Monday, December 27, 2010

How to Get Bank Letter Showing the Financial Availability

Before you get admission letters and I-20 you may be asked to provide the proof of financial availability. Since US education is costly therefore you may be asked to send the financial affidavit before the university issues the I-20 form. Remember even if you have got the assistantship you might be asked to send the proof of financial availability if the estimated expenditure for the year exceeds the assistantship amount. Only after the proof of financial availability is received by the university the university will issue the I-20 form and it may take 7-10 days to reach via regular mail depending upon your location. . Once you get I-20 form you can apply for visa. Yes, you can’t apply for a student visa unless you get I-20 form.

The proof of financial availability can be in two forms first, bank letter and second, financial affidavit. So, what is a bank letter? A Bank Letter is a statement that you have ‘stated’ amount of money in your account with a particular branch of a bank. This is a statement printed on the Bank letterhead and normally is not valid if not on a bank letterhead. So make sure you get the statement on the bank letterhead with the seal of the bank and original signature of the branch manager.

And how do you get the bank letter? It’s as simple as that. Normally if you have got assistantship you would be asked to show not ‘huge’ amount in your or your sponsor’s bank account. You may be asked to show some 2-3 thousand dollars in your account. However, it’s advised to show a little more amount than what has been asked, may be 2000 dollars more.

All you need to get a bank letter is, to contact your branch where you have a bank account and ask them issue a certificate showing that you have such and such amount in your bank account. The amount must be stated in US dollars equivalent by using the latest exchange rate. There may be a fee for issuing the certificate but it would not take long time.

You can also show money in your parents account or some close relative’s account. In that case you would need a financial affidavit.

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