You might know for studying abroad, there are certain proofs that embassies might ask to check whether you are eligible for the visa requirements. One of the important aspects of any student visa requirements is showing your proof of funds. Now, what if you do not have sufficient funds? Here is where you can apply for bank guarantees from credible banks.
How Do Bank Guarantees Help?
A bank guarantee is a promise made by the bank or financial institution that if due to any circumstances you or your sponsor fail to pay your financial dues, the bank will step up and cover the payment. Of course, you might need to share supporting documents such as your ID proof, house registration, bank passbook, and relevant documents stating that you are pursuing education in a foreign country.
Bank guarantees to obtain student visas are getting popular. If you are looking for one, you can check with companies such as Bgavisa.com who offer services such renting money for bank guarantee (เช่า เงิน ทำ แบงค์ กา รัน ตี, term in Thai). Here you inform the bank of the country you wish to travel to, how much would be the expenses, and the name of your sponsor. You then deposit as requested by your bank.
The bank will then ask you to share the relevant documents and ask you to come with your sponsor. They will then process your request and issue you the bank guarantee.
Bank guarantees are valid only for a stipulated time. Once you pay off your dues, the bank guarantee becomes null and void. One of the greatest advantages of opting for bank guarantees is that these are acceptable by international embassies and can be a secure document to get your student visa. Secondly, it involves less paperwork, and you need not have to pay much.
Proof of Funds for Student Visa
Different countries accept different proofs when it comes to offering student visas. Let us look at some of the popular countries and the proof required by them:
- Open a Sperrkonto or a blocked account with banks approved by the German embassy
- Deposit 1-year living expenses into this blocked account
For New Zealand
- Deposit 1 year of living expenses in a savings account known as Funds Transfer Scheme (FTS)
- This should be deposited in a bank located in New Zealand
- You also need to pay your annual tuition fees before applying for the visa
For the US
- You need to show sufficient funds not just for living but other miscellaneous expenses also
- These need to be mentioned in your I-20 form
- If you have opted for an education loan, then you need to provide the sanction letter from your bank as proof
- Purchase a GIC certificate from a bank and show the proof of purchase
- Deposit 1 year of living expenses in that GIC account
For the UK
- Certificate of Acceptance (CAS) or Academic Technology Approval Scheme Certificate (ATAS)
- The study program you opted for
- Duration of your stay
- Sanction letter from your bank if you have opted for an education loan
- Open a university account and deposit one semester’s tuition fee and additional health charges
- Share the Confirmation of payment received from the university
- Deposit 1 year of living expenses
If in doubt, you can always visit the country’s websites and check their visa requirements. Ensure that you have all the documents ready to avoid any delays in your form getting processed.