How to Provide Convincing Proof Of Funds for Admission and Visa

For international students who are applying for admission into schools abroad, they must provide proof of funds. Proof of funds ensures that the applicant has the financial resources that they need to support themselves while they study in the country of their choice. 

This interview process is important in your pursuit of higher education abroad. A successful completion of this process is enough to qualify you for study abroad. In this article, we look at how to provide convincing proof of funds for your admission and visa. 

What is Proof of Funds (PoF)?

Proof of funds is financial evidence or bank evidence to show that a person can cover the expenses for their stay abroad. Additionally, it is a document that carries the details of sufficient funds to cover your education expenses. 

However, without proof of evidence, international students may not be given a visa and work permit in places like the US, Canada, or Australia. Therefore, it is advisable to follow legal procedures to obtain your proof of funds. 

Note that if you submit a fake or fraudulent proof of funds, you may lose your student visa and be permanently banned from the country. 

Proof of funds for a USA student visa

For international students looking for an F1 student visa for higher education in the USA, you must provide a 6- to 9-month bank statement as convincing proof of funds to support your expenses. 

Note that you must provide an amount that equals or exceeds the  I-20 requirement. This should be able to cover your tuition fees and living expenses for the first year of the program. 

For instance, if the amount listed on your I-20 is USD 20,000 for the first year, you must show an amount close to USD 35,000. 

Proof of funds for a Canadian student visa

The requirements for a Canadian Student Visa are not complicated. The proof of funds needed for a student permit in Canada is 

1. Guaranteed Investment Certificate of $10,000
2. Receipt of paid first year’s tuition fee.
3. Proof that you have paid housing fees (whether on-campus or off-campus).
4. Proof of funding, whether you have received a scholarship or are in a funded program
5. 4-month Bank statement showing that you have funds for subsequent years of education.
6. For those who have taken an education loan, you must show the sanction letter, which should show the amount you can receive.

Proof of funds for DLIs (Designated Learning Institutions) within Quebec: International students must show that they have the financial capacity to cover the following:

1. Tuition fees
2. Transportation costs 
3. Settling-in expenses for the first year: $500
4. Living expenses for the duration of the stay: For the year 2023, living expenses for students 18 and above are set at $13,134.
5. Costs for Health and Hospitalization insurance 

Proof of funds for a German student visa

For Germany, students have to create a Germany-blocked account (Sperrkonto) and deposit €11,172 for living expenses into it (whether at a private or public university). 

Since education for both local and international students is free in Germany. Therefore, there will be no added expense apart from the nominal semester fees of 300 to 400 Euros, and this depends on the program.

However, the costs will be higher for those who are admitted to a private school, and you have to show that you have paid the requisite fees. 

The proof of funds for the German Student visa:

1. A blocked account with the amount set by the Government.
2. You must submit documents containing your parent’s income and financial assets
3. Any scholarship award
4. For those who took a student loan, you must provide the Bank guarantee

Proof of funds for an Australian student visa

Note that for the Australian Student Visa – the visa fee is AUD 650.  To submit proof of funds for the Australian Student visa, you can show the – 

1. Deposits of money from a financial institution, or
2. an education loan sanction letter,
3. Government loan
4. Scholarship amount.

→ Note that if the duration of your course is longer than 12 months, then you can use the first 12 months as proof of financial support. 

→ The cost of living in Australia is set at AUD 21,041 for a student. However, it will be higher if a family member is accompanying you. 

→ Add AUD 2,000 to the amount you need to present.

Apart from this, you need to provide proof that you have access to the funds:

1. For an education loan, you must provide proof of disbursement of funds. 
2. If you are depositing directly, you will have to explain the source of the funds. 
3. If someone is providing funds for you, then you will have to: 

• Explain your relationship with them, 
• their identity documents,
• and evidence of the financial support they have given you.

Proof of funds for a New Zealand student visa

The proof of funds for a student visa in New Zealand is as follows:

• Study fees: estimated study fees for different levels of study are –
  • Diplomas: A two-year diploma in engineering will cost about NZD 18,500.
  • Bachelor’s degree: fees will be about NZD 22,000 to NZD 33,000.
  • Postgraduate degrees: Fees will be about NZD 26,000 to NZD 38,000.
• Living expenses: NZD 15,000 for the first year of study, or NZD 1250 for each month if your program is less than 36 months.
• Approved medical and travel insurance.

Proof of funds for a United Kingdom student visa

In the UK, international students must have enough funds to pay for their tuition fees and living expenses. The costs of these depend on – 

1. Course fees
2. Duration of your course
3. Whether you have already paid some money to your sponsor
4. Where are you studying?
5. Accommodation

The proof of financial support for the UK Student visa is as follows:

1. Course fee – receipt of the paid fee or proof of funds to pay for the course for at least 12 months,
2. Financial requirement – You should have enough to support yourself. The amount depends on where you will be living –
   • £1,400 per month (for up to 9 months) for programs in London
   • £1,050 per month (for up to 9 months) for programs outside London
3. You need to pay the boarding fees for international students staying at a residential independent school. Note that the amount will be mentioned on your CAS.
4. The living expenses must be with you for at least 28 consecutive days.

If those are on a student loan, then your sanction letter should – 

1. Be dated no more than 6 months before the date of visa application
2. The loan amount should be stated clearly
3. State that you have access to it and that there are no conditions on the release of the loan.

Documents accepted as financial proof

AfterSchoolAfrica compiles a list of documents that can be used to show financial proof.

1. Bank statements
2. Sanction or disbursement letter
3. Sponsorship affidavit
4. Bank letters
5. Property evaluation document
6. CA report

Note that presenting convincing proof of funds is crucial for a successful visa interview. Therefore, by following the guidelines above, you can show that you have the capacity to support yourself abroad. 

AfterSchoolAfrica Can help you

Are you seeking admission to a university abroad? Enrolling in the top universities in the world can increase your chances of having a fruitful life and career. Unfortunately, it can be quite expensive to study abroad due to the current economic crisis. But this shouldn’t limit you, as there are other options you can explore to enhance your career. 

MPower Finance and Prodigy Finance are some of the best student loan providers for international students. They also do not require a cosigner or collateral before an application. 

At EdXtra Associates, we can help you with your loan application process. We also provide educational consulting services for international students to help make their journey easier and faster. You can reach out to us, as we’d love to guide you through this journey.