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I am intending to apply for a UK visa. I note that for proof of funds you need to provide bank statements.

However, I don't own a bank account. I am employed and receive a cheque each month end, which I cash and convert into USD and leave it as hard cash. In line with the requirement of providing a bank statement, I am thinking of opening an account and deposit the hard cash that I have accumulated from my employment earnings hitherto as a lump sum. Will this be acceptable? Or will it be flagged as funds parking?

Would a letter with a detailed explanation of why no account was maintained, have a bearing of getting a favourable outcome? (Cover from the downside of the volatile exchange rate thereby convert it into USD and avoiding the high bank charges for foreign currency bnk account)

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  • Avoid having a bank account by keeping an unhedged long position in USD. Claim it's to protect against FX volatility. A ridiculous rationale if ever there was one.
    – Gayot Fow
    Jan 22, 2017 at 18:31
  • I could see it if a country has a volatile currency--you're hedging against a further drop versus the USD. Let's talk Argentina, Mozambique, Tajikistan...
    – mkennedy
    Jan 22, 2017 at 19:01

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Will this be acceptable? Or it will be flagged as 'parking' of funds.

The latter.

Would a letter with a detailed explanation of why no account was maintained,have a bearing of getting a favourable outcome?

Probably not.

It seems you have already been refused once (though you have provided us no details) and despite the Usage guide for [visas] are not inclined to mention your nationality. ECOs are likely to detect such deviousness whatever you put in your letter.

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  • When I post personal information on a pubic forum like this, I think long and hard about what to reveal and what to leave out. You can probably guess my hometown from my posts on Travel SE, and perhaps my native language and nationality, but I don't think I ever spelled it out. Other SE sites allow a good guess at my profession. So that last sentence may be a bit harsh.
    – o.m.
    Jan 22, 2017 at 10:48
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Honestly, the odds aren't really in your favour. As explained by Gayot Fow in this question

Genuine visitors to the UK fit a profile that is not entirely cash based. Moreover, you will find it almost impossible to establish that your cash has been lawfully obtained. Consider opening and using a proper bank account for 12 - 18 months prior to submitting your application.

The fact is, bank statements are the proof of means of subsistence they want - and they want to see multiple statements in order to establish a pattern according to which you receive and spend money over time.

As for cash, one can hardly prove that it has been obtained legally, so while an explanation letter about your income would make the ECO aware of your situation, them merely being aware is not enough to convince them that you qualify for a visa.

Also stated by Gayot Fow in the linked question:

you can get an attestation from your country's equivalent of the UK's Foreign Office that puts forward your circumstances.

If you can get a letter from your country's MFA (ministry of foreign affairs) explaining in detail your employment and economic situation, you should, as it is essentially your only way to credibly demonstrate the source of your funds, given your current circumstances. Even then (as always) it will be up to the ECO's judgment whether you get a visa or not.

If you need to travel to the UK within the next half-year and cannot get a good letter from your MFA, then I strongly advise you to seek the aid of a qualified immigration solicitor, such as through this site

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  • +1, Nice answer. Far more damage to the OP's credibility will be done by his cockamamie load of old balls about hedging the FX volatility than anything else.
    – Gayot Fow
    Jan 22, 2017 at 18:34

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