You will be familiar with proof of funds if you are planning to travel and need financial evidence that you are stable. Proof of funds means a document that shows whoever is asking for it that you have, in fact, the amount needed or required to carry out a transaction.
Proof of funds is majorly asked for when a person is traveling. It is also used in law or during a land transaction. But, it is mostly used for traveling out of the country, for academic purposes, or for work purposes.
There are different requirements when it comes to proof of funds. The student proof of funds requirement is different from a worker’s proof of funds, Canada’s proof of funds requirement is different from the UK’s proof of fund likewise the US. The amount of people coming is also a factor in the amount you must have to prove your financial status.
Since students move out the most due to scholarships and academic purposes, we will focus on arranging proof of funds for students.
Proof of Funds Needed for International Students Going To Canada
Canada is one of the best places to visit for schooling. Over 3 million searches have been made concerning schooling In Canada, whether funded or not. In this article, we will be stating the requirements needed for arranging proof of funds.
To go into Canada, either as a worker or student, you must be able to show that you can afford to live comfortably for a minimum of 1-yearof tuition and 1-yearof cost of living at least. The law provides the necessary requirement for the proof of funds.
The amount needed for a student who wants to study in Canada is CAN $10, OOO this is outside the tuition fee. This is majorly for upkeep and your wellbeing. These countries want to know if you can sustain yourself if you come to live with them, hence the asking for proof of funds.
For an extra family member is an additional CAN $4000 and for an additional member is CAN 43000. These requirements are written laws that must be followed and adhered to for providing proof of funds evidence.
The funds can be in your Canadian bank account, but the bank name must be yours. So, it doesn’t matter whether the bank is in Nigeria or Canada, as long as the account where the money is in your name, you are good to go.
ALSO, READ Questions Asked During a Visa interview
The Canadian website allows loans as a source of proving financial evidence. You are going to study, you need a loan to fund yourself, and you can always take a loan for study and also as evidence for proof of funds.
They already see that you have the necessary amount needed, why do they still want your bank statement for the past 4 months? It is easy. There are several people that work out proof of funds for students. For pay, they will deposit the required amount and immediately after you get your visa, they take the money, hence deceiving the immigration office. The bank statement is to see the incoming and outgoing transactions that happened with your account. It gives more credibility that truly, you can afford the amount you claimed you have.
4.Proof of Fund by Scholarship
Also, if by chance someone has paid for you and you want to use it as evidence of proof of funds, then all you need is the document that you have been duly paid for and you are good to go. To read more on Canadian proof of funds for international students, visit the Canadian official website here.
Proof of Funds Needed for International Students Going To the UK
As of January 14th, 2022, the UK has made an announcement that they do not trust the proof of funds submitted by Nigerians. This is due to the fact that several people have made it a profession to source proof of funds for international students. The goal of proof of funds is to trust a student coming to study that he or she has enough finances to do what he/she wants to do.
This is printing out your bank transactions to show that you have a certain amount in your bank that is for tuition and living expenses for your stay. This will also include your transaction history to confirm that you truly own the account and the money in it.
If you have been in the United Kingdom for a year and have a valid visa, you do not need to prove that you have a particular amount of money or proof of funds. This shows that you can survive on your own 1,334 euros is the required amount for courses in London and 1,023 euros for courses outside London.
2.Signed and Stamped Letter from the Bank
This is one of the added requirements to proving proof of funds. Asides from the fact that you must show a particular amount, you must also show that your account has been active for a while
3.Bank Card or Cheque
Evidence of the front of your card or cheque clearly showing your name must also be checked to confirm that you truly own the account
For more information about UK proof of funds requirement, click here.
Proof of Funds Needed for International Students Going To the US
Meeting the proof of funds for US universities is quite easy, you need a bank statement of you or your relative. There are no specific documents to prove your proof of funds, but the general documents will be listed below.
Your bank record or your sponsor’s bank records which can be your parent for up to 3 years
Chartered accountant statement
Original tax returns from 3 years ago
The US does not accept secondary proof of funds such as lands, investments, or equities. They are more interested in your immediate cash that can be used to fund your stay for at least a year. It is best to also check with your consulate to know the exact thing they want you to bring.
All aforementioned requirements are the general requirement provided by the school’s website. To be sure of the latest information, contact your visa officer to be sure.
ALSO, READ Common Travel Mistakes And How To Avoid Them