Required Account Balance for Schengen Visa

Required Account Balance for Schengen Visa: All You Need to Know

If you’re planning to visit a Schengen country and are not a citizen of the European Union or the European Economic Area, you’re required to obtain a Schengen visa in order to enter that country. Part of the visa application process involves demonstrating that you have sufficient funds to cover your expenses during your stay. In this article, we’ll discuss the required account balance for Schengen visa, the types of funds that are acceptable, and answer some frequently asked questions to help you understand the process better.

What is the Required Account Balance for Schengen Visa?

The required account balance for Schengen visa varies depending on the duration and purpose of your trip, as well as the cost of living in the destination country. In general, you will need to demonstrate that you have adequate funds to cover the following:

– Accommodation expenses
– Daily living expenses
– Medical costs
– Return ticket expenses

According to the Schengen visa guidelines, you must have a minimum of € 610 (equivalent to approximately USD 688) per month if you plan to stay in the Schengen area for a period of up to 90 days. If you plan to stay for a longer period, you’ll be required to show additional funds.

For example, if you plan to stay for six months, you would need to show € 3,660 (€ 610 x 6) and if you plan to stay for a year, you’d need to show € 7,320 (€ 610 x 12).

It’s important to note that the required account balance is per person, and not per family. So, if you’re traveling with your spouse and children, you’ll need to show sufficient funds for each family member.

What Types of Funds are Acceptable?

When applying for a Schengen visa, you’re required to provide proof of your financial means. This means you must demonstrate that you have sufficient funds in your account to cover the expenses mentioned above. The following types of funds are acceptable:

– Bank account statements or savings account statements
– Credit card statements
– Proof of income
– Letters of sponsorship

Bank account statements or savings account statements must clearly show your name, address, and the account balance. The statements must be current and should cover a period of at least three months. Credit card statements must show your name, address, and the available credit limit.

If you’re employed, you can provide proof of income, such as salary slips, employment contracts, and tax returns. If you’re self-employed, you can provide your business registration documents and tax returns.

If someone is sponsoring your trip, you’ll need to provide a letter of sponsorship. The letter must state the sponsor’s name, address, and relationship to you, and confirm that they will be financially responsible for you during your trip. The sponsor must also provide evidence of their financial means.

FAQs:

Q: Do I need to show the full required amount for my entire trip in my bank account?

A: No, you don’t need to show the full required amount in your account for the entire duration of your trip. You only need to show that you have enough funds to cover your expenses for the first few days of your trip.

Q: Can I use my parents’ bank account for my visa application?

A: Yes, you can use your parents’ account if they’re sponsoring your trip. In this case, you’ll need to provide a letter of sponsorship from them and evidence of their financial means.

Q: Can I use cash or traveler’s cheques as proof of funds?

A: No, cash or traveler’s cheques are not acceptable forms of proof of funds for a Schengen visa application.

Q: What happens if I don’t have sufficient funds for my visa application?

A: If you don’t have sufficient funds for your visa application, your application may be denied. It’s important to ensure that you meet the financial requirements before submitting your application.

Conclusion:

The required account balance for Schengen visa depends on the duration and purpose of your trip and the cost of living in the destination country. You must demonstrate that you have sufficient funds to cover your expenses during your stay. Bank account statements or savings account statements, credit card statements, proof of income, and letters of sponsorship are acceptable forms of proof of funds. It’s important to ensure that you meet the financial requirements before submitting your application to avoid your application being denied.