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February 17, 2020

Bank Statements for Visa - What you need to bring

Bank Statements for Visa

Bank Statements determine the monetary assets, mandatory for any visa because every country wants to know your financial strength for the last 6 months before giving you the visa. Being the fundamental requirement for any permit, it also makes the process easy and successful in less time. As it shows how much amount is credited, debited, and saved from a few months and how it does manage your finances efficiently.

Why is there a need of Bank Statements for Visa?

Bank statements are compulsory for anyone who’s applying for Visa, either business, tourist, or student visa to keep the check and balance. Countries take their bank statements to see if they have enough financial strength that they can pay their fees, accommodation bills, and other essential payments. Even if you are going to a country where education is free like Germany, Austria etc. still you have to keep some amount in German account monthly or annually, which will be released after your departure.

Factors to calculate the amount of bank Statement

All of the countries have their own set of factors to be determined through bank statements of at least the last 6 months. However, a few important ones are listed below:

-          The tuition fee for at least one semester of the admission university

-          The maintenance cost of traveling, food, and living which varies from one country and place to another.

-          For a visit visa, you should have a considerable amount to move around in the intended places, which includes travel, food, and accommodation. All of these credentials with the number of days will be mentioned in the application form.

Characteristics of Bank Statement

Valid bank statements should have the following features to be considered:

1.      Bank Statement on applicant’s name

2.      Must be minimum of 6 months at the time of application

3.      Shows all the transaction record

4.      Should possess some balance amount at the end

5.      Bank statement has to printed on the bank letterhead, stamped, and duly signed by the official bank authorities.

6.      Statement paper should also have the bank account number and other credentials to verify the mentioned details

Follow the pattern, fulfill all the characteristics, then there will be very little probability of non-acceptance, although bright chances of successful application.

Format of Bank Statement

A standard bank statement has main two parts:

(i)                 Account Summary

It is present at the top of the front page that includes opening balance, deposits, added interests, credits, charges, and closing balance.

(ii)               Transaction Details

It shows everything in chronological order, from start to the last day with the details of date, amount, payee, and payer.

(iii)             Debit memorandum

The part was showing the details of bank charges under the code ‘SC,’ the amount that bank cuts when the balance goes down from the absolute limit, service, or any fee charges of particular assistance.

(iv)             Credit memorandum

When the depositor asked the bank to take the notes receivable and proceed to the client’s bank account, this is a part of the credit memorandum; some banks may also charge fees on it.

Therefore, this is a binding document for the visa, which banks provide showing the transactions of the depositors' account that provides evidence of financial balances to the embassy.