Financial Advisors (IFAs) + Visa Application: The Challenge
As financial advisor, preparing bank statements for visa application is a common but time-consuming task. UK visa applications (Tier 1, Tier 2, spouse, student) require bank statements proving financial capability. The Home Office needs clear, organised financial evidence.
How BankScan AI Helps Financial Advisors (IFAs) with Visa Application
Convert client bank statements to Excel for quick financial analysis, cashflow modelling, and wealth planning presentations. For visa application specifically, BankScan AI extracts Daily closing balance (must stay above maintenance threshold), source of funds, automatically.
How Financial Advisors (IFAs) Handle Visa Application
When preparing bank statements for visa application, financial advisors (ifas) need to IFAs request bank statements during fact-find meetings to assess client income, expenditure patterns, existing commitments, and savings capacity. They. BankScan AI automates the data extraction step.
Key terms you'll encounter: fact-find, suitability report, attitude to risk, capacity for loss.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload 6 months for most visa categories; 12 months for Innovator Founder and some ILR applications of statements for visa application.
AI extracts what you need
Our AI extracts Daily closing balance (must stay above maintenance threshold — formatted for financial advisors (ifas) workflows.
Complete your visa application work
Download Excel files ready for visa application. Statements must show applicant name, account number, bank name, and every page dated; balance must be clearly visible for each day the maintenance period is assessed
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Financial Advisors (IFAs) — Visa Application
- Built for Financial Advisors (IFAs) — Saves 30-45 minutes per client fact-find on income and expenditure analysis, with annual reviews completed 20-30 minutes faster per client
- Software compatible — Output works directly with Intelliflo, CashCalc, Excel
- Built for Visa Application — Convert your bank statements to structured Excel spreadsheets that clearly show your balance history, income sources, and regular savings — formatted for visa evidence bundles.
- Key data extracted — Daily closing balance (must stay above maintenance threshold), source of funds, large deposits with explanations, evidence of savings not being temporarily moved in
Compliance: Financial Advisors (IFAs) + Visa Application
When financial advisors (ifas) prepare bank statements for visa application, specific compliance requirements apply.
- FCA rules require IFAs to conduct thorough fact-finds and demonstrate suitability of advice. Bank statements form part of the evidence base for suitability reports. Consumer Duty obligations require advisors to demonstrate they understand client financial circumstances. Records must be retained for the FCA's required period.
- Legal basis: Immigration Rules Appendix Finance and Appendix FM-SE; Home Office financial requirement guidance under the Points-Based System
Visa Application — Built for Financial Advisors (IFAs)
Statements must cover the period ending no more than 31 days before the visa application date; delays mean re-obtaining fresh statements
Try Free — Financial Advisors (IFAs) + Visa Application