Minimum Settlement Funds Calculator
Proof of Funds Confusing? Calculate Minimum Settlement Money Instantly
For Nigerians applying to UK, Canada, Australia
How Settlement Funds Calculation Works
Every immigration application requires proof that you can support yourself and your family without government assistance. Our calculator uses official government formulas to determine exactly how much you need.
Each country has different base amounts. For example, Canada requires approximately $13,000 CAD for a single person, while the UK requires £1,334 per month for up to 9 months outside London. The calculator automatically adjusts for these differences.
Who Needs to Calculate Settlement Funds?
Nigerian students applying for overseas education, skilled workers seeking employment abroad, families reuniting with sponsors, and entrepreneurs pursuing investor visas. If you’re submitting any immigration application that requires proof of funds, this calculation is mandatory.
What Counts as Acceptable Proof of Funds?
Immigration authorities accept bank statements showing the money has been in your account for the required period (usually 3-6 months). They also accept fixed deposits, education loans from approved banks, and scholarship letters. They do NOT accept: property valuations, stock certificates, business assets, or money in someone else’s account (unless with proper sponsorship documents).
When Should You Start Saving?
Begin at least 6 months before your planned application date. Immigration officers look for stable financial history, not sudden large deposits. If you receive a large gift from family, document it properly with gift deeds and donor bank statements. Start tracking your savings early to avoid last-minute stress.
Where Must the Funds Be Located?
Funds should be in accounts under your name (or joint accounts with your spouse). Nigerian bank accounts are generally acceptable if they show consistent history and can be easily verified. Some applicants use domiciliary accounts (USD/GBP accounts in Nigeria) to avoid currency fluctuation issues. The key is verifiability through official bank statements.
Why Accurate Calculation Prevents Rejection
Insufficient funds is among the top reasons for visa denial. Being even slightly below the requirement can mean rejection and loss of all application fees (which are non-refundable). Overestimating might delay your plans unnecessarily. Getting the exact amount right means you can prepare properly and submit a strong application.
How to Build Your Settlement Funds Strategically
- Open a dedicated savings account: Separate your immigration funds from daily expenses
- Save consistently: Regular deposits look better than one large transfer
- Consider currency risks: If applying to the UK, saving in GBP can protect against Naira fluctuations
- Document everything: Keep all bank statements even before you need them
- Explore education loans: Nigerian banks like GTBank, Zenith offer education loans for overseas study
- Family support documentation: If family is gifting funds, prepare gift deeds and their bank statements
Common Settlement Fund Scenarios: Table of Truth
Compare your calculation with these real-world examples based on 2024 requirements:
| Destination | Visa Type | Family Size | Minimum Required | Notes |
|---|---|---|---|---|
| Canada | Express Entry | 1 person | $13,213 CAD | 2024 minimum, increases with family size |
| United Kingdom | Student Visa | 1 person | £1,334 × 9 months | Outside London, inside London requires more |
| Australia | Student Visa | 1 person + tuition | AUD $24,505 + tuition | Living costs only, tuition separate |
| Canada | Study Permit | Student + 1 spouse | Tuition + $16,000 CAD | First year tuition plus living costs |
Frequently Asked Questions
Can I use my Nigerian bank account for proof of funds?
Yes, Nigerian bank accounts are generally acceptable if they show the required amount in local or foreign currency. The statements must be official, show your name, account number, and consistent balance over the required period (usually 3-6 months).
What if the money is in my parents’ account?
This is only acceptable if your parents complete a sponsorship affidavit and provide their bank statements. Some countries (like Canada) require additional documentation for parental sponsorship. It’s always better to have funds in your own account when possible.
Do fixed deposits count as settlement funds?
Yes, fixed deposits are usually acceptable if they can be liquidated easily. Provide the fixed deposit certificate along with a letter from the bank confirming the amount, maturity date, and that funds are readily available.
How recent must the bank statements be?
Typically within 30 days of your application submission date. The statements must show the required amount has been maintained for the entire required period (usually 3-6 months).
What if I just sold property and have the money?
You’ll need to document the entire transaction: property sale agreement, proof of funds transfer to your account, and then bank statements showing the money maintained in your account. Large sudden deposits may raise questions, so be prepared to explain.
Important: Document Everything
Use the “Save as PDF” feature to create an official record of your calculation. This helps with financial planning and can be shown to banks when applying for education loans or to family members providing sponsorship support.
Currency Fluctuation Warning
Naira to foreign currency rates change daily. When saving for immigration, consider keeping funds in domiciliary accounts (USD/GBP) to protect against Naira devaluation. Calculate with a 10-15% buffer to account for exchange rate changes between saving and application time.
Last updated: December 2024. Minimum settlement amounts are subject to change by immigration authorities. Always verify current requirements on official government websites before submitting your application. Exchange rates used: 1 USD = ₦1,450, 1 GBP = ₦1,850, 1 CAD = ₦1,070 (approximate rates).
Settlement Funds Calculation
Calculated on DeyWithMe.com/settlement-funds-calculator
For reference only. Verify with official immigration authorities.