I just submitted my student visa application, so while it’s still fresh in my mind, I want to share my experience with the most daunting part: the proof of financial means. I read countless online posts before, but the information was often conflicting and outdated, which caused me a lot of anxiety. Today, I’m sharing a summary of my firsthand experience, hoping it can help fellow students who are currently preparing!
What is Proof of Financial Means?
Simply put, it’s about proving to the visa officer that you have sufficient funds to live and study in Spain without resorting to illegal work or becoming a burden on the state. This proof is primarily composed of two parts:
- Certificate of Deposit: A fixed-term deposit of a specific amount to demonstrate your financial stability.
- Bank Statement: Typically, the transaction history of your current account for the last 6 months, used to prove that the funds have a legitimate origin and weren’t borrowed at the last minute just for the visa application.
How much money should I deposit?
This is the question everyone is most concerned about when it comes to money transfers in Spain. The amount isn’t fixed; it’s calculated based on the planned duration of your stay in Spain. The official calculation is based on an index called IPREM (Public Multiple Effects Income Indicator). For 2024, the standard is 100% of the monthly IPREM, which amounts to €600 per month.
Calculation formula: €600 per month x planned months of study
For example, if you are applying for a 9-month language course, the minimum deposit you need is €600 × 9 = €5,400. Personally, I recommend adding an extra €1,000 to €2,000 on top of this amount to show you have more than enough funds, which can be more reassuring for the visa officer. It’s advisable to have this amount frozen for at least 3 months before applying for the visa. The certificate of deposit issued must clearly state the freeze period.
What are the requirements for the bank statement?
The bank statement can be trickier than the certificate of deposit because it shows your fund’s activity. Visa officers will pay close attention to any sudden, large deposits into your account. If there are any, you’ll need to explain their origin. My suggestions are:
Avoid depositing a large lump sum right before your visa application.- It’s best to use one of your parents’ bank accounts, as most students don’t have a steady income. If you use your own account, you will need to provide a letter of financial support from your parents.
- The final balance on your bank statement should ideally be enough to cover the amount shown on your certificate of deposit. This creates a logical and consistent financial picture.
- You must get the printed statement stamped by the bank teller. A bilingual version is ideal. If the bank cannot provide an English version, you will need to have it professionally translated and notarized.
I’ve summarized the features of several major Chinese banks for preparing the Spanish proof of financial means as a reference for applicants from China:
| Bank Name | Key Features | Notes |
|---|
| Bank of China | Most common choice for students, extensive branch network | Experienced in international services, recommended |
| ICBC | Powerful mobile app with online processing options | Fast processing for certificates in some regions |
| China Merchants Bank | Good customer service, can issue bilingual certificates | Priority services for ‘Golden Sunflower’ clients |
As long as you plan ahead and present a clear, logical financial history to convince the visa officer that your funds are legitimate and sufficient, you shouldn’t have any major issues. I wish everyone the best of luck in getting their visas, and I’ll see you in Spain!
