To travel abroad for study or extended stays, your destination country requires assurance of your financial self-sufficiency, both for the trip itself and your subsequent living expenses. Financial stability documents for visa applications serve as verification of your claimed funds, providing concrete evidence of your ability to cover expenses related to your intended purpose, be it education, relocation, or other reasons.
One notable thing is that if your family is involved; maybe your wife and or your children, definitely your financial capability must be high.
1. Bank statement
The most essential document you must tender to any country’s embassy is your bank statement. It is a record that contains all your financial transactions over a specific period. The account must bear your name and the details should be older than six months. Most banks include the following information:
- Transaction description.
- Transaction date.
- The deposits made into the account (credits).
- The sum taken out of the account (debits).
- Account balance.
2. Not having enough funds
It is possible not to have enough funds (it depends on the country) that can make you eligible to apply for a visa. There are other ways you can solicit help such as spouse sponsorship, employer sponsorship, moneylenders, or family and friends.
3. Employer sponsorship
Employer sponsorship is another document that can serve as proof of your financial stability. You have to provide an employment letter from the company that hired you, your account that has details of how you’re paid, and a sponsorship letter from your company. All these credentials can help you secure a visa.
4. Spouse sponsorship
Any document that can prove your relationship with your spouse is what you would tender at the embassy. Spouse sponsorship apart from employer sponsorship is one of the most common ways of getting help for a visa application.
5. Friends and Familys
Your family and friends can be of great help to you by lending you money.
6. Moneylenders
There are different money lending fintech companies in Nigeria now. What they need from you is your phone number, Bank Verification Number, and guarantors’ details. But this kind of fund comes with a lot of interest.
