One of the common question asked often by our customers is, “How much money should I show in my bank account?” and to this we have only one answer, “The amount of money in your account must be sufficient to support all the expenses of your trip”. This will majorly depend on how long is your trip going to be, whom are you travelling with (number of family members) and how much are you planning to spend for your trip? Assume that you are travelling to Singapore and your Singapore trip will amount to Rs. 43,000/- (approx.), then you must show the Singapore High Commission that you have that much money and a bit more for additional expenses (shopping, food etc).
Planning an international trip is not about getting the visa and landing in the country. No country will ever issue you a visa in the first place, if you don’t have sufficient funds to support yourself and your family (even if not accompanying the main applicant). One of the key elements for a successful visa application for any country lies in the strength of your financial documents. Hence furnishing proper proof of financial stability is vital and your bank statement is the basic requirement of a visa application for any type of visas, be it tourist, business, visit, work or student visa. A well maintained bank statement with adequate bank balance is a guarantee that the applicant has enough finances to pay for all travel costs as well as has the funds to meet the cost of living at the time of stay in that country.
Embassies all over the world are very strict about the financial documents you need to submit for your visa application. The money you are required to show for your maintenance can be in your bank account, in parent’s accounts or in a joint account with your name.
Also, do not assume that just because you have a lot of money in your bank account, this will be acceptable – the money needs to be held for a set period of time and the documents need to be in a very specific format. Some applicants at times tend to borrow money from their friends or relatives for the visa application, without being aware of the repercussions it will have on their application. Please remember, a sudden transfer of a huge sum just before applying for the visa can arouse suspicion in the minds of the Visa Officers, leading to a visa rejection.
It is really important that you understand how to meet the financial requirements before applying, as it can be very easy for your visa application to be refused if you get it all wrong. Below are the general requirements for submitting the bank statement:
- 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.
- The name of the applicant must appear on the statement and should be printed by the bank only. The name should not ben handwritten by the applicant. If the bank statement of the parents or spouse is provided, their name should display on the statement accordingly.
- Majority of the countries require original bank statement with the bank seal and online bank statements are not accepted.
- The bank statement must show the exact dates of depositing and withdrawing money. Embassy officials check every cash transaction done by the applicant. It is usually advisable to submit the bank account statement which shows your monthly income in the form of salary, pension etc.
- The Applicant needs to submit statement of last three (3) or six (6) months. The bank documents must be recent – the date of the closing balance or the date of the most recent transaction must be less than one (1) month old at the time of applying.
- The bank statement should cover the full account history of the last three (3) or six (6) to meet the minimum requirements of the Embassy or Consulate. If the history is incomplete the applicant should provide an explanation letter.
- The bank balance should be equivalent to the trip cost. It needs to be clear that you have held a minimum balance of at least the required amount to cover all your expenses in the visiting country.
- You have to show the required minimum amount of balance to cover living costs even if you have already paid for your accommodation (booked flights, hotels, tour package in advance) or don’t have any accommodation costs (because you will be living with friends/relatives). You cannot deduct this from the total amount of money you need to show in your bank statement.
- If the applicant is a minor, student, dependent (spouse) or unemployed, he/she can provide the bank statement of the sponsor (parents or spouse).
- If your trip is being sponsored by your parents
or spouse, you must provide the sponsor’s
bank statements, along with the below documents:
- Original birth certificate (for children) / Marriage certificate as proof of relationship (for spouse).
- Original signed and dated sponsorship letter from the sponsor taking ownership of the trip expenses.
- If the applicant is the legal representative of a company and is travelling for solely business purpose, he/she should also provide the bank statements of the company along with his/her personal bank statement.
- Credit card statement is not a substitute to bank statement and is not accepted.
- There should be no sudden last minute cash deposits in the account.
- It is highly recommended to submit additional financial documents to prove your strong financial status, for instance, fixed deposits, property agreement, investments, share certificates, stock or any other financial statements.
Each country visa has its own financial requirement – make sure to check the Embassy website or consult an experienced Travel Agent.