Depreciation of Currency - Please Help

[ranajunaid299]

Hi

I am waiting for my CoPR right now.
We are three family members and I told IRCC that I will bring 22000 CAD to Canada.

Initially when I submitted my proof of funds and account maintenance certificate from my local bank, I made a mistake and didn't mention the conversion rate on any document.

Also, note that my local bank is in Pakistani rupees and not USD or CAD.

Pakistani currency is in constant depreciation against CAD since I submitted my documents after receiving the ITA. But now for the past few months it is in free fall.

In order to keep bare minimum of 22000 Canadian Dollars in my local account, each month I add money to that account.

Right now, I dont think this cannot go on for long if my CoPR gets further delayed for lets say 1 year.

what's the best solution to this issue, or is it something I should not be worried about and I shouldn't add more money to that account.

Seniors please respond to this query asap. Any sort of help will be appropriated.

I tried to look for answer to my question everywhere on the internet including this forum but still no luck.

 

[Ultraxion]

Can you exchange your rupee into CAD? the ealier the merrier if rupee is indeed in free fall.

 

[Simba112]

Hi

I am waiting for my CoPR right now.
We are three family members and I told IRCC that I will bring 22000 CAD to Canada.

Initially when I submitted my proof of funds and account maintenance certificate from my local bank, I made a mistake and didn't mention the conversion rate on any document.

Also, note that my local bank is in Pakistani rupees and not USD or CAD.

Pakistani currency is in constant depreciation against CAD since I submitted my documents after receiving the ITA. But now for the past few months it is in free fall.

In order to keep bare minimum of 22000 Canadian Dollars in my local account, each month I add money to that account.

Right now, I dont think this cannot go on for long if my CoPR gets further delayed for lets say 1 year.

what's the best solution to this issue, or is it something I should not be worried about and I shouldn't add more money to that account.

Seniors please respond to this query asap. Any sort of help will be appropriated.

I tried to look for answer to my question everywhere on the internet including this forum but still no luck.

I think you'll need to continue top up to meet POF. Officers will disregard depreciation but convert on spot exchange rate on the day he analyze proof of fund requirement. I know it sucks considering Paki Rupee is depreciating, but there's no other option i could think of. You didnt have to attach any conversion rate by that moment, they have tools to do conversion.

 

[ranajunaid299]

Can you exchange your rupee into CAD? the ealier the merrier if rupee is indeed in free fall.

No there is no way to convert them now. I have to open a separate account for that and provide the proof of funds from new account to ircc again.

 

[ranajunaid299]

This is so sad to know.
If for instance i am not able to coup up with devaluation since each day when I wake up I have to add more money to that account.
Will irrc reject my application if one day when the officer checks my balance and its lets say 300 dollars short of 22000 CAD?

I think you'll need to continue top up to meet POF. Officers will disregard depreciation but convert on spot exchange rate on the day he analyze proof of fund requirement. I know it sucks considering Paki Rupee is depreciating, but there's no other option i could think of. You didnt have to attach any conversion rate by that moment, they have tools to do conversion.

 

[oinkario]

No there is no way to convert them now. I have to open a separate account for that and provide the proof of funds from new account to ircc again.

A separate account should be okay, right?

 

[vivosvoco]

There have been quite some threads discussing this issue on here. What keywords did you use for search? Anyway, see the replies by legalfalcon here.