Minimum Bank Balance for Schengen Visa

When we apply for Schengen visa , we often get stuck at the question – what should be the minimum bank balance for Schengen visa . Its important as lack of sufficient bank balance could be the reason for rejection of Schengen visa application.

If you are looking for assistance for Schengen visa for Indians, Itzeazy is here to help you. Itzeazy is India’s no.1 visa service provider .

Schengen visa allows you to enter or visit the Schengen states which  cover 27 countries of Europe. Along with application process, documents and fees, there are few conditions to be fulfilled like  maintaining  minimum bank balance for Schengen visa.  This blog guides you regarding requirement for minimum balance for Schengen visa.

Minimum bank balance for Schengen visa

While applying for Schengen visa, you need to show to the visa issue authorities that you have sufficient fund to support your travel to Schengen visa country. 

Here is a guideline on how much minimum bank balance required while applying for Schengen visa :

Means of Subsistence for Austria

Indian citizen shall be refused visa if they have no place of residence in Austria and do not have sufficient means of subsistence to meet the costs of their stay and return.

However, there are no reference amounts for the above.  Decisions are made on a case-by-case basis depending on the purpose, type and duration of the stay.  Cash and – depending on individual circumstances – traveller’s cheques, credit cards, bank guarantees or letters of guarantee from solvent persons living in Austria may also be accepted as a proof.

Means of Subsistence for Belgium

For a short stay in Belgium, a person must have at least 45 euros (€) per day if staying with friends or family and 95 euros (€) per day if staying in a hotel.

Means of Subsistence for Croatia

The amount of financial means is fixed at the equivalent of 70€ (in words: seventy euros) per day of the estimated stay in the Republic of Croatia.

If an Indian national is in possession of a certified letter of guarantee by a natural or legal person from the Republic of Croatia, proof of a tourist booking or a similar document, he/she shall present proof that he/she possesses the amount equivalent to 30€ (in words: thirty euros) per day of estimated stay in the Republic of Croatia.

Means of Subsistence for Czech Republic

For a stay of 30 days and less, the applicant is required to possess at least 1,565 CZK* per day (reflecting the existential minimum, which is set at 3,130 CZK per day – half of this amount is required for the visa purposes).

For a stay over 30 days (90 days maximum), the applicant is required to possess at least 15x 3,130 CZK. This amount increases by 2x 3,130 CZK per each full month = 46,950 CZK + 6,260 for each full month.

Means of Subsistence for Denmark

An Indian seeking Schengen visa for Denmark should have adequate means of subsistence of, in principle, of DKK 350 per 24 hours. This is the sum which the Indian citizen must have at his disposal

In addition, the Indian citizen must be able to prove that he or she has adequate means for the return journey, for example in the form of a return ticket.

Means of Subsistence for Estonia

Under Estonian law, Indians arriving into Estonia without a letter of invitation, should have sufficient monetary means to cover the costs of his/her stay in and departure from Estonia.  Sufficient monetary means for each allowed day is considered to be 0,2 times the monthly minimum salary implemented by the Government of the Republic, i.e. 130.80 EUR.

Otherwise the person inviting shall assume responsibility for the costs of the Indian citizen’s stay in and departure from Estonia.

Means of Subsistence for Finland

An India citizen shall prove,  that he/she  possesses sufficient means of subsistence, considering both the length of the intended stay and return to the country of departure, or transit to a third country to which his/her admittance is guaranteed. In addition to the funds, or tickets, required for the departure and accommodation during the stay, approximately EUR 30 per day is considered necessary, depending on the arrangements for accommodation and a possible sponsor.

Means of Subsistence for France

Indian citizens holding proof of accommodation must possess a minimum amount of money, equivalent to half the SMIC ( minimum wage in France, calculated on per day basis) , in order to stay in France. This amount is therefore EUR 32.50 per day.

From 19 June 2014, where no hotel reservation is presented as proof of accommodation, the minimum amount of money per day required to stay in France is € 120. Where there is a hotel reservation for part of the stay, the amount required is € 65.00 for the period covered by the reservation and € 120.00 for the rest of the stay.

The third-country national must be in possession of an insurance certificate covering all medical, hospital and death-related expenses that may be incurred during the entirety of the stay in France, including the cost of repatriation for medical reasons. This certificate must at least be translated into English.

Means of Subsistence for Germany

Indian citizen applying for Germany Schengen visa should have € 45 per day at his disposal. It is also necessary to ensure that the Indian national’s return or onward journey is possible. Proof may, for example, take the form of an onward or return travel ticket.

Means of Subsistence for Greece

The amount of foreign currency which Indian citizens must have at their disposal in order to enter Greece is fixed at EUR 50 per person per day, and a minimum total amount of EUR 300 for a stay of up to 5 days.

Where the Indian national is a minor the above amounts are reduced by 50 %.

Means of Subsistence for Hungary

The reference amount for the means of subsistence is 10.000 HUF per each entry for Indian nationals and for the family members of EEA citizens.

Means of Subsistence for Iceland

Under Icelandic law, Indians must prove that they have enough money to meet their needs in Iceland and to make the return journey.  In practice, the reference amount is set at ISK 4000 per person.  If the expenses connected with the stay are borne by a third party, the amount is halved.  The total minimum amount is ISK 20000 for each entry.

Means of Subsistence for Italy

Duration of trip	Number of participants in trip
	One participant (Fund in Euro)	Two or more participants (Fund in Euro)
1 to 5 days overall fixed sum	269,60	212,81
6 to 10 days daily sum per person	44,93	26,33
11 to 20 days fixed sum+ daily sum per person	51,64 36,67	25,82 22,21
more than 20 daysfixed sum + daily sum per person	206,58 27,89	118,79 17,04

Means of Subsistence for Latvia

In order to be able to enter and stay in the Republic of Latvia a foreigner must prove that he or she has the necessary means of subsistence.

The amount required is no less than EUR 14 per day of stay.

Means of Subsistence for Lithuania

For the purpose of determining whether the Indian national has adequate means of subsistence, the Ministry of Social Security and Labour has set the appropriate amounts of financial means per 24 hours which the alien must have at his disposal: , i.e. 550 LTL for an alien applying to obtain a residence permit in the Republic of Lithuania and 275 LTL  for the members of his family under the  age of 18.

The amount of means for subsistence that an Indian entering Lithuania must have at his disposal, which corresponds to 40 € per day.

Means of Subsistence for Luxembourg

As proof of sufficient personal resources both for the planned length of stay and for return to the country of origin or transit to another country, Indian nationals must have approximately €67 per day of the planned stay. Proof of the required resources can be provided in the form of cash, traveller’s cheques or credit cards and a document attesting the possibility of legally acquiring the necessary resources.

Means of Subsistence for Norway

The amounts deemed necessary are fixed individually and decisions are taken on a case‑by‑case basis.  Account is taken of the length of stay, whether the Indian national will be staying with family or friends, whether he or she has a ticket for the return journey and whether a guarantee has been given for the stay (as an indication, an amount of NOK 500 per day is deemed to be adequate for visitors who are not staying with relations or friends).

Means of Subsistence for Netherland

The amount which visa issuing officials take as the basis when checking means of subsistence is currently EUR 55 per person per day.

An Indian citizen entering the territory of the Republic of Poland must possess means of subsistence amounting to at least:

• PLN 300, if the duration of their planned stay does not exceed 4 days,
• PLN 75 for each day of the planned stay, if the duration of their planned stay exceeds 4 days
• or the equivalent of this amount in foreign currency.

Means of Subsistence for Spain

Indians who intend to enter Spain must prove that they have a minimum amount of 100 euros per person per day, those they intend to stay in Spain with a minimum of 900 euros or its legal equivalent in foreign currency.

Means of Subsistence for Slovakia

The amount of financial resources required to cover the costs associated with an Indian national’s stay in the Slovak Republic sets the amount at EUR 56 per person per day.

The amount of EUR 56 comprises:

1. EUR 30 for accommodation;
2. EUR 4 for breakfast;
3. EUR 7.50 for lunch;
4. EUR 7.50 for dinner;
5. EUR 7 for spending money.

Means of Subsistence for Slovenia

The daily subsistence amount in Slovenia for individuals is EUR 70.

The prescribed amount for minors accompanied by their parents or legal representatives is 50% of the amount set out.

Means of Subsistence for Sweden

The reference amount for crossing the border is set by Swedish legislation at an amount of 450 SEK per day.

Means of Subsistence for Switzerland

Indian nationals bearing their own costs of their stay in Switzerland must prove that they possess approx. CHF 100.– per day.

Students who can prove their identity by means of a valid student card must possess approx. CHF 30.– per day.

The bank statement must indicate average minimum bank balance for the last six months. If you do not have this amount in your bank account, you can present a statement from a family member or guardian, along with a letter confirming that they are funding your journey and stay.

Additional requirements for Schengen visa from India

Along with the requirements for minimum bank balance for Schengen visa from India, there are certain additional requirements need to fulfil.

Passport must meet the following requirements:

1. To apply for a visa, the passport must contain at least two blank pages.
2. It can’t be more than ten years old (meaning it must be issued within the last 10 years).
3. It must be valid for at least three months beyond the day you want to exit the Schengen area.

Form for applying for a Schengen Visa:

1.  The form requests basic information such as a person’s name and surname, date of birth, birthplace, and birth nation. It also inquires about your present nationality, gender, marital status, and passport information (such as the date of issue, expiration date, etc) information on the objective of your trip, the type of visa you’re asking for (single, double, or multiple entries), the length of your stay, and so on.

Photography that complies with Schengen regulations:

1. Two similar photographs must be sent, one pasted on the application form and the other loose. 

Fees for Schengen visas must be paid in whole:

1. You will be sent a receipt once you have paid the visa fee. Keep it safe since you’ll need to display it to have your application accepted. 
2. The cost will not be refunded if your visa application is rejected or if you withdraw your application.

Travel Medical Insurance for the duration of your trip to Europe:

1. The Schengen Area member nations have agreed on a minimum coverage of 30,000 Euros per person for travel medical insurance. 
2. The insurance must cover the whole stay in the Schengen area, as well as any expenditures incurred as a result of medical repatriation, urgent medical attention, and/or emergency hospital treatment.

Biometric Information:

1. A new Visa Information System will retain biometric data of anyone seeking Schengen visas (VIS). The following categories are exempt from the fingerprinting requirements:
2. Children who are under the age of twelve.
3. Persons for whom fingerprint collecting is physically impossible.
4. When on an official visit, heads of state and members of national governments, their accompanying wives, and their official delegation.

Copies of prior visas are required:

1. If you have previously gone to the Schengen Zone with a passport that has expired (or is no longer valid), you must present it with the other documentation to substantiate your travels. 
2. Bring all of your passports if you have more than two. They should not be stapled together.

Itinerary of flight

1. The flight itinerary is a thorough travel plan to and from the Schengen Area destination country you wish to visit, such as a booked flight reservation, hotel reservation, package tour, and so on. 
2. This does not imply that you must purchase real travel tickets before receiving your visa; rather, you must make a flight reservation.

A cover letter for a Schengen visa:

1. You describe your trip plans in detail in a cover letter, including when you plan to visit the nation, where you will stay, and what you will do. 

Affirmation of lodging 

1. A hotel reservation is often required as evidence of lodging for a Schengen visa. If you want to stay with friends or relatives, you must provide a letter confirming your plans and stating that you will have ample space.

Bank statement

1. The bank must authenticate the bank statement.
2. A contract of employment with a leave letter (if applicable)
3. Returns on income from the previous three years
4. If you’re a student, a letter from the university must be accompanied by a “no objection” certificate from the institution.
5. Statement of Pensions (applicable if retired)

To guarantee a seamless preparation for your forthcoming travel, schedule an appointment at least a month ahead of time. You have up to 12 weeks before your travel date to submit your application.

You must appear in person for the interview. Bring your completed application form, as well as any other required papers, to the visa application center on time. You will be asked questions about your journey and purpose during the interview. Make sure you have everything you need.

After the officials have reviewed your visa application form, you will be requested to pay the visa fee. This can be done with cash or a credit card. The fee is around INR 6000, and it is non-refundable. The cost of a visa varies depending on which Schengen country you are visiting.

Schengen visa photo requirement 

Multiple Entry Schengen Visas

Schengen Transit Visa

FAQs

Is a 3 month bank statement enough for a Schengen visa?

Yes. 3 month bank statement is sufficient to apply for Schengen visa. Bank statement should be original and should have seal and stamp from the bank. E-statement does not work.

How much money do I need in bank for a Schengen visa?

For Schengen countries on average Rs. 5,000 per person per day is the average figure. So, suppose you are going for 10 days trip to Schengen countries , Rs. 5000*10 i.e Rs. 50,000 is the minimum amount you should have in your bank account.

Is ITR mandatory for a Schengen visa?

No, ITR is not mandatory for Schengen visa. However if you file ITR , you should submit ITR too. It will strengthen your case.

Can I use my father's bank statement for a visa?

Yes, you can show father’s bank statement for a visa. But in that case you will have to show your father as sponsor of the trip.

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