Financial Requirements for Your Overseas Adventures

We normally associate world travel with the ability to afford to travel, but that’s not always the case. As a way of preventing travelers to enter that may be a drain on the resources of a country, many countries require visitors to demonstrate they have sufficient funds to support themselves during their stay.

Here’s what you need to know about proving financial requirements are met to the countries that require this information.

First of all, not all countries require financial proof, and those that do have different policies and standards. The best way to understand the various proof requirements is to look up the specific country you plan on visiting at travel.state.gov.

The State Department’s travel site has information on visas, travel permits, financial requirements, and other documentation you need to provide to visit a given country.

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Your first encounter with financial-proof requirements will likely come when you plan a trip to the Schengen Area.

The Schengen Area sounds like a food hall that plays krautrock, but it’s actually a group of 25 European countries that have common visa requirements and relaxed travel policies for residents of the member countries. Learn more about the Schengen Area.

If you’re planning on traveling to these countries, you have to show proof of financial solvency. That can take the form of:

• A travel insurance policy
• Bank statements
• Proof of employment or income, such as a letter from your employer or pay slips
• Tax returns
• Proof of property ownership
• Proof of third-party sponsorship
• Credit-card statements
• Investment or pension statements
• Proof of pre-booked accommodation
• Proof of paid return tickets
• Any other relevant financial documents

Most of these speak to having a minimum bank balance – an amount of money that, converted to a per-day basis, is considered enough for you to live on while visiting that country.

The minimum-bank-balance requirement varies by Schengen country but ranges from around €14 in Latvia to at least €100 per day in Estonia. Some countries have a sliding scale depending on the type of travel and how long you’re in the country, while other countries break out the financial requirements in detail.

VisaGuide has many more details on the Schengen Visa process.

Find more: Places Where Americans Need a Visa to Visit

• Thailand: May ask for proof of a return plane ticket.
• Bolivia: Requires proof of lodging and a return plane ticket.
• New Zealand: Requires tourists to pay an International Visitor Conservation and Tourism Levy upon entering the country.

Even if a particular country doesn't have an official mandatory financial requirement, customs and immigration officials may still ask for proof of funds.

Also, there’s often a top end to financial requirements that centers around how much currency people can bring into and take out of the country.

For instance, Switzerland, the literal gold standard when it comes to financial requirements, notes that customs officials will question any amounts over 10,000 Swiss Francs being brought into or taken out of the country.

Argentina caps the amount at $10,000 for adults. Again, do your research before you go … or just bring a credit card instead of cash. It’s so much easier to tote around.

Also read: 6 Travel Safety Tips that Could Help Protect Your Trip from Disaster

And then there’s Bhutan. This real-world Shangri-La doesn’t discourage tourists exactly; it just wants to make sure that tourists help pay the costs of tourism.

While the country has relaxed some of its more stringent financial requirements, it still requires tourists to pay a non-negotiable minimum daily tariff that covers accommodations, meals, transportation, licensed guides and porters, and cultural programs.

The tariff varies; if you’re interested in learning more, check out Bhutan Travel.

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In general, if you feel you’ll have to prove your solvency:

• Do your homework: Find the exact requirements at your destination country's embassy or immigration websites, or travel.state.gov.
• Be overprepared: In countries that require cash on hand, have slightly more than the minimum required amount.
• Have documents handy: Keep proof-of-funds documentation easily accessible in your carry-on.
• Consider a travel credit card: A travel-friendly credit card with no foreign transaction fees can give you a financial-security safety net.

Financial-entry requirements are designed for everyone’s protection. By having some simple documentation on hand – most usefully, travel insurance documentation – you can focus on creating incredible travel memories instead of stressing about finances.

If you have to have travel insurance documentation to visit your destinations of choice, why not choose a  travel protection plan offered Generali Global Assistance? It's a good idea even if it's not required. Our plans have the security and stability you (and many countries) crave on vacation.

Get a quote today.

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