When applying for a Schengen visa, one of the most important requirements is your proof of funds (POF). This financial requirement shows that you can take care of yourself during your stay in Europe without becoming a financial burden.
But many applicants get visa refusals not because they don’t have money, but because of how they present their proof of funds.
This article breaks down the Schengen visa proof of funds requirement for Nigerians, what mistakes to avoid, and answers to common questions.
How Much Proof of Funds Do You Need for a Schengen Visa?
For a Schengen visa application, Nigerians generally need to show between ₦15 million to ₦20 million as proof of funds.
However, the exact naira amount depends on the exchange rate. The higher the dollar or euro goes, the more money you need in naira.
For example:
- If today’s euro exchange rate increases, the required naira value also increases.
- Always check the latest conversion rate before applying.
Why Bank Statements Are More Important Than Just Having Money
A common mistake applicants make is depositing a large lump sum of ₦15–₦20 million into their account just before applying.
This is a red flag because:
- Embassies assume you borrowed the money just to apply for the visa
- They want to see financial history, not sudden wealth
Instead, what matters most is your bank statement activity.
Your account should show:
- Regular inflows (salary, business income, rent, etc.)
- Reasonable outflows (living expenses, business expenses)
- Consistent financial activity over 3–6 months
If at the end of the statement period you have a healthy balance of ₦15–₦20 million, your application is much stronger than if you only just deposited the money.
Schengen Tourist Visa Daily Proof of Funds
If you’re applying for a tourist visa, embassies also calculate based on daily living expenses.
For Spain, for example, you need at least €118 per day.
So, if you’re staying for 10 days:
€118 × 10 = €1,180 (approx. ₦2 million depending on exchange rate)
This is separate from your flight and accommodation costs.
Common Mistakes That Lead to Visa Rejection
- Sudden deposits of large amounts without explanation
- Using an inactive bank account with no history
- Submitting only a sponsor’s account without proper documentation
- Not meeting the daily expense requirement for tourist visas
- Providing unofficial bank statements without a verification letter
Final Thoughts
The embassy is not just checking if you have money—they want to confirm that the money is truly yours, stable, and traceable.
To avoid rejection:Use an active bank account with regular inflows and outflows
- Maintain a balance of ₦15–₦20 million depending on the exchange rate
- Provide official bank statements and verification letters
- Avoid sudden unexplained deposits
By preparing your proof of funds correctly, you significantly increase your chances of getting your Schengen visa approved.
FAQs About Schengen Visa Proof of Funds
1. Can one use a joint account as proof of funds?
Yes, but you must provide documents proving you are a joint account holder and have access to the funds.
2. Can I use a sponsor’s account statement?
Yes, but sponsors are usually limited to immediate family members (parents, siblings, spouse). You’ll also need supporting documents like a sponsor’s letter and proof of relationship.
3. What if someone sponsored my travel, do I still need proof of funds?
Yes, even with a sponsor, embassies may still request your personal financial documents. A sponsor’s account alone is not always enough.
4. For a tourist visa, is it really €118 per day?
Yes, that’s the standard calculation for Spain and some other Schengen countries. Multiply €118 by the number of days you plan to stay to know your requirement.
5. What if the funds came from selling property?
That’s acceptable, but you must provide supporting documents (sales agreement, receipts, proof of ownership, transfer evidence).
6. Can ₦5 million take me to Spain for work?
No. For a work visa or even a tourist visa, ₦5 million is generally not enough. You need at least ₦15–₦20 million depending on your purpose of travel and exchange rates.
