ENSURING FINANCIAL STABILITY ON YOUR TRAVELS

Demonstrating that you have enough financial resources to cover your expenses during your trip. Requirements may specifically vary depending on destinations and purpose of travel such as; tourism, business or studies.

FORMS OF PROOF OF FUNDS

– Bank statements

Choose the appropriate time-frame: Select bank statements that cover a stated time period, usually at least 3 months, leading up to your travel date.

High relevant information: Make sure the statements clearly display your name, account number and bank’s contact details. Display sufficient balance: Your bank statements should illustrate that you have enough money to cover your travel expenses. This can include the cost of your flights, accommodation, daily expenses, and any planned activities. It’s advisable to have a balance well above the total estimated cost to demonstrate your financial stability.

– Credit Reports

You can also use credit reports as a means of proof of funds. However, when it comes to using a credit report as proof for travel, it may not be the most suitable option, especially with international flights. Credit reports primarily provide information about your financial history and credit status, including outstanding debts and credit limits.

– Travellers checks

Traveler’s checks used to be a popular form of payment for travellers, as they provide a secure and convenient way to carry funds while abroad. However, the use of traveler’s checks has significantly declined in recent years due to the widespread acceptance of credit and debit cards.

While less common nowadays, they can still be used as a backup or additional proof of funds. You can obtain them from your bank or financial institution and carry them with you during your trip.

– Proof of employment

Employment Contract: If you have a formal employment contract, include a copy as evidence of your job and income. This document should outline the terms and conditions of your employment, including salary, benefits and other relevant details.

Employment Verification Letter: Request an employment verification letter from your employer. This letter should be on company letterhead and include details such as job title, start date, current employment status and salary.

– Sponsorship

Sponsorship letters: If your trip is being sponsored by a family member, friend or cooperation, they can provide you with a sponsorship letter. The letter should state their willingness to financially support your trip and provide details about their own financial situation demonstrating their ability to sponsor you.

Affidavit of Support: In some cases, you may need an affidavit of support, especially when travelling to  certain countries that require it. It’s a legal document in which a sponsor agrees to financially support your trip and takes responsibility for your expenses during your stay.