General Financial Requirements for all UK Visa Categories and Financial Requirements under the Points Based System


The process for any non-UK (and non-EU) national to enter the United Kingdom is defined in the immigration laws of the country. These laws define requirements that need to be fulfilled for all visa categories. As such, the criteria and requirements vary for different visa category.

One of the requirements that exist for almost all visa types and their sub-categories is the finances requirement that the applicant needs to be eligible for the visa. The finances required also vary depending on the category the applicant wishes to apply on. For example, a person applying on the Tier 1 investor visa will require more funds than a person applying on the Tier 4 student visa. The application and the all the financial records that go with it are reviewed by the Home Office, the official government department that makes decisions on all immigration cases.

In this article, we explain general points an applicant should keep in mind regarding his/her financial records which will be submitted in the visa application, and how the Home Office will review them given their current immigration policies.

General Financial Requirements for all UK Visa Categories 

  • In case the applicant is applying on the Tier 1 visa, Tier 2 visa or Tier 5 visa, the funds must have been in the possession of the applicant for at least 90 days prior to the submission of the visa application. Although this requirement can be exempted for Tier 1 (exceptional talent) migrants and Tier 1 investor migrants;
  • Tier 4 migrants must possess the necessary funds at least 28 days prior to the visa application submission;
  • The funds as such described above must also be in the control of the applicant at the date of visa application being submitted;
  • The financial records that will be submitted in the manner described above will be assessed by the Home Office with the end date within the records being considered the last transaction carried out. Thus, the funds within the account will be assessed based on the last date mentioned in the financial records;
  • In the scenario where a person is currently staying in the UK on the Tier 4 student visa, and applying for an extension to further stay in the country, he/she must submit evidence of his/her financial stability for the purpose of studying and accommodation;
  • For any person applying on any visa category, the funds (if obtained) while in the United Kingdom must be obtained in a manner whereas it did not violate any condition that was set on the person’s visa;
  • If the funds required for any person on any visa category are in possession in the form of a foreign currency (or currencies), the value of these must be equivalent to the amount required in British pounds at the date of the visa application being submitted. The converted value of the foreign currency can be checked from different sites.
  • In the scenario where a person is applying to enter the UK with his/her dependants (such as spouse, children, unmarried partner, grandparents etc.), the Home Office will assess the financial requirements of each person separately (visa applications in the case of dependants are attached with that of the main applicant). In the scenario where even one of these dependants fails to meet the criteria of financial requirements, all of the other person including the main applicant will be refused entry into the UK;
  • The UK Border Agency, responsible for making the necessary background verification checks regarding the financial records of the applicant, will need to make the relevant checks with the institution where the funds of the applicant are held. In the scenario where such an institution fails to come under the authority of the Border Agency and the institution fails to comply in providing the necessary details, the visa application of the applicant will be refused;
  • The funds being submitted to the Home Office as proof of financial stability regarding the relevant visa must be in the form of cash funds. The UK government does not consider unliquidated funds as such as bonds or shares to be appropriate representation of an applicant’s finances;
  • In the scenario where the funds are kept in a joint account, the name of the applicant must be on the joint account along with the applicant being in control of the required funds. This requirement applies mostly to children or parents of the applicant;
  • In case of the applicant being under an agreement with the bank where he/she is permitted to withdraw more money than that held by the applicant, this will not count as being in possession of the necessary funds;
  • The financial statement provided by the applicant must be from a bank or institution recognized by the UK as meeting its criteria. This includes the financial statement clearly showing the name, name of any dependants or names of the other joint account holder, the account number, the logo of the institution, letterhead of the institution, name of the institution, all relevant dates, all transactions within the period for which the statement is defined etc;
  • A passbook bearing the same details as described in the above point must also be submitted;
  • The financial statement must show the value of the required funds for the visa to be present throughout the record;
  • The financial statement being submitted must not be produced from an ATM;
  • In case of the applicant applying on the Tier 4 student visa and coming to study in the UK on a loan, the details of the institution giving the loan along with a loan letter must be produced in the visa application being submitted to the Home Office. The institution giving out the loan must also be recognized by a competent regulative authority of the UK such as the Prudential Regulation Authority (PRA). Details such as the amount being loaned out must also be mentioned in the loan letter. Furthermore, the loaned amount must be in possession of the application 6 months prior to the visa application being submitted and no conditions regarding the transfer of the funds to the applicant must be present;
  • The amount being loaned out to the applicant for purposes of study as Tier 4 migrant must given by a government institution, government sponsored institution or a competent educational scheme.

The Points Based System and the Financial Requirements of the UK Visa Process

The Points Based System helps determine whether an applicant has fulfilled the necessary requirements of any visa category. For example, under the Points Based System a UK investor visa require 70 points to be eligible for the visa while the Tier 4 student visa require 40 points (where this does not mean visa will be granted). These points can be secured by fulfilling separate requirements with requirement fulfillment carrying out its own number of points.

Similarly, fulfilling the financial requirement portion of any via category also carries with a certain amount of points which vary from category to category. But generally, a total of 10 points are awarded when the applicant fulfills the financial requirements necessary for the visa application.

Tier 1 Visa

A total of 10 points are awarded for fulfilling the financial requirements of the Tier 1 visa (excluding the Tier 1 exceptional talent visa and the tier 1 UK investor visa).

The minimum funds required for the Tier entrepreneur visa amount to £3,310. Similarly, the minimum funds required for the Tier entrepreneur visa (graduate) amount to £1,890.

In the scenario where the applicant is applying for an extension on his/her visa, a further amount of £945 will be required, and 10 points will be awarded as such.

Tier 2 Visa

A total of 10 points are awarded for fulfilling the financial requirements of the Tier 2 visa. For all of the categories in this visa, a minimum of £945 must be present with the applicant. Furthermore, points will only be given if the applicant produces a valid letter of sponsorship in this regard.

Tier 4 (General) Student Visa

Similar to other visa categories, a total of 10 points are also awarded on the Tier 4 student visa although the conditions vary depending on the case of the student.

The applicant must provide relevant evidence that he/she is in control of the funds and can be produced at any time by him/her. The sponsor of the applicant in this regard must also produce a letter of sponsorship in this regard stating that the applicant is in total possession of the necessary funds required for this visa type.

The funds should be in the name of the applicant in the scenario where it is a joint account, in the name of the applicant’s parent(s) who has specified that the funds are being allocated to his/her child, or a sponsor who has allocated these funds to the applicant for the purpose of study in the UK.

A maximum of £1,020 can be allocated to the sponsor by the student looking to study in the UK for the purpose of accommodation. The sponsor must be recognized by the UK government as being a valid sponsor.

Conditions do vary for students such as if the student is studying in an institution located in inner London, he/she must possess an amount equivalent the tuition fee of the entire first academic year. In case the course period is shorter than a year, then the full amount of the course must be present with the applicant. An additional £1,020 must also be present per course month for no more than 9 months.

For a student studying in any other part of the UK such as outer London and who does not have an established presence, he/she must possess an amount equivalent the tuition fee of the entire first academic year. In case the course period is shorter than a year, than the full amount of the course must be present with the applicant. An additional £820 must also be present per course month for no more than 9 months.

In case of the applicant having an established presence under these circumstances, he/she must possess the necessary finances required to carry out the rest of the academic period, or the amount required for the entire course if it is shorter than a year. An additional £820 must also be present per course month for no more than 2 months.

It should be noted that the area considered inner London under these circumstances includes Wandsworth, Islington, Hammersmith, Haringey, Camden, Westminister, Lambeth, City of London, Tower Hamlets, Hackney, Kensington and Chelsea or Newham Southwark. Furthermore, the applicant will be considered to be studying within this area if it is stated as such in the acceptance letter that is issued by the educational institute to the applicant.

Also, in the case a course month is not equivalent to an entire month and only part of it, it will still be considered a full month.

Tier 5 (Temporary Worker) Visa

A person applying in this category will need to secure a total of £945, whereas he/she will be awarded 10 points for fulfilling this financial requirement.

A condition for being awarded these 10 points is that the applicant’s sponsor must possess an A rating and be a valid authority to issue out the sponsorship. The sponsor must also state that the applicant being given the sponsorship will not request money from public funds.