Currency fluctuations - Proof of funds

[CilliersC]

Was wonder what you guys think the impact on applications submitted before the massive Rand crash

For example when we submitted in:

September 2015 (1 CAD = 10.4391 ZAR) the required amount was R 155, 051.95

Today it would be:

January 2016 (1 CAD = 11.51 ZAR) the required amount is R 170, 958.03

Would you suggest a CSE with updated proof of funds if it gets close to reaching the minimum required amount or would they consider value at time of submission?

 

[Asivad Anac]

They'd consider valuation at the time of submission, nothing to worry about here.

 

[Hanan22]

Hey,

Did you apply with out-of-Canada bank account?

if Yes, what documents did you provide?

Thank you and all the best.

 

[CilliersC]

Thanks for the feedback Asivad, will hang in there and see what happens 8)

 

[trevzuk0ZA]

They'd consider valuation at the time of submission, nothing to worry about here.

I sincerely hope so, because the currency fluctuation is very worrying to me. I have lost 15% of my money (in terms of CAD) due to the slide of the Rand.

 

[valsanail]

Dear Asivad Anac,
Please kindly help. What you think do they calculate funds via the exchange rate that we provide them within our bank statements (e.g through our national Central Banks rates for example) or do they calculate by they own rates? I understand that the difference can't be so huge, however I'd like to know to have a real idea within those exchange rates changes

 

[Asivad Anac]

Dear Asivad Anac,
Please kindly help. What you think do they calculate funds via the exchange rate that we provide them within our bank statements (e.g through our national Central Banks rates for example) or do they calculate by they own rates? I understand that the difference can't be so huge, however I'd like to know to have a real idea within those exchange rates changes

Keep a small buffer. They go with internationally accepted exchange rates - usually those aren't determined by a country's Central Bank in isolation.

 

[valsanail]

Keep a small buffer. They go with internationally accepted exchange rates - usually those aren't determined by a country's Central Bank in isolation.

Thank you friend. At the moment when I was submitting my pr application few days ago my funds were above the lico enough, however today I found out that they become closer to the it, so I worry what am I supposed to do if the cad rate continues to increase so that my provided pof will become not enough

 

[Asivad Anac]

Thank you friend. At the moment when I was submitting my pr application few days ago my funds were above the lico enough, however today I found out that they become closer to the it, so I worry what am I supposed to do if the cad rate continues to increase so that my provided pof will become not enough

What matters is the value as on date of submission. Nothing to worry.

 

[abra1985]

What matters is the value as on date of submission. Nothing to worry.

Hi Mr.Asivad,
I'm in similar situation when I submitted my application in July 2018 my funds were equivalent to
19500, now its gone to 19031 CAD, due to currency fluctuation, Kindly advice on this.

 

[hamgha]

Hi Mr.Asivad,
I'm in similar situation when I submitted my application in July 2018 my funds were equivalent to
19500, now its gone to 19031 CAD, due to currency fluctuation, Kindly advice on this.

You quoted his reply to your question.

 

[gau55555]

Thanks for the feedback Asivad, will hang in there and see what happens 8)

Hi,

Could you please tell me what happened to your case? Did they asked for updated proof or you opened CSE?
Looking forward for your help.

 

[gau55555]

Was wonder what you guys think the impact on applications submitted before the massive Rand crash

For example when we submitted in:

September 2015 (1 CAD = 10.4391 ZAR) the required amount was R 155, 051.95

Today it would be:

January 2016 (1 CAD = 11.51 ZAR) the required amount is R 170, 958.03

Would you suggest a CSE with updated proof of funds if it gets close to reaching the minimum required amount or would they consider value at time of submission?

Hi,

Could you please tell me what happened to your case? Did they asked for updated proof or you opened CSE?
Looking forward for your help.

 

[gau55555]

Hi Mr.Asivad,
I'm in similar situation when I submitted my application in July 2018 my funds were equivalent to
19500, now its gone to 19031 CAD, due to currency fluctuation, Kindly advice on this.

Hi,

I am also in the same situation. Kindly update if you have something to share on this.

 

[liverpooligan]

They'd consider valuation at the time of submission, nothing to worry about here.

Could you please paste the url link of the official canadian govt. website where it says that forex rate will be considered ON the date of eAPR only, not after the date. Thanks in advance.