Can Bitcoin be used as proof of funds during visa application in your country?

[Zlantann]

A friend wants to visit a country and they were enquiring for proof of funds for him to be issued a Visa. This young man has invested heavily in Bitcoin and other cryptocurrencies that he might not be able to present the minimum amount they want in his fiat account. But he can present ten times more than the amount the embassy is asking if they want it in cryptocurrency.

The embassy is insisting that although Bitcoin is legal in the country, they cannot accept it as proof of funds. The guy is a little bit frustrated because he is been forced to sell his coin prematurely in other to present the amount they are requesting. The visit is for an important business where he needs to test run and evaluate some equipment he wants to acquire. Taking a loan might not be appropriate since the embassy wants to see the flow of cash and not just a lump sum.

I suspect that countries like El Salvador might accept Bitcoin for such proof. How is the situation in your own country? My country will not accept Bitcoin because the government is anti-crypto. 

[OcTradism]

A friend wants to visit a country and they were enquiring for proof of funds for him to be issued a Visa. This young man has invested heavily in Bitcoin and other cryptocurrencies that he might not be able to present the minimum amount they want in his fiat account. But he can present ten times more than the amount the embassy is asking if they want it in cryptocurrency.

The embassy is insisting that although Bitcoin is legal in the country, they cannot accept it as proof of funds.

The man will have to consider not only about the visa but also how he will make spending in that country if visa gets approval. I know Bitcoin nowadays is accepted in many country and there are many ways to use Bitcoin. However, it's less convenient than fiat currency and if he visits some places which are not available to use bitcoin like Bitcoin ATMs, merchants that are ready to take customer payment in bitcoin, he will have problems.

https://bitcoin.org/en/resources#directories

[Helena Yu]

Nope, even stock, gold, real estate didn't qualify as proof of funds, so I'm not surprising to see Bitcoin didn't qualify too. However, I'm shocked that your friends didn't have emergency funds, no matter how big your trust in investment, you need emergency funds in order to prevent you to sell your investment at loss.

The proof of funds isn't big because your friend only apply for tourist visa, not working or skill visa.

Yeah this would be different for El Salvador since they treat Bitcoin is same to fiat.

[yudi09]

I suspect that countries like El Salvador might accept Bitcoin for such proof.

In El Salvador, they might accept it as proof, but I can't say for sure that other countries would accept it like that.

How is the situation in your own country? My country will not accept Bitcoin because the government is anti-crypto. 

There's no story to tell about the Bitcoin situation like other countries that have legalized Bitcoin. However, we are grateful that the government has not banned Bitcoin as a commodity asset even though Bitcoin is prohibited as a means of payment.

[Davidvictorson]

Is your friend a first time traveler? Because this is what it looks like. See embassies do not care if you are Satoshi, Micheal Saylor. Proof of funds must be in your country's denomination which is the required standard and nothing else. Until they add the option of Bitcoin or any other thing that can be used as a proof of funds, we'd have to comply with it.

[Kakmakr]

No, I can understand why the embassy do not want to accept that as a proof of funds, because anyone can bring a wallet and show a balance and then transfer those funds back to their friends after they received approval for their VISA application.

The Banking industry are very regulated and a credit card application goes through a lot of "red tape" to be approved, so they trust that process and also the credit it provides.

Bitcoin for the most part are still very unregulated, so governments do not trust it..... yet.

[avikz]

A friend wants to visit a country and they were enquiring for proof of funds for him to be issued a Visa. This young man has invested heavily in Bitcoin and other cryptocurrencies that he might not be able to present the minimum amount they want in his fiat account. But he can present ten times more than the amount the embassy is asking if they want it in cryptocurrency.

The embassy is insisting that although Bitcoin is legal in the country, they cannot accept it as proof of funds. The guy is a little bit frustrated because he is been forced to sell his coin prematurely in other to present the amount they are requesting. The visit is for an important business where he needs to test run and evaluate some equipment he wants to acquire. Taking a loan might not be appropriate since the embassy wants to see the flow of cash and not just a lump sum.

I suspect that countries like El Salvador might accept Bitcoin for such proof. How is the situation in your own country? My country will not accept Bitcoin because the government is anti-crypto.  

I don't think apart from El-Salvador, any other countries accepting Bitcoin as a proof of fund during visa application. In order to get Bitcoin accepted as a proof of fund, Bitcoin needs to be designated as a "Legal tender" in that country. There are some countries like Japan, Denmark, Germany etc. where Bitcoin is legal and people can choose to pay using Bitcoin but even though the Visa application will not allow Bitcoin as proof of fund.

Unfortunate, but Bitcoin still has a long way to go to make its significant mark in the world politics. My country has imposed 30% tax on Bitcoin but still doesn't accept it as a legal tender where you can make payment for goods and services.

[hd49728]

I don't think apart from El-Salvador, any other countries accepting Bitcoin as a proof of fund during visa application. In order to get Bitcoin accepted as a proof of fund, Bitcoin needs to be designated as a "Legal tender" in that country.

Moreover, together with "Legal tender" as a mandatory condition, there are other conditions that are related to Anti Money Laundering (AML) procedure to help governments filter money from fraudulent activities and avoid making approval for illegal people or criminals.

I believe that we are still far from era that Bitcoin will be accepted as Proof of Fund in Visa Applications and Approvals. At least many countries accept and have guidelines on how to add Bitcoin and cryptocurrencies to Income Tax Report. It is beginning of better adoption in future but as said, it will come with more regulations.

[Hatchy]

I suspect that countries like El Salvador might accept Bitcoin for such proof. How is the situation in your own country? My country will not accept Bitcoin because the government is anti-crypto. 

The thing is that the government cannot accept what they can't regulate. Bitcoin and other cryptocurrency technology are still evolving and with Bitcoin especially being decentralized they won't likely buy into the idea of making it a proof of funds. Bitcoin is volatile and the proof of funds the government wants is something to show that these applicants has a stable financial ability to cover up their expenses while outside the country.

I wonder why your friend didn't have some backup funds at all, to me it's not a good thing. It's good to Invest your money in cryptocurrency but you should at least have something in a main account just in case. You know how crazy it can be sometimes, nobody can predict what happens next. His wallet might be hacked or something like stolen funds, where then will he start from? . As an investor, even a holder should also apply what is called proper risk management no matter how big or too small your investment is...

[Lucius]

I don't see any other option but for your friend to sell part of his crypto assets and then come to the embassy with a statement of his bank account and all the evidence of the investment and prove his financial situation in that way. Of course, before all that, he should check if such a procedure will satisfy them or if they will still think that it is not enough.

I personally think that in very few countries in the world BTC can be accepted in that way, because for it to work, people are needed who know how BTC works and who will accordingly ask for a signed message from the address where the coins are located. Otherwise, anyone can come with a watch-only wallet and say that they own any amount of BTC, and most people do not know the difference between a wallet that has private keys and one that only shows balances without the possibility of transactions.

[Luzin]

I suspect that countries like El Salvador might accept Bitcoin for such proof. How is the situation in your own country? My country will not accept Bitcoin because the government is anti-crypto. 

I have never made a Visa, but if my passport has been. But if you read the necessary conditions, you are indeed required to have money for living expenses in the destination country. It even seems that my country will not approve it, because what is proposed is crypto, not fiat money that is recognized by the world. Responding to this problem, I think your friend doesn't need to be sad. You told me he had 10 times the money required by the requirement. If he wanted to be right then it shouldn't be a big deal he lost 10% of his crypto money. Perhaps El Salvador can be an alternative because of its legality as a currency. But if the goal isn't there, I think monetizing 10% of crypto is a pretty good idea. Or maybe be patient to cash out your crypto and delay the departure.

[ABCbits]

I suspect that countries like El Salvador might accept Bitcoin for such proof. How is the situation in your own country?

I don't know about their usual visa. But they offer special kind of visa which require you to deposit 1 million USD in either BTC or USD[1]. I doubt any other country which doesn't legalize Bitcoin as payment method or currency would accept Bitcoin as proof of funds.

[1] https://techreport.com/crypto-news/el-salvador-president-says-bitcoin-strategy-has-been-net-positive-but-adoption-still-lags/

[hugeblack]

Proof of funds is usually the minimum amount of funds you have and therefore even some local currencies of some countries may fail to be proof of funds and some countries do not even accept gold, stocks or intellectual property of value such as property rights even though they are all considered assets.
In the case of Bitcoin, if they asked you to deposit this amount to a central service, would you accept?

[aoluain]

Nope, even stock, gold, real estate didn't qualify as proof of funds, so I'm not surprising to see Bitcoin didn't qualify too. However, I'm shocked that your friends didn't have emergency funds, no matter how big your trust in investment, you need emergency funds in order to prevent you to sell your investment at loss.

The proof of funds isn't big because your friend only apply for tourist visa, not working or skill visa.

Yeah this would be different for El Salvador since they treat Bitcoin is same to fiat.

What they want to see is that the person applying for a visa has an income and is able to pay
day to day living expenses and has disposable income and is responsible enough to have regular
savings. Stocks, shares etc. rarely qualify.

No, I can understand why the embassy do not want to accept that as a proof of funds, because anyone can bring a wallet and show a balance and then transfer those funds back to their friends after they received approval for their VISA application.

The Banking industry are very regulated and a credit card application goes through a lot of "red tape" to be approved, so they trust that process and also the credit it provides.

Bitcoin for the most part are still very unregulated, so governments do not trust it..... yet.

also they have no procedures in place to check and verify that the visa applicant owns said Bitcoin
or crypto wallet.

I'm not sure about my country but TBH I dont think I would want any authority connected to the
government to know that I owned Bitcoin.

[EluguHcman]

I suspect that countries like El Salvador might accept Bitcoin for such proof. How is the situation in your own country? My country will not accept Bitcoin because the government is anti-crypto. 

That would only be acceptable in a country that the government accepts Bitcoin as legal tender just as mentioned El Salvador and their government Interests on Bitcoin.

I believe if that country I question of your friend applying for a Visa do have legal tenders of Bitcoin up to the government levels, they would had accepted the fact the guy presented Bitcoin as a proof source of his incomes because definitely citizens and residences in the country would pay taxes to the country meaning Bitcoin is otherwise a source of revenue generating income to the government.

In my own country, Bitcoin is not an illegal currency but limited to government owned sectors which means only individuals are accepting Bitcoin for transaction or legal tenders but restricted and illegal when aligning with the governments.
So such case of your friend is equivalent to happen in my own country.

[shield132]

A friend wants to visit a country and they were enquiring for proof of funds for him to be issued a Visa. This young man has invested heavily in Bitcoin and other cryptocurrencies that he might not be able to present the minimum amount they want in his fiat account. But he can present ten times more than the amount the embassy is asking if they want it in cryptocurrency.

The embassy is insisting that although Bitcoin is legal in the country, they cannot accept it as proof of funds. The guy is a little bit frustrated because he is been forced to sell his coin prematurely in other to present the amount they are requesting. The visit is for an important business where he needs to test run and evaluate some equipment he wants to acquire. Taking a loan might not be appropriate since the embassy wants to see the flow of cash and not just a lump sum.

I suspect that countries like El Salvador might accept Bitcoin for such proof. How is the situation in your own country? My country will not accept Bitcoin because the government is anti-crypto. 

I wanted to study abroad in Europe and they demanded 10K EURO in a blocked account in the destination country's local bank. When I asked a question about crypto, they laughed. I'm afraid they don't even know what crypto or Bitcoin is. Your friend will be forced to convert his Bitcoins into fiat, Bitcoin being legal means nothing in terms of proof of funds, it only means that you can buy/sell/send it and don't get arrested for that.

Yes, El Salvador is more likely to accept Bitcoin for such proof but besides El Salvador, no country will accept it.

No, I can understand why the embassy do not want to accept that as a proof of funds, because anyone can bring a wallet and show a balance and then transfer those funds back to their friends after they received approval for their VISA application.

The Banking industry are very regulated and a credit card application goes through a lot of "red tape" to be approved, so they trust that process and also the credit it provides.

Bitcoin for the most part are still very unregulated, so governments do not trust it..... yet.

I can ask my friends to withdraw money from the ATM, give me cash and I'll manually deposit that money to my bank account, so that's not the reason why the embassy doesn't accept Bitcoin as proof of funds.

[Zlantann]

Is your friend a first time traveler? Because this is what it looks like. See embassies do not care if you are Satoshi, Micheal Saylor. Proof of funds must be in your country's denomination which is the required standard and nothing else. Until they add the option of Bitcoin or any other thing that can be used as a proof of funds, we'd have to comply with it.

I thought you needed to show proof of funds each time you were applying for a tourist visa. The embassy will always want to make sure that you have enough funds to cover your travel and expenses. The funds will not necessarily be in the local currency of your country. Leading currencies like the US dollar, Euro, or British Pound will be accepted as proof by many countries.

Proof of funds is usually the minimum amount of funds you have and therefore even some local currencies of some countries may fail to be proof of funds and some countries do not even accept gold, stocks or intellectual property of value such as property rights even though they are all considered assets.
In the case of Bitcoin, if they asked you to deposit this amount to a central service, would you accept?

I am aware that Germany mandates some visa applicants to deposit some amount in a blocked account also known as Sperrkonto. And the applicant is guaranteed of accessing his funds at a particular time with or without visa approval. If the only option is to deposit it with a crypto-friendly government, one might have to risk it if the trip is important.

[$weetne$$]

I suspect that countries like El Salvador might accept Bitcoin for such proof. How is the situation in your own country? My country will not accept Bitcoin because the government is anti-crypto. 

Most countries will not accept Bitcoin as a proof of funds neither will my country because they still think Bitcoin is not to be taken seriously as a currency or asset. Bitcoin is volatile and the price of your investments can reduced or increased  depending on when it gets viewed therefore they will want a fiats statement of account. Better your friend just sell some Bitcoin and have fiats that he will use for the verification and go on his business trips. We should not be having our money in just one thing because we do not know what tomorrow holds. Betting on Bitcoin is a good move but we still need fiats for some important things like proof of funds, therefore we should also have emergency money in our accounts that can be used for this type of verification and for other things that might come up.

[Nwada001]

The man will have to consider not only about the visa but also how he will make spending in that country if visa gets approval. I know Bitcoin nowadays is accepted in many country and there are many ways to use Bitcoin. However, it's less convenient than fiat currency and if he visits some places which are not available to use bitcoin like Bitcoin ATMs, merchants that are ready to take customer payment in bitcoin, he will have problems.

From my understanding of the OP's statement, how to make spending is not the person's problem, but how to present the amount that the embassy needs in his local or foreign bank account that can be used as proof of funds is what he is thinking about how to go about it without selling off his bitcoin holdings.
 
I believe the person has enough resources that can serve his travelling expenses, and even if it's not enough, converting a few from his holdings won't help him much compared to whatever amount the embassy is requesting for him to have before the visa can be approved.

[cryptoaddictchie]

I thought you needed to show proof of funds each time you were applying for a tourist visa. The embassy will always want to make sure that you have enough funds to cover your travel and expenses. The funds will not necessarily be in the local currency of your country. Leading currencies like the US dollar, Euro, or British Pound will be accepted as proof by many countries.

Thats the thing I think every Embassy are doing this. I applied for visa too and used the Binance statement account for the application it seems accepted but since I didnt push through my travel I didnt know if its legit use of proof of fund for documents. Im kinda interesting in this topic too.