Applicants find it difficult to get the right supporting documents to demonstrate the proof of funds for their UK visa application for business and study purposes. In this article we are not looking into how much money is required in your bank statements as evidence of funds to support your study or business startup. We will discuss what type of proof of financial support or financial documents you should produce to demonstrate your finances are legitimate and you can transfer them in the UK. Candidates may not rely on just bank statement as proof of evidence rather provide the comprehensive set of evidence to justify their financial resources to meet their core expenses and maintenance expenses.
Evidence to prove your finances their origin and source of funding
As part of your application you should prove the identity of the account and your relationship with the account holders if you are receiving your funding from your immidiate relations or third party funding including your scholarships sources. You are responsible for demonstrating an understanding and acknowledgement about the source of funds you are using in your visa application. All evidence should be translated from a registered translator if the original document is not in English or Welsh.
Explain all the transactions in your bank statement
As part of financial evidence for your visa application, you should explain all the significant transactions that occured in your bank statement. An explanation will involve what is the nature of the transaction and its associated evidence. If the transaction is regular in nature for example if its a rental income you should produce the property papers, rental agreements and the source receipts. For irregular payments you should discuss why your account receive irregular payments and their nature as well as source receipts. Any significant amount in your account transaction history will be considered as unexplained if not supported by financial evidence.
Your proof of financials should come from regulated financial institutions
As part of the required funding documentation, the candidate should be able to demonstrate that their financial institutions are regulated by their home country regulators. The home country regulator can be state bank or central bank or any other regulator for financial institutions. You should look into united nations list of regulators for home country regulators and indicate that your relevant financial institutions are listed on your home country regulator website.
Your proof of financial resources should be convertible in UK currency
Candidates submit a varied type of required funding documentation with their visa application and most of these documents bear foreign currency accounts. However, it is the candidate responsibility that their account is fully convertible in the respective British currency accounts. For this purpose the bank letter must mention that the balances in the account can be convertible and its free from any kind of regulatory restrictions. Many developing countries impose foreign exchange management to control their current account deficit and their currency many not be fully convertible. You should submit the converted value from OANDA website.
Your financials resources are transferable in the UK and its dispensable in the UK
Proving you have funds to study or starting a business is not enough. As part of your visa application for study in the UK or starting a business in the UK, you will need to demonstrate that you meet the relevant financial requirements and you have the ability and willingness to dispense your financial resources in the UK. In many countries accounts are restricted to make transfer payment in foreign countries. Your bank letter must clearly mention that the account balance can be transferred in the UK and can be dispensed unconditionally. Some country impose restrictions on the nature of expenses that can be incurred using foreign exchange. The challenge to prove your finances can be cumbersome task when it is considered as part of UK visa application.
What should you look into a financial document?
Your financial document should be legitimate and it should be on official stationary including letter head, paper, stamp and signature or instant verification using electronic signature, barcode, QR code etc. The document can be verified using third party sources or independent sources. In case where an authorized signature is required the document should accompany a legal advice or notarized statements stating that the signatures are authorized signatures.