Studying in a country other than your own is indeed a privilege, and understanding your host's culture, rules and regulations is critical to a productive and successful experience. FundsV addresses an important component of your preparation: The funds verification requirement.
Many host governments (and in some cases, host campuses) require that prospective international students show evidence of sufficient funds to support the costs of living and studying in that country. This requirement helps ensure that you can focus on your academic responsibilities while abroad, rather than worry about finances.
FundsV operates in a tightly-controlled environment. Students may register with FundsV through their prospective host or other authority, via a unique text link or banner. Authorities must be approved in advance by FundsV. Here's how FundsV works:
1. Via the authority's unique link, students are presented with a list of 4,000 banks in the FundsV network. Students then confirm that their bank (or their sponsor's bank) is included. If the bank is not listed, then there is no need for the student to register with us.
2. Registration (at a cost of US$50) entitles students to unlimited account balance verifications and access to their FundsV Profile for 24 months.
3. In order to upload bank account balances, students or sponsors simply enter their credentials, just as they would to access their online accounts with that particular bank. The FundsV platform transmits financial information securely and reliably.
4. Students may manage their bank credentials, upload documents, and submit their completed Profiles to the authority who originally referred them to FundsV.
5. Through a secure log-in, the authority may access the student's FundsV Profile. The authority retains full responsibility in deciding how to use the robust set of data.
If your host is not officially authorized with FundsV, there is no need for you to register. Please return to your host's site, and learn about alternative ways to comply with their requirement to prove sufficient funds. Of course, you may recommend FundsV to your host, to improve the efficiency and integrity of the funds verification process. Contact support@FundsV.com for details.
Empowering consumers to point their online data in a way that is helpful to them parallels our philosophy that personal, online data should be controlled by the owner of that data. The owner should be able to dictate how his / her data is used, and the owner should be able to restrict access to his / her data at any time.
One way to prove sufficient funds is to provide original bank statements, along with supporting documents such as a valid passport, certificate of eligibility, and academic transcripts and diplomas to host government officials, in person. Those officials may also consider individual circumstances (such as past employment and immigration history) to determine if you (or your sponsor) genuinely hold the funds to which you claim to have access.
FundsV is working with a select group of hosts to improve the efficiency and integrity of the funds verification process for international students and scholars. If your host is affiliated with FundsV, then you may satisfy their funds verification requirement by registering with us. After you grant permission for your bank to transmit account balance data to FundsV and upload pertinent documents, your host will be able to access that robust set of data to decide if you meet their financial requirements.
Student users of FundsV benefit from the convenience of verifying funding sources online, rather than through a cumbersome paper process. FundsV facilitates the transparency necessary for students to prove they are financially-qualified, weeks or even months sooner than paper-based procedures. Student users are in control; they must authorize any and all access to their FundsV data from any entity.
Under certain circumstances, international students may supplement their income with money earned through part-time work in their host country. Students should not rely on such supplemental income to meet a significant portion of their tuition and living expenses.
Scholarship options are typically narrow in scope, and intensely competitive. Students must be realistic in their ability to pay for studying abroad. Statistics (from sources such as the Institute for International Education) show that the majority of globally-mobile students use personal and family finances as their primary source of funds.
Studying in another country is a valuable experience that can positively impact your view of the world and your career prospects. We wish you all the best in pursuing your education abroad!
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We mention FundsV in all of our communication with applicants, and strongly encourage them to use this convenient service.
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