bank office. This will include other documents required for taking out a loan, such as payslips and employment certificates, etc.
Some banks may also ask for some more documents like credit history reports etc. Once they approve, they will give you a copy of their letter stating that they have given you a loan. This letter should also state the amount given by them when they paid it and for how long this money will last.
Also Check Out: Easy Step by Step Procedure to Get a J-1 Student Visa
5. Submit Loan Capability Certificate
A Loan Capability Certificate is a document that certifies your financial capacity to take a loan. Banks and other financial institutions issue this certificate.
It is basically an authorization letter from your bank which confirms that you have sufficient assets to take a loan. The process of getting a loan is quite simple and straightforward, but it requires certain documents and information from the borrower.
The first step is to apply for a Loan Capability Certificate from the bank where you want to take a loan. Once you receive this letter, you can go ahead and apply for a student visa.
There are two ways through which you can apply for a Loan Capability Certificate:
Online: You can apply online via the official website of any bank or through any other financial institution. The application process is simple and easy, and all you need to do is fill in some details like your name, date of birth, passport number, and the duration of your course. Once the form is filled up, it will be sent directly to the university where you are going to study.
Offline: You can also submit an offline application by visiting any branch of any issuing bank or financial institution where they will ask for your original passport as well as some other documents like Income Tax Returns (ITR) form or Income Certificates (ITC).
6. CA Certificate
CA Certificate is a proof of money for students. It is an official document issued by the CA to show the source of funds. It might not be generally required for getting a student visa. However, it helps you to prove your financial status and gives more credibility to your application.
If you are applying for a student visa, then you must get a CA Certificate before submitting your application form. The CA Certificate is also helpful in showing the source of funding while applying for a spouse/dependent visa.
7. Affidavit of Support & Sponsorship
Affidavit of Support and Sponsorship is a legal document that is used as proof of financial support by the sponsor. It can be used by the sponsor to prove that they have enough money to provide for their family member or relative.
This is an official document that must be signed by the sponsor and submitted to the embassy along with the student visa application. It states that the sponsor is financially responsible for the applicant.
Also Check Out: How to Get Student Visa Sponsorship | Step-by-Step Procedures
Conclusion
There are numerous reasons it may be a good idea to obtain a proof of funds letter before you even start your passport application. For starters, many banks can take up to a week to verify foreign bank account balances. Some also require you to make an appointment before you can visit the branch.
However, if you already have an official bank letter for student visa Proof of Funds. You could speed up the process by providing this document at the time of submission. Also, keep in mind that each bank is different, and some may have specific requests for letters from overseas branches.
Also Check Out: How to Get a Student Visa in Quebec | Full Guide
References
- www.acrossthehorizon.net – Guide to Getting Proof of Fund for Study Abroad
- www.studyabroad.shiksha.com – Financial Documents Required for Study Abroad Applications
- www.study.navitas.com – Guidance for Student route visa applicants
- www.wemakescholars.com – Student Visa Requirements: Proof of Funds in different countries
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