- The UK government has listed specific financial assets that student visa applicants are barred from submitting as proof of funds
- Cryptocurrency and stocks are among the accounts and assets that will not be accepted during the student visa application process
- The restrictions also cover certain bank accounts, depending on how they are regulated and how records are kept
Nigerians and other foreigners planning to study in the United Kingdom need to take careful note of what their proof of funds can and cannot include when applying for a student visa.
The UK government has outlined six categories of financial assets and account types that will not be accepted as evidence of sufficient funds during the student visa application process.
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Financial assets the UK will not accept
The following are excluded from valid proof of funds for a UK student visa:
- Overdrafts
- Cryptocurrency
- Stocks and shares
- Pensions
- Bank accounts that are not regulated by the financial regulatory body in the country where the bank operates
- Bank accounts that do not use electronic record-keeping
The list rules out several assets that applicants might assume are acceptable, particularly cryptocurrency holdings and investment portfolios. Even if an applicant holds significant value in stocks or a pension, those figures will carry no weight in a student visa application.
UK: What the rules mean for applicants
The exclusion of unregulated bank accounts is particularly important for applicants from countries where informal or community-based financial arrangements are common. If a bank does not fall under the oversight of the relevant national financial authority, funds held there will not count.
Similarly, any account that does not maintain electronic records is disqualified, regardless of the balance it holds.
These requirements are part of the broader financial conditions applicants must satisfy to demonstrate they can support themselves and cover tuition fees while studying in the UK. Applicants are advised to consolidate their funds into a regulated, electronically managed bank account well ahead of submitting their visa application, to avoid delays or refusals on financial grounds.
UK lists activities foreigners can carry out
Meanwhile, Legit.ng recently reported that the UK had listed 11 activities foreigners can carry out while visiting the country on a Standard Visitor visa.
The permitted activities range from tourism and family visits to business meetings, medical treatment, academic engagements and short recreational courses.
Source: Legit.ng