If you are looking to relocate or travel abroad for studies or vacation from Nigeria, one of the major requirements is that you must have enough money as Proof of funds or proof of financial support to fund your stay in the country you are traveling to. The visa officer or consular needs to be convinced beyond a reasonable doubt, that you will not be stranded in their country when you arrive. Not having enough Proof of Funds for your Visa application may lead to visa denial or study permit refusal.
Almost every country requires visa applicants to provide a credible or trusted bank statement from your bank or financial institution as evidence that you are able to take cater for your food, accommodation, clothes and transportation if given a visa to that country for a period of time.
So before submitting your application for visa or study permit, you must ensure you have enough funds in your account as Proof of financial support. The question now is how do you get the huge amount of money required by different countries and Proof of Funds in your account when applying for a visa?
What then is Proof of Funds?
#ProofofFunds or #POF is a document or a financial statement from a bank or a recognized financial institution, showing the total amount of money in a person’s bank account within a period as proof that that the person is able to take care of his or her financial needs. While countries such as Canada require Visa Applicants to provide 6 months’ financial statements showing that the said funds have been in the account for at least 6 months, the U.K requires visa applicants or study permit applicants to submit a bank statement of at least 28days
Proof of funds is usually issued by commercial banks and some microfinance banks which has CBN licenses. However, due to experiences with doctored or fake bank statements, countries such as the US, Canada, the UK and European countries do not accept bank statements from microfinance banks.
9 Easy Steps to Fund your Account for Study Visa Approval.
1. Search for a trusted proof of fund agent. Carefully search for a trusted proof of funds agent. At PFI, our travel finance can serve this purpose. Just like Proof of Funds, PFI Financial’s Travel Finance help applicants with the required funds for their Visa and study permit processing. However, this comes at a higher % rate compared to a normal loan or financing
2. Have a Bank Account: You would be required to open and account where the fund would be deposited to serve as your proof of funds or proof of finance capabilities for the travels. While some proof of funds Agents may require you to open a new bank account, others may allow you to use your existing bank account for Proof of funds services.
3. Complete the KYC Document. Most companies or agents who offer proof of funds services would require you to complete a KYC document. This would enable them to have complete details of the applicant. Some of the information that would be required would include the Name of the applicant, age, marital status, identity document, utility bills and sometimes a guarantor.
4. Pay the Upfront Loan fees: Unlike other types of loans or credit facilities, most proof of funds agents in Nigeria would require you to pay the fee or interest upfront before the funds releasing the funds into your account. So before applying for a POF, you would have to get your interest before. While some may consider interest as low s 2.5% to 3.5%, other agents can charge as high as 6 percent depending on the terms of the credit facility. At PFI we pride ourselves as offering the best rates and this has continued to generate more referrals for us from previous customers.
5. Get your Account Funded Same day: Once you have signed and completed the forms, your account would be credited with the required amount. While some POF agents disburse the funds into your account within 24 hours, some take as long as 48 hours due to office protocols and processes. For us a PFI we ensure that you get funded within 24 house after completing your documentation.
8. Print your bank statement: After the funds has been disbursed into your account, it is advisable to print your account statement a day or the day of your visa interview so that it would carry a more recent date.