Each of the Schengen Area member states issues a Schengen Visa for a number of explicit purposes. This can be for holiday, business, study, or medical grounds, but the application process, regardless of the type of visa being sought, will have two common requirements that must be met before a visa is issued. The first is the provision of proof showing sufficient medical insurance to cover accident or illness while in the Schengen Area, and the second is proof of sufficient financial means to cover all costs that may accrue while visiting the Schengen Area country involved.
This financial requirement is to eliminate (as much as possible) the risk of travellers arriving in the Schengen Area and then simply disappearing off the radar. The methods of demonstrating sufficient funding vary from one country to the next, as does the actual amount of funding required. In most cases, Schengen Visa applicants must provide either recent bank statements or payslips. In the case of an applicant staying with a host resident in the country, a letter confirming financial backing and support may be required. The same is true of travellers visiting on a Schengen Business Visa, where the host is assuming all or most of the costs incurred.
Applications for a Schengen Visa must be accompanied by all requested supporting documentation, which will always include proof of travel insurance and sufficient funding for the full duration of any planned visit.
Country by Country
No set of rules covers how much travel insurance or personal funding will be required. Each Schengen country imposes its regulations, and the financial requirement currently ranges from €14 (£12) up to €130 (£110) per day.
As of the end of June 2023, the situation in each of the Schengen Area countries is as follows:
Austria
There is no set amount of financial funding set down by the Austrian embassy, and each application is evaluated on its own merit. It is recommended that applicants should allow for a minimum requirement of €100 (£85) per day for basic accommodation, meals and expenses, although probably more should be budgeted for as Austria can be quite expensive.
Belgium
A daily minimum of €95 (£81) is currently the minimum amount a visitor should have available when applying for a Belgian Schengen Visa. This covers accommodation and expenses, but this amount is reduced to € 45 (£38) per day if the accommodation has been prepaid or if you are staying with friends or relatives who have provided a letter guaranteeing expenses will be covered.
Czech Republic
The financial requirements for visitors to the Czech Republic are somewhat complicated as it follows a tiered system. Visitors staying up to thirty days require €61 (£52) for daily expenses, while those remaining for more than thirty days should have access to an additional €245 (£210) per month as well as fifteen times the minimum, which works out at around €1,825 (£1,560). For visitors under eighteen, the total amounts are halved.
Denmark
A minimum amount of €47 (£40) for daily expenses is the financial requirement when applying for a Danish Schengen Visa, but this rises to €67 (£57) for travellers without hotel accommodation. Additionally, proof of sufficient funds for returning home will be necessary if a return flight, boat or train ticket cannot be provided.
Estonia
Applicants for an Estonian Schengen Visa must be able to show a current balance sufficient to cover a daily expenditure of €130.80 (£112).
Finland
One of the lowest daily financial requirements is for Finland, where visitors require a minimum of just €30 (£26) per day spending money. This sum covers basic daily expenses but not accommodation, which must have been paid in advance or taken separately into account.
France
Broadly speaking, French authorities demand that Schengen Visa applicants possess a minimum of €65 (£55) for every day spent in France. The actual minimum amount will vary depending on the accommodation arrangements. For visitors staying with family or friends, the minimum daily requirement is halved to €32.50 (£27.50). Travellers with hotel reservations must have access to the minimum €65 (£55), but this jumps to a daily total of €120 (£102) on any day when a hotel room has not been booked. For visitors arriving with no accommodation booked, the higher amount applies for all days spent in France.
Germany
The German embassy takes various factors such as booked accommodation and duration of visit into account when determining the minimum financial requirements for intending visitors but a minimum of €45 (£38) daily can generally be expected.
Greece
Visitors to Greece on a Schengen Visa should have sufficient funds to cover spending of €50 (£43) per day but this rises to €60 (£51) for daily expenses for short stays of five days or less. Both of these amounts are halved for minors.
Hungary
Hungarian embassy officials require applicants to demonstrate the ability to cover an expenditure of at least €24 (£20) per day. However, this is an absolute minimum and used only as a reference guide. Visa applicants should provide proof of available funding in excess of this amount and the more available finances the higher the odds of a successful visa application.
Iceland
Available daily spending of €56 (£48) is the minimum requirement for an Icelandic Schengen Visa or half this amount if accommodation and expenses are guaranteed by a sponsoring family member, relative or business contact.
Italy
For stays of up to five days, the Italian embassy requires visitors to have approximately €54 (£46) available to cover daily expenses but this amount reduces to €45 (£38) per day for the following days when staying for ten days. The amount is reduced again to €37 (£32) per day for days eleven to twenty and once more to €28 (£24) daily for any stay beyond twenty days.
Latvia
Latvia has one of the lowest financial requirements in the Schengen Area of just €14 (£12) daily.
Lithuania
A minimum of €40 (£34) for daily spending is the requirement for a Lithuanian Schengen Visa as well as proof of a paid return flight or sufficient additional funds to purchase same.
Luxembourg
Luxembourg is an expensive country and this is reflected in the embassy requirement of €67 (£57) for daily expenditure.
Malta
The bare minimum disposable daily amount for Malta is €48 (£41), but intending visitors are advised to budget for more than this amount as Malta can be an expensive destination.
The Netherlands
Proof of a minimum of €55 (£47) funding for each day spent in the Netherlands must accompany an application for a Dutch Schengen Visa.
Norway
When applying for a Norwegian Schengen Visa it is necessary to provide proof of a bank balance with sufficient funds to allow for expenditure of at least €48 (£41) per day while in Norway. Failure to provide proof of adequate funding will likely result in the application being refused.
Poland
For visits of three days or less a minimum of €62 (£53) is required but this drops significantly to just €15 (£12) for longer stays. Different rates apply depending on the main purpose of the visit and can be as low as €4 (£3) per day in the case of visitors for sporting events or attending youth camps.
Portugal
Portuguese Schengen regulations stipulate that visitors should have a minimum of €40 (£34) for daily expenses and a minimum of €75 (£64) for every entry into the country. Unusually, visitors who have accommodation and meals provided by friends or relatives may be exempt from any financial requirements once such arrangements are verified by the host.
Slovakia
Slovakian authorities require minimum daily funding of €56 (£48) should be available to cover accommodation, food and incidental expenses.
Slovenia
A standard daily requirement of €70 (£60) is the financial requirement when applying for a Schengen Visa to visit Slovenia.
Spain
Spain has a high daily requirement of €100 (£85) but also requires that each visitor has access to funds of €900 (£769) irrespective of how long the visit is scheduled to last.
Sweden
For a wealthy nation, Sweden has a surprisingly low financial requirement for visitors at just €41 (£35) for daily expenditure.
Switzerland
€100 (£85) is the minimum daily requirement for visitors to Switzerland who are not sponsored by relatives, friends or business associates. Visitors on a Student Visa require only €30 (£25) per day.
Liechtenstein
The financial requirements for visiting Liechtenstein are high at almost €103 (£88) per day to cover accommodation, food and other expenses.
ETIAS or Schengen Visa?
Citizens of any of the European Union member countries do not require a Schengen Visa to enter a Schengen member state including the four countries of Norway, Iceland, Switzerland and Liechtenstein which are part of the Schengen Area but not in the EU. The same is currently true of UK citizens who still enjoy visa-free access to the EU and Schengen Area despite having recently left the European Union.
Other countries that currently enjoy visa-free access to the greater European arena (EU and Schengen) include Canada, the United States, South Africa, New Zealand, Australia and a few others on the EU visa-exemption list.
While citizens of these visa-exempt countries do not require a Schengen Visa, there is no guarantee that this may be the case in years to come. Already the European Union is implementing a form of digital visa called ETIAS (European Travel Information and Authorisation System) whereby non-EU citizens will be pre-screened and approved for entry to any of the European Union member countries.
