Getting a student visa is easy provided you adhere to the guidelines shared by the respective embassies and you have all the required documents as proof.
Understanding the Financial Requirements
If you do not have sufficient funds in your account to showcase to the embassies, then there are high chances that your visa application will get rejected. This is the reason why you first need to thoroughly research the requirements of different embassies before you embark on this journey.
You can even look at getting bank guarantee certificates from companies such as Bgavisa.com that offers services such as renting money for visa (เช่า เงิน ทำ วีซ่า, term in Thai) to students. The process is very easy. All you need to do is share the details of the country you wish to travel to, present all the necessary documents of you and your sponsor, and pay the required fees and you are all set to go.
You can then present this certificate to your embassy as a financial document along with the other essential documents. In addition to this, you might also need to furnish:
- Bank statements for a specific period
- Employment certificate from your sponsor on the company letterhead
- Some countries also need you to declare fixed and current assets duly signed by a CA
- Scholarships, sponsors, or any equivalent certificates
Overview of the Proof of Funds Required by Different Countries
If you are opting for any of the countries such as the UK, US, Germany, Australia, Canada, or New Zealand, the proof of funds is as below:
If you are applying for the UK, you will need to furnish details such as the course you have opted for, the duration of that course, the duration of your stay in the UK, and a sanction letter from your bank for education loans stating the loan amount. You also need to furnish your accommodation details in the UK.
If you are applying for the US, then you need to furnish bank statements stating that you have sufficient funds at least 1.5 times that mentioned in your I-20 form.
In the case of application to Germany, you need to open a Sperrkonto or a blocked account with banks approved by the German embassy and deposit at least 1 year of living expenses into that account. Secondly, if you have opted for a loan, you need the sanction letter from the bank along with a disclosure of your financial assets.
If you are opting for Australia, you need to furnish sufficient funds that can pay for your living, education, and travel expenses for a year. In addition to this, you will also need to share the sanction letter from banks or any scholarship loans.
Canada also has similar requirements as other countries. Here too you need to purchase a GIC certificate and deposit a year of living expenses into that account. In addition to this, you also need to share the tuition fees, your accommodation fees, and a sanction from your bank in case of education loans.
In the case of New Zealand, along with your living expenses, you also need to furnish your medical and travel insurance.
Conclusion
Proof of funds is very crucial for any visa requirement. If any of the documents are missing, your visa application might get cancelled and you might need to start the whole process again.
