Europe’s creation of the Schengen area changed the way that travelers come and go forever.

For individuals who need a visa to travel to France, Italy, or any of the other countries in the Schengen area, this groundbreaking union simplified the process. This helps travelers planning to visit one country, such as France, but also helps those who are planning multi-country excursions. (France, Italy, Spain, and back. Sounds nice, eh?)

In April of 2010, the European Union (EU) officially launched the never-before-seen Schengen visa code – an infrastructure with one standardized legal framework for Schengen visa applications.

This means the (maybe) obvious. No matter which Schengen country an applicant wants to travel to, the visa process is remarkably the same. Every applicant has to provide things like proof of accommodations, a valid passport, a filled-out visa application, and compliant Schengen travel insurance.

Within all of that, though, there is one line item that can’t really be entirely the same across the board, for several reasons that we will get into – and that’s the proof of funds requirement.

What is the proof of funds requirement?

The requirement makes complete sense, and it works really well in theory. In practice? It’s a bit more nuanced than that.

It’s a simple concept, really. In order to apply for a visa (and get a visa in general), you need to show that you have sufficient funds to cover yourself (and your family, if that’s the case) during your time abroad.

There are a few reasons that this requirement exists, in large part to make sure that you can cover yourself and that the host country doesn’t end up having to foot any bills at their expense.

Typically, visa applicants need to prove (through official, recent documentation) that they can provide for themselves throughout the entire duration of their stay (so, the length of their visa).

This is generally done by showing recent bank statements. Sometimes, applicants can show bank statements along with pay stubs or even work contracts. In some cases, it could be proof of reliable passive income, such as predictable real-estate payments.

In order to apply, the funds need to be liquid, meaning they’re easily accessible (such as cash in the bank).

Regardless of the way that funds are proven, one thing rings true: the funds have to be sufficient.

But how do you know if they are?

Understanding what sufficient means

First and foremost, visa applicants should always follow the specific advice and directions that they receive from their visa application center/consulate.

During the application process, visa-hopefuls will receive an official checklist that details the exact documents needed to apply (as well as any specific format requirements, like original copies, official translations, or notaries).

That said, how does an applicant know how much money is truly sufficient?

With a “universal” requirement, do applicants need to show they have the same amount of money no matter which destination they’re applying to?

For instance, a traveler heading to Riga, Latvia, is going to need a different budget than one heading to Paris, France. What about heading to a popular destination like Venice or the Canary Islands? Surely those costs will differ greatly from somewhere else that sees fewer international tourists every year.

Even within the same country, overhead costs can vary greatly from large cities to small countryside towns.

Taking these things into account, how is it possible to have an “across the board” requirement about something so location-specific?

The Schengen area has figured out a way to make it work, but applicants need to pay close attention.

The requirement itself exists across the board, but what is deemed sufficient varies from member country to member country.

While all Schengen countries have something in common (the fact they’re in the Schengen zone), they have many differences – geographically, governmentally, culturally, and economically, just to name a few. We’re interested in the economic part of the equation, for all intents and purposes.

Different economies mean different costs of living and minimum wages. What one could get by on in Poland is likely different than what one could get by on in Spain, as an example.

There’s another layer to that, too. While the euro is seen as the universal currency in Europe, it doesn’t mean every single Schengen state uses it. In fact, they don’t. Nearly half of the countries in the Schengen zone haven’t adopted it.

So, when we look at all of these things together, it makes sense why the “definition” of what is sufficient and what is not would need to vary from country to country.

So, it does.

Varying minimum financial requirements

This is where the confusion often comes in for visa applicants.

While some countries might state outright what the minimum financial requirement is (i.e., how much money an applicant needs to have, either per day or in a “lump sum”), others might not.

If that’s true, how can an applicant be certain whether or not their funds are sufficient?

Some countries in the Schengen area give an explicit minimum (either in euros or their local currency). In other cases, they might have a reference number to give applicants a general idea of what is adequate.

For instance, Romania’s government publishes the required financial minimum, which is currently €50 per day, per applicant, with an overall minimum of €500 available. So, if an applicant is applying for a Schengen visa to travel to Bucharest for 5 days, they would need to show proof of 50 euros for each day spent (50 euros x 5 days = €250).

However, since Romania also requires a €500 minimum, the applicant would need to show that they have at least 500 euros available to them in liquid funds.

What if the applicant, instead of 5 days, wants to spend 11 days in Bucharest? 50 euros x 11 days = €550. This meets both the per-day minimum as well as the lump sum one.

For countries that don’t have an official number, but instead offer a reference amount, the same math applies.

For example, if a traveler wants a visa to go to Switzerland, the reference amount is “around 100 CHF per day” (that’s about 107 euros). In this case, a precise number isn’t provided, but a number is given to give the applicant an idea as to whether or not their assets are adequate.

If they want to spend 14 days in Switzerland, it’s generally acceptable to have around 1400 CHF readily accessible.

In this instance, where references are given, embassies (the ones that decide whether or not a visa is approved or denied) look at each applicant on a case-by-case basis.

Visa officials look at details like how long the applicant plans to stay, what the reason for their trip is, where they’re traveling to specifically, etc.

Then, looking at the provided proof of funds, they can decide based on internal information whether or not the funds are sufficient for the proposed trip.

How to ensure the requirements are met

The best thing that a Schengen visa applicant can do, in the case of proof of funds or any of the other Schengen visa requirements, is to follow the official checklist they’ve received closely. The checklist will give the correct information specific to the visa type and destination.

If more information is required, the applicant should look to either the official European Union website and/or the official embassy website for the country they’re applying for.