How much do you need? Traveling through the enchanting countries of the Schengen Area is a dream for many, but it comes with a set of regulations, including the crucial requirement of proving one’s financial means. In this comprehensive guide, we delve into the nuances of Schengen Visa requirements, with a specific focus on the indispensable Proof of Financial Means.

What is Proof of Financial Means?

Proof of Financial Means or Means of Subsistence is a critical component of the Schengen Visa application process, aimed at ensuring that travelers have the necessary funds to cover their expenses during their stay. This requirement is in place to prevent visitors from becoming a burden on the social assistance system of the Schengen countries.

According to Article 6(4) of the Schengen Borders Code (2019): “means of subsistence shall be assessed in accordance with the duration and the purpose of the stay and by reference to average prices in the Member State(s)concerned for board and lodging in budget accommodation, multiplied by the number of days stayed.“

When applying for a Schengen Visa, applicants must demonstrate their financial capability to cover accommodation, meals, transportation, and other incidental expenses. This evidence is essential for the consulate or embassy to assess the applicant’s ability to sustain themselves throughout their intended stay.

What Documents are Accepted as Proof of Financial Means?

Various documents serve as valid proof of financial means, each offering a glimpse into the applicant’s financial stability. Commonly accepted documents include bank statements, salary slips, sponsorship letters, and proof of prepaid accommodation or travel bookings. It’s crucial to ensure that these documents are recent, accurate, and clearly showcase the necessary funds.

• Bank statements – three to six months are typically preferred, offering a snapshot of the applicant’s financial activity over a reasonable period.
• Salary slips or income statements – from an employer provide additional evidence of a stable income source.
• Income Tax Return – provides a documented history of your earnings, which authorities use to assess your financial stability and ability to support yourself during your stay.
• If the trip is sponsored, a letter from the sponsor along with their financial documents is necessary to establish their ability to support the traveler.

How Much Do You Need to Travel for each Schengen Country?

Determining the budget for a 15-day trip across Schengen countries is a nuanced process influenced by various factors such as the destination’s cost of living and individual spending preferences. According to reliable sources such as the European Commission and travel experts, a general guideline suggests allocating a minimum of 50 to 60 euros per day to cover essential expenses.

Adjusting this figure based on the specific countries on the itinerary is crucial, as the cost of living can vary significantly. For instance, countries like Switzerland and Norway tend to be more expensive than others in the Schengen Area. The official website of Eurostat, the statistical office of the European Union, provides valuable insights into the relative price levels of goods and services across European countries, aiding travelers in adjusting their budgets accordingly.

For visa application purposes, I would recommend to have at least 100 euros per day of travel + an approximate amount for flight tickets, accommodation, and other incidental expenses.

Here’s what you’ll need for the means of subsistence for each of the 27 countries of the Schengen Area for a 15-day travel. Click on the country name to open the corresponding source.

Country	Amount per day
Austria	no specified amount assessed on a case-to-case basis
Belgium	45 € per day if staying with friends or family 95 € per day if staying in a hotel
Croatia	30 € per day if with paid accommodation or staying with friends or family 70 € per day if staying in a hotel
Czech Republic	2 200 Kč, approx. 87 € per day – for stays up to 30 days – at least half of the amount of subsistence minimum for each day of stay – for stays longer than 30 day – 15 times the subsistence minimum, the amount being increased by 2 times the subsistence minimum for each full month of the intended stay.
Denmark	350 DKK (47 € ) per day 500 DKK (67 € ) per day if staying in a hotel
Estonia	116 € – this is 0.2 times of the minimum monthly wage established by the Government of the Republic
Finland	approximately 30 € per day depending on accommodation arrangement and a possible sponsor
France	32.50 € per day if with a proof of accommodation (‘attestation d’accueil’) 65 € if they have proof of hotel reservation; 120 € if he has no proof of hotel reservation.
Germany	45 € per day (2004 values)
Greece	at least 50 euros per day (2007 values) at least 300 euros for a stay of up to five days
Hungary	10,000 HUF or 26.13 € per day (2007 values)
Iceland	4000 ISK or ~26.54 € per day for staying in a hotel or 2000 ISK or ~13.27 € per day if the expenses connected with the stay are borne by a third party
Italy	51.64 € (for 11-20 days; for shorter or longer duration please go over the linked table)
Latvia	no less than EUR 14 for each day of stay, if the duration of the intended stay in Latvia does not exceed 30 days not less than EUR 700(the minimum monthly wage in Latvia), if the duration of the intended stay in Latvia exceeds 30 days
Liechtenstein	please see Switzerland
Lithuania	40 € per day – does not apply to (a) minor/s traveling with parent/s 20 € per day with invitation
Luxembourg	no specific amount indicated
Malta	no specific amount indicated
Netherlands	34 € per day
Norway	NOK 500 (50 €) per day
Poland	PLN 300 (70 €) if the planned period of stay does not exceed 4 days, PLN 75 (17 €) for each day of the planned stay, if the period of planned stay exceeds 4 days – or the equivalent of amounts in foreign currency
Portugal	75 € per day 40 € for each day of stay under international conventions to which Portugal is a party
Slovakia	56 € per day
Slovenia	no specific amount indicated as the means of subsistence is adjusted yearly based on the consumer price index
Spain	100 € per day minimum of 900 € per day regardless of number of days of stay
Sweden	SEK 450 (approximately 40 €) per day of stay
Switzerland	CHF 100 (~107 €) per day of their stay CHF 30 (~32 €) per day for students with a valid student permit

You would notice that some values are “outdated” (2007 values) as I have not seen the latest (January 2024) values.

Take note that the figures presented here are mostly from the AD HOC QUERY ON 2019.107 Means of Subsistence for Schengen Visa by the European Migration Network Netherlands. You can read the entire document HERE. Other references are already linked to the country name.

How much do I need for a 15-day travel in the Schengen Area?

The answer lies on what type of traveler you are and where you’ll be traveling to. I came up with a rough estimate for a 15-day trip to France, Switzerland, and Italy across different budget categories namely: budget traveler, mid-range traveler, and luxury traveler.

Remember, these are very rough estimates and actual costs can vary significantly based on your specific preferences, travel style, exchange rates, and the time of year you visit.

To give you a more realistic calculation, here’s my 2019 expenses for Switzerland:

For the visa application, it would be wise to have at least double the required amount plus the transportation and accommodation expenses.

CONCLUSION

To wrap it up, make sure that your budget for a 2-week European traveler is more than enough to cover all necessary expenses while making sure it meets the means of subsistence requirement by the country or countries you are planning to visit.