Financial requirement. Evidence of funds in bank accounts
To be granted a Student Visa in the UK, you must be awarded 70 points in total, 10 of which for meeting the Financial requirement. You will meet the financial requirement if you provide evidence that you have held the required level of funds for a 28-day period, calculated by counting back from the date of the closing balance on the most recently dated piece of financial evidence covering the whole 28-day period.
Accounts relied on must be in your name (either alone or as a joint account holder) or in the name of your parent or legal guardian, in which case you must provide proof of that relationship and written consent from the parent or legal guardian to use those funds. You or the account holder must have control of the funds.
Funds may be held in any form of personal bank or building society account (including current, deposit, savings, pension from which the funds can be withdrawn or investment account) provided the account allows the funds to be accessed immediately. Funds held in other accounts or financial instruments such as shares, bonds, credit cards, pensions from which the funds cannot be withdrawn immediately, regardless of notice period, will not be accepted as evidence of funds.
Funds will only be considered if they are held in a financial institution which uses electronic record keeping, which is regulated by the appropriate regulatory body for the country in which that institution is operating, and only where the decision maker is able to make satisfactory verification checks.
Overdraft facilities will not be counted towards meeting financial requirements. Promises of future third-party support will not be accepted as evidence of funds.
If you rely on funds earned or acquired when you were in the UK, they must have been earned or acquired lawfully and while you had permission and was not in breach of any conditions attached to that permission.
Where money is held in one or more foreign currencies, this will be converted into pound sterling (£) using the spot exchange rate which appears on www.oanda.com for the date of the application.
Nationals of some countries do not need to show that they meet the financial requirement. Check whether you are one of those exempt. But remember that even if you do not need to provide evidence that you meet the financial requirement with the application, such evidence may still be required by the decision maker.
If you want to apply for a Student Visa and need specialist advice, feel free to contact me. Please note that I am an accredited immigration adviser, not an employee of the UK Visas and Immigration. I charge fees for the advice provided.