When you are planning your immigration and considering how to get proof of funds, look no further because I have explained the best and most reliable approach to get it. Proof of Funds (POF) is a letter or document proving that a person or a company has the financial ability to perform or complete a transaction.
In this case of immigration, proof of funds is an evidence that you have enough money to stay in your destination country. In most cases, this evidence is usually your bank statement showing the balance in your personal account.
The best way to get proof of funds in Nigeria is through a bank agent. You will open a new bank account with the agent, then your new account will be funded with the amount you need. The fee you will pay for this service varies depending on the agent and the bank.
Proof of funds for Canada Student Visa
Proof of funds for UK Student Visa
Cheapest Proof of Funds in Nigeria
The best price for proof of funds that you will mostly find is a rate of 2.9% for Canada immigration and 3% for UK and other countries.
How to Get Proof of Funds in Nigeria
1. Find a Proof of Funds Agent
To get an agent, you can check online or walk into any microfinance bank. You can also ask your friends, family or colleagues for a referral.
When looking for an agent, you have to be careful not to fall into the wrong hands. One other thing is to make sure that you are not talking with an agent for another agent.
2. Open a New Bank Account
Most agents will ask you open a new bank account, this is to protect their funds. If you want to make use of your existing bank account, you may need to transfer your account to the agents bank of choice.
To open your account, you will need to provide documents such as your Passport photograph, Valid ID card, Utility bill. A common mistake you should avoid is getting an utility bill that does not match your home address.
Another common setback, is if your BVN details doesn’t match your ID card. To fix this, you can go the bank where you registered your BVN, but it will take more than 2 weeks. To fix this fast, just get an affidavit.
3. Pay the Interest Fee
The best price you will find for proof of funds is likely a rate of 3% for Canada, UK and other countries. It varies depending on the agent and the condition attached to the funding.
The agent will ask you to pay the interest fee before you proceed any further. This is normal and legit but make sure you are confident that you are working with a trustworthy agent.
4. Get your Account Funded
Once you have paid your agent the fee for the funding, your new account will be funded immediately. Keep records of your transfer or deposit receipt after you have made the payment.
When you are deciding how much you want funded in your account, it’s better to play it safe by funding a little higher than the exact value. So, you can accommodate for inflation between the period of funding and when you will submit your proof of funds.
5. Operate your New Account
You will get an alert straight to your phone, when your account is funded. Do not stop there and relax. Begin to pay in and pay out of your new account.
You can ask your employer to start paying your salary to your new account, you can also use it for your business. If you don’t have that, ask your friends and family to send you funds into the account.
The proof of funds you are showing is your bank statement, so you need to show that your account is active and running.
6. Print your Bank Statement
Your bank statement must be signed and stamped. It is important not to make the mistake of printing from the date your account was funded. To avoid any set back, print a complete 30 days bank statement
Find out why Proof of Funds are rejected.
7. Extend your Funding
There are cases where you need to extend your funding, so its advisable to add an additional week to your funding. After submitting, you want to be sure all have been settled and verified, this also depends on your process.
The embassy could ask you to resubmit your bank statement or ask you to resubmit a 30-day bank statement instead of the usual 28-days bank statement. Each people situation is different, so give an extra 7days buffer to allow for any situation.
There may be need to do a new funding for 7-days when you are ready to travel. This is called Point of Entry. This is to show proof of funds when you get to your destination country.
Revised Minimum Proof of Funds for Canada
This table shows the minimum amount you need to immigrate to Canada as of April 25, 2023. If you have more money, you should list the full amount in your profile or application.
| Number of family members | Funds required (in Canadian dollars) | Funds required (in Naira) |
|---|---|---|
| 1 | $13,757 | ₦8,000,000 |
| 2 | $17,127 | ₦10,000,000 |
| 3 | $21,055 | ₦12,000,000 |
| 4 | $25,564 | ₦15,000,000 |
| 5 | $28,994 | ₦17,000,000 |
| 6 | $32,700 | ₦19,000,000 |
| 7 | $36,407 | ₦21,000,000 |
| For each additional family member | $3,706 | ₦2,500,000 |
Proof of Funds for UK Student Visa
To show financial proof of living and studying in the UK, each applicant must show financial capacity to cover:
1. Course or Tuition fee
You need enough money to pay for your course for 1 academic year (up to 9 months). The amount you need to pay will be on your Confirmation of Acceptance for Studies (CAS).
2. Money to Support Yourself
If you are studying in London, you will need to show a proof of £1,334 per month (for up to 9 months). For courses outside London, you will need £1,023 per month (for up to 9 months).
If you’re boarding at a residential independent school, you’ll need to pay boarding fees instead. The amount you need to pay will be on your CAS.
If you’ve been in the UK with a valid visa for at least 12 months, you do not need to prove you have this money for your visa application.