If you’re a student who hopes to study in another country, you’ll need to understand about the requirement to provide your proof of funding.
When you visit or stay in other countries, they often need to know if you can pay for your living expenses and tuition fees during your visit. Proof of funds are typically the minimum amount of money you need to cover your stay in the country. Many countries set this amount by finding out how much you will need per day, then asking you to show that you have the money you’ll need for your entire visit.
Other countries decide on the proof of funds needed for each type of traveller. As a student, you’ll have to prove that you can afford to stay in the country that your university is in. This may be part of your visa application. Whether or not you’ll be asked to show proof of funds often depends on the country you’re from and the country you’re going to.
The country you plan to study in will want guarantees that you can afford to pay your living expenses and your tuition fees. It’s important to prove that you have liquid assets, or money that you can actually spend. You can use a bank statement to show that you have the money you need for your stay abroad in a bank account. If you have a job waiting for you in your new country, proof of employment can help you show that you can afford to live there too.
Other methods to show proof of funds may include tax returns, pay slips, and employment letters. If your parents plan to help you pay for your living expenses while you study, you can show a fixed deposit statement to show that they will regularly put money in your account. These documents should be issued by the bank or employer and show its name or logo.
If you can show that you have a scholarship, then the amount of funds you need proof for could be reduced. Make sure you find out if you’ll have to fill out or show a special form to for this reduction.
You may sometimes be able to use your return ticket to get the proof of funds amount reduced. If you’ve already booked your return ticket, find out if you can show it to lower your proof of funds.
Always make sure you check with the embassy for your study destination to find out if you can get your proof of funds reduced.
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