If you got enough time to read this blog post to the end, you’ll learn how to get proof of funds in Nigeria without stress on your side. When you are processing a visa application, and are low on budget, you might likely be asking yourself how do I get proof of funds to get yourself cleared by the consular. Almost every country demands you to supply a credible bank statement from your bank that proves you are able to take care of yourself when you are being given access to a particular country in that period of time.
With that being said, for all countries, proof of funds is required to get yourself cleared by the embassy. Hence in this post today, I’ll answer everything and direct you on how to get proof of funds without delays and how to get your bank statement from the bank fast that would be acceptable.
You might have millions of money that can prove your funds but because you need this money for other business needs, you might not be able to leave it in your account for such a period of time. That is where you might start asking how to get proof of funds for yourself.
What Is A Proof Of Funds?
Proof of funds is a financial statement that your bank issues to you that shows the total amount of money in your account within a period of time to show that you are able to take care of yourself in a country financially within a given time.
This document is issued by only commercial banks and some microfinance banks. However, you don’t have to stress yourself with a Microfinance bank statement. Some countries like Canada would require you to submit a 6 months bank statements which shows a specific amount to cover your travel needs.
The UK also requires about 28 days’ bank statement from your bank showing the amount of money in your account. However, many times you might not have this money in cash but in business and investment yet the consular demands it in cash hence you start asking how to get proof of funds.
The main Koko of the story is about to begin
How To Get Proof Of Funds In Nigeria For Study Visa
The fastest way to get your proof of funds in Nigeria includes;
- Find a Trusted Proof of funds agent
- Get A New bank Account
- Complete KYC
- Pay the fees
- Get your account funded same day
- Use the account
- Extend POF for 1 week
- Print your bank statement
- Get Your Visa
Let me explain one after the other.
1. Find a Trusted Proof of funds agent
Find a reliable proof of funds agent who can advise and carry out the proof of funds transaction for you. You only need to get your fees ready and they will. The most trusted agent as of today that does proof of funds is Proof Of Funds. You can call or contact them on WhatsApp here. Their rates are also very cheap and affordable and they have served more than a thousand happy customers.
2. Complete KYC
They will ask you for KYC (Know Your Customer) which pretty much is fast by submitting your ID card, Utility bill, and Passport photograph. These details would also be sent to their partnered bank to open a new account for you if you don’t have an account with their supported banks.
3. Get A New bank Account
If you don’t have an existing account with their supported and partnered banks, you would be necessitated to open a new account and the process is also very fast. They can help you open a new account or you walk into any of their partnered banks and open an account. In most cases, your money would be disbursed to your account in 24 hours.
If you are applying for Canada, a new account might not help you because you need a 4-6 month bank statement. However, if you are going to the UK, you can open a new account to get your 28 days proof of funds bank statement.
4. Pay the fees
Before the money can be disbursed into your account you must pay your fees. The fees are usually from 3.3% to a maximum of 5% depending on the bank you are using as of the time of writing this article. These fees are paid to the agents before disbursement.
5. Get your account funded same day
If every other thing is completed and your account is opened and fees are paid earlier, you would get disbursed into your account within the same day and you can start managing your account for other purposes.
6. Use the account
Don’t leave it that way. You need to operate the accounts and use them for other transactions before the date you want to get your statement. You can ask your agent for more advice on this. When you contact the number above in number 1, ask them these questions for more advice.
7. Extend POF for 1 week
It’s advisable to get your proof of funds to stay in your account for more than the period you need it. So if you are out of cash, the agents can extend 1 week for you but you should do it more than 1 month in most cases for UK study.
8. Print your bank statement
After everything, you can proceed to the bank to get your statement printed and properly stamped for official purposes.
Make the date start from the second day after your disbursement.
9. Get Your Visa
Now you can get your Visa if every other of your documents required by the embassy are complete. Congratulations and those are the fastest ways to get your proof of funds in Nigeria.
Can I use a Microfinance bank for proof of funds?
Yes, you can use a microfinance bank for proof of funds. However, the best bank to use for proof of funds is a commercial bank. Microfinance banks are accepted by some embassies while some require to get specifically a bank statement from a licensed commercial bank.
To be on the safe side, you should use a commercial bank account to prove your funds for your travel and study abroad purposes.
Where can I get a proof of funds letter?
There is no proof of funds letter however, it is called a bank statement and proof of funds because its a statement that shows your closing balance and proves that you have money to take care of yourself in another man’s country so you don’t become a nuisance begging for food in their country.
What is a proof of funds bank statement?
A proof of funds bank statement is a statement of account gotten from your bank to show the transaction history of your account including the opening and closing balance for such period of time that you are requesting.
This statement can be very useful in different ways depending on the use cases. If you are looking for a business or personal loan, this bank statement can show that you can repay your loan in due time by leveraging your past inflows and outflows.
If you are looking for a contract in a good firm, together with your tax clearance papers, this bank statement can also show your transaction history to prove that you have enough money on your own to fund a particular project or not.
Again, if you are applying for traveling for studies, permanent residency, or visiting, this bank statement would also be used to prove to the embassy that you’ve got a good amount of money to prove that you are capable and able to take care of yourself in their country. So, the importance of proof of funds bank statement cannot be over-emphasized as it’s very important to you.
How to get Proof of Funds For a UK Student Visa In Nigeria
The UK is one of those countries that requires a minimum of 28 days’ bank statement call proof of funds. Whatever amount you require in pounds must be in your account in Naira for at least 28 days for your Proof of funds to be valid.
Below are the fastest ways to get your proof of funds in Nigeria for a UK study visa:
- Find a Trusted Proof of funds agent
- Get A New bank Account
- Complete KYC
- Pay the fees
- Get your account funded same day
- Use the account
- Extend POF for 1 week
- Print your bank statement
- Get Your Visa
To know more about the acceptable bank statement for UK visa in Nigeria, our author has done justice with that.
How to get proof of funds for a Canada student Visa
The fastest way to get your proof of funds in Nigeria includes;
- Find a Trusted Proof of funds agent
- Confirm if your bank is supported
- Complete KYC
- Pay the fees
- Get your account funded
- Use the account
- Print your bank statement
- Get Your Visa
To get proof of funds for a Canada student visa, you need at least 6 months of bank statements showing inflows with a closing balance of the total amount you will need during your stay in Canada.
How much Proof of Funds do I need for a Student visa?
The amount of proof of funds you need for a student visa varies by country. For example;
For UK Student Visa
UK student financial requirements state that students are required to have at least 12000 pounds in their account in Naira for at least 28 days to their financial statements and obligations.
You would need more than that if you are going with any dependent or kids. And without a Visa, you cannot study in the country even though you get admission from your school.
For Canada Student Visa
You will need at least CAD $10,000 as proof of funds to show that it can take care of you while you are studying. If you are coming with a spouse/partner, you will need an additional CAD $4,000 in Naira’s current official exchange rates. If you have a baby who is also coming with you, you then need an additional CAD $3,000 in addition per child you are going with.
So you will need to calculate these amounts using CBN rates. However, the cost of getting dollars in the black market might be higher than the CBN rates.
How much bank balance is required for a Canada visa?
The amount of bank balance required for Canada visa processing depends on the type of Visa you are applying for. For either student visa, the question can also be if you are going with dependents. Below is the actual bank balance Canada requires for Canadian Visa.
As a student, you will need at least CAD $10,000 as proof of funds to show that it can take care of you while you are studying. If you are coming with a spouse/partner, you will need an additional CAD $4,000 in Naira at current official exchange rates. If you have a baby who is also coming with you, you then need an additional CAD $3,000 in addition per child you are going with.
For a visit or tourism visa, you will need a 3 months bank statement with enough funds to cover the duration of the trip. This would include your accommodation costs, feeding, and transportation fare. So you are advised to have a minimum of N3,000,000 as a closing balance for a period of 3 months.
So you will need to calculate these amounts using CBN rates. However, the cost of getting dollars in the black market might be higher than the CBN rates.
What is accepted as proof of funds in Canada?
The total money in your bank statement that shows the total amount you have in a period of time is what is accepted as a bank statement. This document must be collected at the bank duly signed and stamped by the bank on the bank’s letter headed paper for it to be accepted in the consular.
How much bank balance is required for a Canada student visa?
As a student, you will need at least CAD $10,000 as proof of funds to show that it can take care of you while you are studying. If you are coming with a spouse/partner, you will need an additional CAD $4,000 in Naira at current official exchange rates. If you have a baby who is also coming with you, you then need an additional CAD $3,000 in addition per child you are going with.
In Conclusion
If you need a fast way to build your bank statement to prove your funds, you can contact this number on WhatsApp or click on this link and fill out the form above to get a callback.
