Updated
GL-P-05
01 / In 30 seconds
The short answer
- What it is
- A document confirming that you have the required sum
- Who issues it
- The bank — as a letter or an official statement
- Where it is needed
- Residence and citizenship programmes, property transactions, visas
- How it differs from SoF
- PoF shows the money exists; SoF shows where it came from
- Validity
- A document no older than 1-3 months is usually accepted
02 / In plain words
What Proof of funds means
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.
A case from practice
A client’s documents were rejected: they had attached a screenshot of the balance, while the programme required a bank letter with a signature and stamp. We requested the correct document, attached evidence of the source of funds — and the application was accepted first time.
Where proof of funds is requested
- Applications for residence or citizenship
- Property purchase
- Opening a bank account
- Visa applications
- Taking part in a tender or transaction
- Confirming a family’s solvency
03 / What it covers
What the document should usually contain
Owner
- Full name as in the passport
- Account number or IBAN
- Date the account was opened
Amount
- Balance on the date
- Account currency
- Availability of the funds
Bank
- Official letterhead
- An officer’s signature
- Contact details for verification
Processing
- A recent date
- Translation if required
- Sometimes an apostille
04 / How it works
How to obtain and use it
Confirm the recipient’s requirements
Request the letter from the bank
Check the details and date
Translate and certify if required
File it with the application
05 / Key facts
What you need to know
01
PoF confirms the money exists, not where it came from
02
A document no older than 1-3 months is usually accepted
03
The name on the document must match the passport
04
The funds must be available, not blocked
05
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
06 / Expert advice
How to prepare in advance
First confirm the receiving party’s exact requirements: the format, the period of validity, whether a translation and apostille are needed. The money should preferably be in the account well in advance — a sum that appears a few days before filing almost always raises a question about its origin. In parallel, prepare the SoF and SoW file: they are requested next.
What we do for you. We find out in advance in what form the receiving party expects proof of funds and prepare the whole pack: the bank letter, the translation and, with it, the file on the origin of the money. That way you do not lose weeks on repeated requests.
Klara RihterBanking compliance and source of funds specialist
07 / Questions
Frequently asked questions
A document from the bank confirming that you have a certain sum and that it is available. Usually it is a letter on letterhead or a certified statement showing the balance on a date.
PoF shows that the money is there now. Source of funds explains where that particular money came from. They are often requested together.
Sometimes, but many programmes and notaries require an official bank letter with a signature and stamp. The format is confirmed in advance.
A statement no older than one to three months is usually accepted. The exact period depends on the programme or bank.
As a rule, no: the funds must be in the applicant’s account. There are exceptions, but they are agreed in advance and supported by documents.
Be ready to explain its origin with documents. A large sum that appears just before filing almost always triggers an additional request.
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