This is what I refer to as THE IRONY OF THE BANK STATEMENT.

Years ago, about the time I was going to fill out my first visa application form, I was told of a man who got a significant financial break through, which was way more than his irregular and rather insignificant income, and immediately applied to go and study abroad. The UK specifically. This was something he had longed for, and alas he had the wherewithal to pursue his dream. So he excitedly paid for his tuition for the entire period of study and applied for his visa with the very impressive sum of money lodged in his account. He was confidently waiting to get his visa and zoom off to go and get an advanced law degree in this foreign institution. You can imagine how dazed he was to get a refusal letter instead of a visa at the end of his 3 weeks wait.

Why was he refused a visa when he had way more than the money required right there in his account?

The simple answer to this question is this: The total balance in your account definitely matters but a regular flow of income and the continuous availability of funds matters the most.

Just having sufficient funds in your account is not enough. You must demonstrate that your income is consistent. The reason why you are required to submit a 3-6 months bank statement is so that it can be verified whether your income is continuous. The amount of money in your account at the time of applying is crucial but it is not a guarantee that the visa will be granted.

When you submit your bank statement as one of the documents required in the application process, the amount of money in it is checked, but more importantly, the transactions that go on in the account are scrutinized. These transactions have to be consistent and logical. It is only sensible to query a sudden huge sum of money where there were trickles of credits hitherto. How did the money come about?

If there is an unusual income flow, such as money from the sale of an asset like property, stocks etc or money from an inheritance and stuff like that, explain it with the relevant documents. Remember that when applying for a visa, the burden of proof is always on you and this applies to your bank statement as well.

Consider the points below as you prepare your bank statement as a supporting document for your visa application.

  1. Consciously build your account for a minimum of 6 months prior to your visa application by consistently lodging every income there and making minimal withdrawals.
  2. Attach further documentary proof for the money in your account such as pay-slips, invoices, purchase orders, contract award and any other document that shows how you earn money.
  3. If you have an account for savings with a substantial amount in it, submit it with your regular account.
  4. Your closing balance should be a minimum of twice the amount of your monthly income.
  5. If you have a corporate account for your business and have major activity flow there, submit it as well.
  6. Get a letter from your bank stating that you have access to the funds in the account, maybe as a sole signatory or one of the signatories if there are other directors in the company.
  7. Get an estimate of the total cost of your trip and have a minimum of double the amount in your account(s) at the time of submission.

If you would still like a second opinion before you submit it, click the link below to get an expert assessment of your bank statement.

Cheers to your travel dreams come true.



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