So I have been getting this question over and over again from people asking how much they need to have their visas approved. In my previous article, I explained the mandatory documents needed when attending an interview at the embassy for visa on which I briefly explain the financial or bank statement, but I am going to vividly explain the amount you should have in your bank statement when applying for a visa.
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A periodic printed record of a bank balance showing the deposits and withdrawn amount of money of a person is called a bank statement. In the bank statement contains information such as; bank information, statement dates, account summary, transaction summary, bank messages, and so on and so forth.
But we are going to delve into the role a bank statement plays in visa application and how much you should have for your visa approval.
Bank statements provides a diary of the person’s spending habits with checks, debit cards, credit cards or any mode of payments which connects to the person’s account. In visa application, the financial statement printed on the bank’s letter head, stamped and duly signed by the bank’s area manager must not be issued for more than three (3) months.
It must also display the current balance in the account which should be able to cater for all the travel expenses of the applicant. For students, the account balance should be able to pay and cater for all tuition fees, accommodation cost, and all other miscellaneous for the duration of studies.
In the case of sponsored applicants, an official letter must accompany the bank statement explaining the relationship between the account holder and the applicant and purpose of sponsorship.
Mistakes people do which gets their visa application being refused or denied is by depositing huge sums of money into their accounts out of the blues or money laundering just for the purpose of securing a visa.
Account transactions should display a meaningful balance that can be traced through the deposits and withdrawals for a period of time leading to that amount or balance.
When tracing the source of that money becomes futile on the financial statement to the consular, the visa application can be denied.
Always ensure the transactions have a source to trace from and the account balance purveys with the travel expenses overseas, as this will let your visa application granted or approved.
Thank you for reading.
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