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How To Get Proof Of Funds To Secure Your Visa Application

You have applied for a visa, and the consular officer asked you to provide proof of funds. It shows you can afford to travel to the UK for your intended stay. It’s an important part of the visa application process; applicants must demonstrate their ability to support themselves during their stay in the other county to be allowed to enter. 

There are many ways to secure your visa application. Some require a consultant to guide you through the process and provide proof of funds. We discovered some shortcuts that will help you prove your financial stability.

To contact a counselor, contact Dynamic Staffing Services at +91-11-40410000 or email enquiry@dss-hr.com

What do you understand by the term Proof of funds?

Proof of funds is a document that certifies that an individual or organization has all the money required for a certain transaction or request. The document’s goal, often presented as a bank statement, is to confirm that the funds needed to execute the transaction are legitimate and easily accessible.

If you are applying for a POF for a visa, you must show that you have the money to meet your living expenses and other costs, such as course fees, whether you are traveling for employment, study, leisure, or any other reason. It is in addition to the charge for applying for a visa and, if it is for a student visa, the full or partial tuition expenses of the university for which you have enrolled. 

This financial documentation must be submitted to demonstrate that an applicant meets the financial requirements for various visa categories. You cannot use the equity in real estate as proof of settlement funds, as is the case in the UK and other nations, and the funds must be easily accessible to you.

It’s also crucial to note that the size of your family affects how much money you require. Your dependent children, your spouse’s dependent children, and your dependent children must all be counted when determining the size of your family.

What is a detailed bank statement?

As we have discussed above, proof of funds can be provided in different forms. One of those can be a detailed bank statement. The bank statement is a record of all the customer account transactions over a specific period.

The account’s activity is shown on the account holder’s bank statement. The account holder can view every transaction done on their account. Account holders may receive monthly statements from some banks. The order of transactions is frequently displayed. The bank account statement must be in your name and older than six months.

Many banks give customers the choice of receiving printed statements or emails with the following information:

  • Transaction’s date
  • Transaction’s description
  • Credits are the deposits that have been made to your account.
  • Debits are the sum taken out of your account.
  • Balance

Additional Read: How Employees became “Unsackable” amid an Impending Recession

How much money is needed for POFs? 

Knowing how much you need to have as proof of funds is the first step in applying for a visa. Knowing where to get the money is the next step. The last point is how to obtain the proof of finances you will present to the embassy.

We will begin by determining the amount required as evidence of funds using the United Kingdom and Canada as examples. The amount of money you require, for example, depends on where you plan to study if you need a student visa for the UK. Either is required.

  • London courses cost £1,334 per month for a maximum of nine months.
  • Courses outside of London cost £1,023 per month (for a maximum of nine months).

It is equivalent to about N6.5 million or more (using the official rate of 13th December 2022). You must possess this cash for at least 28 days in a row. The 28-day period must finish 31 days or less from the day you submit your visa application. www.gohas further information.

You must be able to support yourself after you get to the UK if you need a visa and wish to work there. Unless you are exempt, you typically need at least £1,270 (N695,401).

There are several ways to obtain money so that you may provide evidence of funds while applying for a visa. You have several options for funding, including your payment account, sponsorship from a partner or workplace, money from a microfinance bank, lenders, or friends and relatives.

What are the Ways to secure funds?

Spouse sponsorship

A sponsor’s bank statement can also be presented, but you must prove your relationship to the sponsor through a family or a professional connection. Spouse sponsorship or employer sponsorship is the most well-known type of relationship. You must prove your relationship to your spouse if they will sponsor you by including a copy of your marriage license with your application if you will be.

Using a salary account

Typically, this contains a statement that shows any transfers or deposits, your incoming paycheck, or other payments.

Employer sponsorship

You must prove that you are a worker of the sponsoring company if you choose to use company sponsorship instead. It indicates that you must produce your employment letter and a personal account statement detailing salary payments made by the same company.

To substantiate your claims, you should acquire a sponsorship letter, an affidavit, and an explanation of the sponsor’s position in the event. Your visa application may be approved if you provide this proof and a sizable sum of money from your sponsor’s account.

Funds from moneylenders

Money lenders are one option for obtaining funding for visa applications. Online lending applications have made it easy for individuals and businesses to get rapid loans when needed, thanks to Nigeria’s Fintech revolution. In Nigeria, most websites and applications that lend money online require consumers’ honesty as security.

Furthermore, many websites offer fast loans with little documentation. Typically, they need your Bank Verification Number, phone number, guarantor’s contact information, etc., and your loan will be disbursed as quickly as feasible. But the interest rates on these kinds of loans are very expensive.

Funds from a microfinance bank (MFB)

Several microfinance banks (MFBs) made a lot of money during the “Japa” era by lending millions of dollars to Nigerians looking for better opportunities abroad.

Although these MFBs offer loans to SMEs and companies, many people also benefit from the availability of loans for various reasons, including “Proof of Fund” (POF), which is required to get visas.

They are sought after by Nigerians who want to borrow millions of Naira with the promise of repaying them when they start making the foreign exchange. The monthly interest on the loans is typically 5%.

Funds from family and friends

A low-risk option for some visa applicants is simply borrowing money from relatives and friends.

Additional Read: UK – Vacancies see a monthly decline but remain significantly above pre-covid levels: Apsco

What is the Proof of Funds document?

Depending on the requirements of the country you are applying to, after you have secured your cash and they have been in your account for 3-6 months or sometimes even nine months, you must now: 

Request a formal letter from any bank or financial institution where you have the funds. A letter must include the following:

  • Letterhead of the financial institution
  • Specified address, telephone number, or email address
  • Your name
  • A list of all outstanding bills, including credit card and loan balances
  • The m-counts for each account.
  • Amounts owed
  • Each account’s initial opening date
  • The equilibrium in each account at the moment
  • The average balance for the previous three to nine months
  • Everything is signed and stamped

Avoid using weak proof of funds. 

High commissions and embassies have zero tolerance for applicants who don’t match the requirements, so comply with all POF requirements.

Typical mistakes made by candidates include the following:

  • An insufficient number of POFs
  • A bank statement older than the required 3-6 months but not quite
  • Suspicious behavior at your bank
  • Under the circumstances, it is not permitted for an account holder to provide proof of funds.

If you don’t comply, immigration authorities may suspect you and deny your request for a visa.

There are many options for securing proof of funds.

There are many options for securing proof of funds, but you should find your way. The options include:

  • Bank account statement that shows recent transactions from the bank account in question, including deposits and withdrawals made over a while;
  • A letter from the bank confirming that they have received money directly from you in exchange for your visa application;
  • A letter signed by someone else using their information states they have access (or authority) to withdraw funds from the bank account without notice or permission;
  • Getting an offer letter from the sponsor from the desired country can also be used for securing proof of funds.

Wrapping Up

We hope this article has helped explain some options for securing proof of funds for your visa application. We know that it can take time to find the right document and ensure it’s accurate. Still, we also know that getting approved for a visa is one of the most important things you can do to move forward in life as an immigrant or ex-pat living outside of your home country.

Additionally, you can look for professional assistance if you need assistance securing proof of funds documents for visa approval. We at Dynamic Staffing Services can help you out. We have a team of professionals with more than 10 -15 years of experience who can help you select the right document and present it as a POF for visa approval.

You can contact us at +91-11-40410000 or email us at enquiry@dss-hr.com. We will give our 100% in assisting you to get your visa confirmation on the first attempt.
Contact us Today: Dynamic Staffing Services.

About the author

Headquartered in Dubai, with offices in 13 countries spread across UK, Europe, Middle East and South Asia, Dynamic Staffing Services is an industry leader within its niche space of international recruitment. Over the last 45 years, DSS has successfully places over 450 000 candidates in the engineering, healthcare, hospitality, IT and manufacturing sector. Please visit us as www.dss-hr.com to learn more about us. We pride ourselves in being an ethical recruitment services provider following the most stringiest regulations towards code of conduct. We recruit talent from Eastern Europe, India, Philippines, Vietnam, Indonesia, Africa, Egypt, Bhutan, Nepal, Bangladesh, Malaysia among other nationalities and place them into 24+ countries. Each year we give jobs to about 12 000 candidates.

A part of the 1500+ people strong Dynamic group, our sister company Dynamic World Education Community focuses on Study Abroad, by helping students find the right education (www.dynamicwec.net), Dynamic immigration focuses on providing immigration services (https://www.dss-hr.com/canada) to families wanting to move to Canada & Altudo focuses on software development and enhancing digital customer experiences (https://www.altudo.co )

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