📖 Table of Contents
🎯 How Much Do You Need?
Quick calculator for your visa type
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2. Family size?
💰 Required Amount
Your requirement...
What is Proof of Funds?
Proof of Funds (POF) demonstrates that you have enough money to support yourself (and dependents) in your destination country. It's one of the most critical requirements for any visa application.
Immigration officers want to ensure you won't become a financial burden on their country. Strong POF shows you're a genuine applicant with resources to support yourself.
Acceptable Sources of Funds
- ✅ Personal savings in bank accounts
- ✅ Fixed deposits and term deposits
- ✅ Investment accounts (stocks, bonds)
- ✅ Salary deposits (steady income)
- ✅ Business income (with documentation)
- ✅ Property sale proceeds
- ✅ Inheritance (with documentation)
- ✅ Sponsorship from family members
Unacceptable or Risky Sources
- ❌ Sudden large deposits (looks borrowed)
- ❌ Cryptocurrency holdings (not recognized)
- ❌ Cash in hand (not documented)
- ❌ Loans (unless clearly documented as assets)
- ❌ Credit card limits
🇨🇦 Canada Express Entry Requirements
Canada has specific POF requirements that are updated annually.
2026 Minimum Requirements (CAD)
| Family Size | CAD Required | Approx. Naira (₦) |
|---|---|---|
| 1 (single) | $14,690 | ₦17,000,000 |
| 2 (couple) | $18,288 | ₦21,000,000 |
| 3 | $22,483 | ₦26,000,000 |
| 4 | $27,297 | ₦31,500,000 |
| 5 | $30,690 | ₦35,500,000 |
| 6 | $34,917 | ₦40,000,000 |
| 7+ | +$4,226 per person | +₦4,900,000 |
Naira amounts fluctuate with exchange rates. Always check current rates. As of January 2026, use approximately ₦1,150-1,200 per CAD for calculations.
What IRCC Looks For
- Availability: Funds must be accessible, not locked
- Unencumbered: Not borrowed or subject to debts
- Transferable: Can be moved to Canada
- History: 6+ months of consistent balance
Accepted Documents
- Bank statements (6 months minimum)
- Bank reference letter on letterhead
- Fixed deposit certificates
- Investment statements
- Employment letter with salary details
🇨🇦 Canada Study Permit + GIC
Study permit requirements are separate from Express Entry:
Total Requirements
- Tuition: Full first year as stated in admission letter
- Living expenses: CAD $20,635 (outside Quebec) or CAD $14,153 (Quebec)
- Family addition: +$4,000/family member
- Return transport: Proof of return ticket or funds
What is a GIC?
A Guaranteed Investment Certificate (GIC) is a Canadian investment that serves as proof of funds:
- Deposit CAD $20,635 with participating bank
- Funds released monthly after arrival
- Accepted banks: Scotiabank, BMO, CIBC, RBC, TD
- Application done online before visa
Using GIC + partial bank statement is often easier than showing full amount in bank. GIC demonstrates commitment and is preferred by IRCC.
🇬🇧 UK Visa Requirements
Skilled Worker Visa
- £1,270 in bank for 28+ consecutive days
- Or employer can "sponsor" maintenance
- Check within 31 days of application
Student Visa
- Tuition: As stated in CAS letter
- Living costs: £1,334/month (London) or £1,023/month (outside)
- Show 9 months of living costs
- Funds held for 28+ consecutive days
Visitor Visa
- No fixed amount (case by case)
- Show sufficient funds for trip duration
- Accommodation and return ticket proof helpful
🇪🇺 Schengen Visa Requirements
Requirements vary by embassy but general guidelines:
- €30-100 per day of stay (country-dependent)
- Bank statement covering 3-6 months
- Salary slips (last 3 months)
- Sponsorship letter (if applicable)
Common Schengen Requirements by Country
| Country | Daily Budget | 10-Day Trip |
|---|---|---|
| Germany | €45-60 | €600-800 |
| France | €65-120 | €650-1,200 |
| Netherlands | €55-80 | €550-800 |
| Italy | €50-70 | €500-700 |
🇺🇸 US Visa Requirements
The US doesn't have fixed POF amounts. Officers assess:
- Overall financial situation
- Purpose of visit and ties to Nigeria
- Employment and income stability
- Bank account history (6+ months)
- Property and asset ownership
US officers look at the "whole picture" not just bank balance. Strong ties to Nigeria (job, property, family) matter more than showing large sums.
Required Documents Checklist
From Your Bank
- ✅ Official bank statement (6 months minimum)
- ✅ Bank reference letter on letterhead
- ✅ Fixed deposit certificates
- ✅ Statement stamped and signed by bank official
Employment Documents
- ✅ Employment letter with salary details
- ✅ Last 3-6 months payslips
- ✅ Tax clearance certificate
Business Owners
- ✅ CAC registration certificate
- ✅ Business bank statements
- ✅ Tax receipts
- ✅ Audited accounts (if applicable)
Sponsorship (If Applicable)
- ✅ Sponsor's bank statement
- ✅ Sponsorship letter (notarized)
- ✅ Proof of relationship
- ✅ Sponsor's employment/income proof
- ✅ Sponsor's ID document
Common Mistakes to Avoid
- ❌ Round-tripping: Borrowing money, depositing, then returning it. Officers check history.
- ❌ Sudden large deposits: Big jumps in balance right before application look suspicious.
- ❌ Inconsistent amounts: Balance that fluctuates wildly is concerning.
- ❌ Using someone else's account: Without proper sponsorship documentation.
- ❌ Expired documents: Bank statements older than 1 month may be rejected.
- ❌ Missing bank stamp/signature: Unofficial statements are not accepted.
- ❌ Wrong currency calculations: Always use current exchange rates.
- ❌ Hiding debts: Loans must be disclosed; trying to hide them can backfire.
Pro Tips for Nigerians
Building Strong Proof of Funds
- Start early: Begin saving 6-12 months before application
- Regular deposits: Salary or business income deposited consistently
- Use domiciliary account: USD/EUR/GBP accounts avoid exchange issues
- Avoid sudden jumps: Gradual increases look more genuine
- Document all sources: Keep records of where money comes from
Bank Statement Best Practices
- Request official stamped statement
- Ensure all pages are numbered
- Get reference letter same day
- Ask for statement in English (or get certified translation)
Multiple Accounts Strategy
If funds are spread across accounts:
- List all accounts in application
- Get statements from each bank
- Ensure total meets requirements
- Consider consolidating 6+ months before application
❓ Frequently Asked Questions
Single applicant: CAD $14,690 (~₦17 million). Couple: CAD $18,288. Family of 4: CAD $27,297. Funds must be available, unencumbered, and transferable.
Risky! Immigration officers review 6-month history. Sudden large deposits look borrowed. Gradual savings from salary/business are safer. If you must borrow, do so 6+ months early.
Official bank statement on letterhead with stamp/signature. Must show account holder name, account number, current balance, and 6-month transaction history. Bank reference letter also helpful.
Yes, if applying together. Joint accounts work well. For individual applications, you need a letter from spouse authorizing use of their funds plus proof of relationship.
Domiciliary (USD/EUR/GBP) is often easier - amounts already in foreign currency, no exchange rate issues. Naira accounts are acceptable but ensure bank letter shows equivalent foreign currency value.
Guaranteed Investment Certificate - CAD $20,635 deposited with Canadian bank (Scotiabank, BMO, CIBC). Released monthly after arrival. Serves as proof of funds for study permit living expenses.
At least 3-6 months history is ideal. IRCC checks that funds are available and not recently borrowed. Consistent balance over time beats sudden large deposits.
Yes! You need: parent's bank statement, sponsorship letter (notarized), proof of relationship (birth certificate), and parent's employment/business proof.
Application may be refused. You can reapply with better documentation. Common issues: suspicious deposits, unclear source, missing documents, amounts below minimum.