Proof offunds

In plain words

Proof of funds is a document showing that you really do have the required sum and that it is available. Usually it is a letter from the bank on official letterhead or a certified account statement showing the balance on a specific date.

It is important not to confuse three things. Proof of funds answers the question “is the money there now”. Source of funds — “where did this particular money for this transaction come from”. Source of wealth — “how did you make your wealth in general”. Programmes and banks often request them together, and substituting one for another is a typical cause of repeated requests.

The formatting requirements vary: for some, a statement from the app is enough; others expect a letter signed by a bank officer, with a stamp, the currency and balance, and sometimes a translation and an apostille. Almost everywhere the freshness of the document matters: as a rule, a statement no older than one to three months is accepted.

Where proof of funds is requested

What the document should usually contain

How to obtain and use it

1. 01Confirm the recipient’s requirements
2. 02Request the letter from the bank
3. 03Check the details and date
4. 04Translate and certify if required
5. 05File it with the application

What you need to know

• PoF confirms the money exists, not where it came from
• A document no older than 1-3 months is usually accepted
• The name on the document must match the passport
• The funds must be available, not blocked
• It is often required together with SoF and SoW

Common mistakes

• ✕Submitting a screenshot from the app instead of a bank letter
• ✕Using an out-of-date statement
• ✕Showing money paid into the account the day before
• ✕Confusing PoF with evidence of the source of funds
• ✕Not having it translated and certified when required

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