Parallel Market money for proof of funds

[InfinityDz]

Hello there, sorry for the repost. I may have been too wordy in my previous post so I thought I should ask my question using less words.

Basically I wanted to know if it was ok with IRCC to put in money from the parallel (black) market in my bank account. Money from the black market isn't traceable by definition. It isn't possible in my country to buy dollars legally.

Thank you

 

[RSub]

Hello there, sorry for the repost. I may have been too wordy in my previous post so I thought I should ask my question using less words.

Basically I wanted to know if it was ok with IRCC to put in money from the parallel (black) market in my bank account. Money from the black market isn't traceable by definition. It isn't possible in my country to buy dollars legally.

Thank you

WTF.

 

[InfinityDz]

WTF.

WTF?

 

[RSub]

WTF?

So are you asking if the money from Black market is legal to as as POF? How will you explain the source of the funds if IRCC asks statements? Moreover, you cannot skip the bank letter because IRCC definitely needs that letter from bank when you submit your documents. I am sure IRCC won't take it light if you let them know that you exchanged the money from Parallel market. What proof would you submit to IRCC that its your money that you used to exchange at the Parallel Market. So many red flags....!!!!!


What we accept as proof
Funds must be readily available to you. For example, you can't use equity on real property as proof of settlement funds.

You also can’t borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they aren’t coming with you).

If your spouse is coming with you, you can count money you have together in a joint account. You may be able to count money in an account under their name only, but you must prove you have access to the money.

The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access the money to use here when you arrive.

For proof, you must get official letters from any banks or financial institutions where you’re keeping money.

Letter(s) must

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account, the
  • account numbers
  • date each account was opened
  • current balance of each account
  • average balance for the past 6 months

 

[InfinityDz]

Hey, thanks for your reply

How will you explain the source of the funds if IRCC asks statements?

Just telling the truth. I'm already going to provide bank statements to show that a large amount of money in my country's currency exited the account shortly before euros were entered. I'll just say that it's the only way anyone in my country can have euros/CADs/USDs (they probably already know). It's the case for many other countries as well. I've found messages on this board from lebanese fellows who were in very similar situations.

Moreover, you cannot skip the bank letter because IRCC definitely needs that letter from bank when you submit your documents.

I'm not planning to not provide the letter. The exchanged money is inside the bank already and the account statements are ready.

What proof would you submit to IRCC that its your money that you used to exchange at the Parallel Market.

I'll never have a proof, except for the fact that my balance in the bank will keep on rising. If only they ask me for more proof of funds then they'll see that.

Thank you again for your reply, so what do you think?

 

[RSub]

Hey, thanks for your reply


Just telling the truth. I'm already going to provide bank statements to show that a large amount of money in my country's currency exited the account shortly before euros were entered. I'll just say that it's the only way anyone in my country can have euros/CADs/USDs (they probably already know). It's the case for many other countries as well. I've found messages on this board from lebanese fellows who were in very similar situations.


I'm not planning to not provide the letter. The exchanged money is inside the bank already and the account statements are ready.


I'll never have a proof, except for the fact that my balance in the bank will keep on rising. If only they ask me for more proof of funds then they'll see that.

Thank you again for your reply, so what do you think?

For now, you don't need to provide statements. But you definitely need Bank letter. If you don't provide now, then later IRC will request an ADR on POF and may ask specially to provide the ban statements for a period of time and you will eventually need to submit bank letter and statements. Worst case (most likely) your application will be rejected.

Or you can do like below:

https://www.canadavisa.com/canada-immigration-discussion-board/threads/bank-will-not-provide-letter-proof-of-funds-what-can-i-do.774468/

All the best.