WHAT IS PROOF OF FUNDS?
Proof of Funds also known as POF, is a document that proves your financial capability on applications either for travel or business purposes.
PROOF OF FUND – VISA APPLICATIONS
This is a financial document that proves your financial strength to cover travel expenses like living costs (shelter and food), tuition fees, and transport fees within a country. This is more like a financial passport, assuring immigration authorities you won’t be a burden on the country’s social services.
ACCEPTABLE DOCUMENTS THAT CAN BE USED AS PROOF OF FUNDS
1. Bank statement:
Bank statement are documents gotten from any licensed Financial Institutions by the CBN which shows record of transaction activities done by an account holder over a period of time.
2. Fixed deposit Certificate:
Certificates are issued by bank to customers for deposits to be withdrawn at a later date in order to earn interest. These certificates can be used as a proof of fund document at embassy.
3. Investment account:
Investment accounts serve the purpose of holding stocks, bonds, funds and other securities for individual. These is one of the major measures for wealth in the society.
HOW PROOF OF FUNDS HELPS YOUR VISA APPLICATION
A POF boosts your visa chances by showing financial strength which significantly impact your visa assessment by the embassy, therefore posing you as a no risk applicant. Immigration authorities assess your application details like employment status, income, and travel history, alongside your proof of funds document which serves as a crucial document that alleviates concerns about your ability to sustain yourself.
For students, it covers tuition fees and living expenses, while it covers hotel fees, feeding expenses and tour expenses for visit or travel applicant.
Insufficient funds can get your application rejected or delayed. A strong POF, strengthens your application and increases approval chances.
HOW TO DETERMINE THE AMOUNT FOR PROOF OF FUND
It’s believed that when travelling abroad an applicant incurs travel expenses either for work, study or visit. When deciding on the amount to be used as POF it is essential that you consider the following factors, which are:
- Flight fees
- Accommodation expenses
- Feeding expenses
- Tourist expenses