Guide – Financial Means Test For A Schengen Visa Application

What Is The Financial Means Test For Your Schengen Visa Application?

The “Financial Means Test for the Schengen Visa application” is a test designed to assess if you have the financial ability to travel and reside abroad in the Schengen Area, according to the rules of each Schengen State. 

Proving your “financial means” is a mandatory Visa requirement no matter what Embassy/Consulate/Visa ApplicationCentre you submit your documents.

If you do not have enough means of subsistence, you risk your Schengen Tourist Visa being rejected. 

When you fill out the Schengen Visa form, you are required to mention your means of financial support (how you are going to afford and pay for your travel) – you must check one or more of the following boxes: cash, traveller’s cheques, credit card, pre-paid accommodation, pre-paid transport, other. 

Note: For further details, please check our Guide – Schengen Visa Application Form. 

However, article 14 (c) – Supporting Documents – of the Schengen Visa Code stipulates that it is mandatory for the “documents indicating that the applicant possesses sufficient means of subsistence both for the duration of the intended stay and for the return to his country of origin or residence, or for the transit to a third country into which he is certain to be admitted, or that he is in a position to acquire such means lawfully, in accordance with Article 5(1)(c) and (3) of the Schengen Borders Code”. 

According to this rule, you must prove with supporting documents your financial sufficiency. Even though you can check the box “cash” when you fill out the Schengen Visa form to mention your means of financial support, it is obvious that you cannot submit cash for your Schengen Visa application. 

Once you prove that you have enough funds in your bank account, you can withdraw money and exchange it in the currency of the Schengen country/countries you travel to. 

Therefore, you are required to submit your bank statements of the last 6 months to the Embassy/Consulate as proof of financial means. 

Your bank statements must show that you have a specific amount of money for each day you spend during your journey within the Schengen Area. The minimum amount of money depends on the laws of each Schengen State.

Thus, the Schengen agreement states that every Schengen Member State can have its own rules and requirements concerning the financial means of a short stay Visa holder. 

Article 21 (5) of the Schengen Visa Code specifies that “the means of subsistence for the intended stay shall be assessed in accordance with the duration and the purpose of the stay and by reference to average prices in the Member State(s) concerned for board and lodging in budget accommodation, multiplied by the number of days stayed, on the basis of the reference amounts set by the Member States in accordance with Article 34(1)(c) of the Schengen Borders Code. Proof of spon­sorship and/or private accommodation may also constitute evidence of sufficient means of subsistence“.

Therefore, the amount of money your bank statement of the last 6 months must show varies by country. 

As a general rule, you should have at least 50-60 Euros in your account for each day you spend within the Schengen Area. However, this amount might not be enough for some Schengen States. 

Also, for some Schengen countries, the minimum amount that you must have in your account is reduced for minors and families/groups of people travelling together. 

Please note that the minimum amount that you must have in your account must NOT include other mandatory expenses (e.g., expenses for travel insurance, flight and hotel, Schengen Visa fee, and other required documents.)

How Does The Financial Means Test For Your Schengen Visa Work?

As we mentioned previously, Article 21 (5) of the Schengen Visa Code specifies that the means of subsistence for the Schengen Visa applicants are assessed according to the duration and the purpose of the stay. 

The financial means test below concerns every Visa applicant travelling for tourism purposes (whether they are applying for a single entry or multiple entry Visa).

For example, if you travel for medical purposes and you must cover all of your medical expenses you are required to have a different amount of money in your bank account – which will be a lot higher. 

Or, if you are applying for a short-stay Student Visa, you must prove that you have sufficient funds to attend a course of study in the Schengen Territory. 

Therefore, the financial means test changes according to the travel purpose and Visa type you are applying for (e.g., Airport Transit Visa, National Visa, etc.) 

The test is simple and easy to understand. Write down on a piece of paper your arrival and departure date and count how many days you are going to spend within each country located in the Schengen Zone. 

For example, if you travel to Italy and your arrival date is July 29 and your departure date is August 5, you will spend 8 days within Italy. 

Then you must multiply the number of days you are going to spend within Italy by a specific amount which is the minimum amount that you must have in your account according to the rules of the European country you travel to.

For example, 8 days x X = the minimum amount that you must have in your account 

Before applying for your Schengen Visa, please check the table below that shows the minimum amount that you must have in your account for each day you spend in a specific Schengen country (meaning that you must count the amount per day).