The UK Visa Immigration rules regarding the confirmation of funds in financial institutions have changed. The new rules, in effect from 1st December 2020, were announced on the same day.
A summary of the rules -
The change of rules is regarding the requirements for the amount of the funds and the length of time they must be held.
The money of a different currency will be converted into Pound Sterling using the spot exchange rate that is on the day of the application.
Funds will be considered only if the -
- decision-maker/visa officer is able to make verification checks,
- bank/financial institution is regulated by the authorized regulatory body of the country
- financial institution keeps electronic record keeping.
Note - Nationalized bank (sanction) letters should contain the line - This bank is regulated by the official regulatory body of the country the institution is in and where the money is held.
Example - The bank is regulated by the RBI, the official regulatory body of India.
The account in which the money is in, should be in the name of the applicant, either alone or as a joint account holder. If the applicant is applying as a student or Child Student, then the account must be in the name of the parents or legal guardian. In this case, they also have to provide proof of relationship and written consent from the parent/guardian to use those funds.
The date on the financial evidence must be within 31 days of the date of application for the visa. The length of time for the funds will be calculated backward from the date of the closing balance.
The funds can be held in any form provided they are easily accessible. The funds held as shares, bonds, pensions will not be counted as evidence as they are not accessible immediately.
Any student applying for the Student visa must submit proof of funds as mentioned in points 4 and 6. They can also provide evidence of funds in the form of student loans, scholarships, or official financial sponsor. In any case, a letter of confirmation from the sponsor is required.
If the student is presenting proof of funds in the form of student loans then -
- the loan letter must not be dated more than 6 months before the date of application.
- confirm that the loan is a student loan provided by the relevant government body or academic educational loan scheme.
- the letter should confirm that there are no conditions on the release of funds other than a successful visa application to study in the UK.
- the loan letter must confirm - the amount of the loan, the funds will be available to the applicant before the student travels to the UK, and that the loan is in the name of the applicant.
In the case that the lender transfers the funds directly to the academic institution, it should be stated as such in the letter, along with the confirmation that the living cost portion of the loan will be made available to the student when they arrive in the UK.
- If the student has received a scholarship from the university, the funds must be stated in the Confirmation of Acceptance for Studies.