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 .

    Read more:

    Mistakes that can get your visa rejected

    How much bank balance is required for visa?
    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”. more
    How much bank balance is required for UK visa?
    How much bank balance do you need to show for UK visitor visa? You must show that you have sufficient funds in your bank account. As a rule of thumb, you must have more than twice your proposed total UK trip expenses in your bank account. EXAMPLE: Say your proposed UK trip expenses excluding the airfare is £2,000. more
    How much bank balance is required for Canada tourist visa?
    Funds Needed for a Canada Tourist Visa An individual living in Canada needs 1,230 CAD (INR 75,525 approx.) per month for their monthly expenses, and if an applicant is coming for tourism, then 2,000 CAD (INR 1,22,805 approx.) for 30 days per person is enough. more
    How much bank balance is required for Germany tourist visa?
    Bank statement – this needs to show a minimum balance of €3000 over the last 6 months. If you do not have this amount in your bank, you could show a family member's/guardian's statement instead, with an accompanying letter stating that they are sponsoring your travel and stay. more
    How much bank balance is required for US visa?
    The amount of bank balance you should have for applying to the US tourist visa depends on the duration. If it is a 15-day trip, you must have $ 5,000-10,000 in your bank. Is travel insurance compulsory for the US travel visa? No, travel insurance is not compulsory for the US travel visa. more
    How much bank balance is required for Dubai visa?
    The bank statement must be originally stamped by the bank and must have a minimum balance of not less than AED 3000. originally stamped by the bank) will be accepted. more
    How much bank balance is required for Thailand visa?
    The saving account should have a balance of at least 700 USD per person or a credit card statement that has 700 USD per person or a forex card that has 700 USD per person. For multiple-entry visa, bank statements of last 6 months with a minimum current balance of Rs. 4 lakh are required. more
    Is bank balance required for visa?
    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. more
    How much bank balance is required for F2 visa?
    Proof of funding or bank statement in U.S. dollars and dated within the past three months covering at least $7,200 USD for spouse and $3,600 USD per child. more
    How much bank balance is required for UK work visa?
    Additionally, the applicant must have a minimum of £1,270 in their bank account to demonstrate that they can support themselves financially in the UK. more
    How much bank balance is required for Canada visa?
    Funds Needed for a Canada Tourist Visa An individual living in Canada needs 1,230 CAD (INR 75,525 approx.) per month for their monthly expenses, and if an applicant is coming for tourism, then 2,000 CAD (INR 1,22,805 approx.) for 30 days per person is enough. more

    Source: blog.akbartravels.com

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