According to the figures published by the European Commission, consulates of EU and Schengen associated countries received more than 11.7 million applicants for short-stay visas in 2024, out of which 1.7 million were rejected. In the same year, 44.1% of the US B2 visas were rejected.  Among the most common reasons for rejection was a lack of adequate financial means. 

Proof of financial means is typically a document, such as one from your bank or financial institution, required to be submitted along with your visa application. These documents serve as proof that you have sufficient funds to cover your expenses abroad. 

At Atlys, our visa experts have hundreds of applicants curate their documents of financial proof accurately, such that the chances of rejection are minimised. In this article, we go through the documents required for proof of financial status, the minimum balance required to be present in your bank account, and what to do if your visa application gets rejected because of insufficient funds.

What documents are required for financial proof for a Visa?

For financial proof for a visa, the general documents required, depending upon your employment status, are:

If you’re employed:

• Last 6 months' salary slips and last 6 months' salary bank account statements

• Last 6 months' personal bank account statements

• Tax return proof of the last 3 years

If you’re self-employed:

Business registration certificate or other proof of ownership

• Last 6 months' personal and business bank account statements

• Tax return proof of the last 3 years

If you’re a freelancer:

• Contracts, invoices or payment proofs

• Tax return proof of the last 3 years

If you’re retired:

• Personal pension bank statements of the last 6 months

• Proof of regular income generated by property ownership/business
  

If you’re a student or are unemployed:

• Parents or legal guardians must provide their personal bank statements for the last 6 months

• Tax returns of the last 3 years, along with a confirmation letter of financial support

In case you’re sponsored:

• A letter discussing your relationship with the sponsor

• Bank statements of the sponsor for the last 6 months

Note:

Along with the above, you may be required to submit additional documents depending on your circumstances.

How much money does one need to show for a tourist visa?

The minimum balance required for a tourist visa varies by country. The top destinations are discussed below:

Schengen countries: Not all Schengen countries specify a specific balance, but some have made it specific. Here is the detailed information about the minimum bank balance for different Schengen countries.

United States: There is no official minimum bank balance for a US tourist visa, but an estimate can be made based on previous applicants.

Japan: There isn’t any explicit amount needed to be present in your bank account in order to get a Japanese visa, but your bank statements must show a consistent balance in accordance with your itinerary and sufficient to cover your expenses during your stay in Japan.

South Korea: You will be required to demonstrate a consistent balance through your payment slips and tax returns, which should be sufficient to support your stay in South Korea.

United Kingdom: There is no minimum bank balance explicitly mentioned by the government of the United Kingdom, but estimates can be made, details of which are discussed here.

What if I don’t have enough funds to show financial proof for a visa application?

If you don’t have enough funds, your visa application will likely be rejected. 

Here’s how a Czech letter of visa rejection, because of insufficient funds looks like:

Tips to avoid visa rejection due to financial proof documents:

• Make sure you read the financial requirements carefully, depending upon the country you’re intending to visit.

• Bank statements proof typically ranges from the last three to six months but check for any updates before applying.

• All documents must be official and properly signed by your bank.

• Consider getting a sponsor.

• It is important for your financial history to be consistent for several months. If there are sudden high deposits, it may raise suspicion about your source of funds leading to rejection.

• It is essential that your flight tickets and accommodations match your bank statements. For e.g. if you have booked business class tickets and 5 star hotels for stay when you have a low bank balance, it will lead to suspicion about your sources of funds and will likely lead to rejection of your visa application.

Once you have dealt with the above by accumulating sufficient funds and appropriate bank statements, you may appeal for your visa refusal. You can find more details about how to apply again here.