Proof of Funds (Express Entry)

[DelPiero07]

Hi all,

I am confused with the "6 months average balance" requirement of the bank letter.

1. Does this mean the average balance across the last 6 months; so a single figure like this: [January - June 2017; Average balance = XXXXX dollars]

2. or are they looking for a letter that states each balance amount for each of the last 6 months, like:
January 2017: XXXX dollars
February 2017: XXXX dollars
March 2017: XXXX dollars
..
..
June 2017: XXXX dollars

I read a few different opinions about that, would be great to hear from someone who successfully got his PR.

For the 10000th time, both are acceptable.

 

[mattjp1]

For the 10000th time, both are acceptable.

Thanks for that.

Should the bank put the amount in CAD or local currency is fine (Singapore Dollars in my case)?

 

[HassanH]

Hi guys,

If I have funds in my account more than the required minimum, and I provide the letter, do they ask about small transfers and deposits in between? Like sometimes my father (who lives abroad) sends me 2,000-3,000 so I have a few transfers like that from his bank account in my statement.

I don't know if I should give an explanation for this or not..

thanks

 

[nbt11]

Thanks for that.

Should the bank put the amount in CAD or local currency is fine (Singapore Dollars in my case)?

Local is fine. Cheers

 

[beetee]

Please can i use my spouse fixed deposit certificates alone as POF or must it be with a bank reference letter?

Secondly this fixed deposit is about four months old will it be questioned? Bearing in mind that i have removed my spouse work history and attached a letter of explanation for the removal since it doesn't add to our score.

I will appreciate if anyone with such experience and has been granted.

 

[leeflower]

Hey Guys I need your help, I got an ITA this month and while preparing all the documents, I've read in the forum that u need to explain where the money comes from in case there was a sudden raise in your bank account ? for the proof of funds, we 've sold our car in May and I put the car money in my account so that I can have the required amount. should I explain where I got the money from? or just send the bank letter and the 6 months bank statements. ?

 

[wolfman2017]

I submitted 12 month average balance, will it be an issue?

 

[nbt11]

Hey Guys I need your help, I got an ITA this month and while preparing all the documents, I've read in the forum that u need to explain where the money comes from in case there was a sudden raise in your bank account ? for the proof of funds, we 've sold our car in May and I put the car money in my account so that I can have the required amount. should I explain where I got the money from? or just send the bank letter and the 6 months bank statements. ?

If that sale was a recent one, then yes you should explain it and attach a proof maybe.
Good luck

 

[nbt11]

I submitted 12 month average balance, will it be an issue?

Nope..

 

[nbt11]

Please can i use my spouse fixed deposit certificates alone as POF or must it be with a bank reference letter?

Secondly this fixed deposit is about four months old will it be questioned? Bearing in mind that i have removed my spouse work history and attached a letter of explanation for the removal since it doesn't add to our score.

I will appreciate if anyone with such experience and has been granted.

Hi,
Get that on the bank's letter..
And, I'm assuming that your spouse is accompanying you, and in this case, there is no need to worry, you can mention it in your LOE.
It's okay if your FD is 4 months old but if the money arrived in your account is also 4 months old, then you have to get the proof for the source.

P.S: I don't even have an ITA and I'm single/24y. All this is based on my knowledge

Cheers

 

[Jim robster]

Dear Experts,

I had a query about the PoF (single unmarried applicant) and which exchange rate is considered during applying .
Supposing I keep 650,000 INR as PoF which is above 12300 CAD and submit by eAPR with the rate 1 CAD to 52 INR on the date of eAPR submission.
Now if the rate becomes 1 CAD to 53 INR after 2 months post AoR - then said amount 12300cad becomes 652,00 INR.
Then naturally my 650,000 INR is below 12300 CAD.

Will there be a problem then??

Is the exchange rate considered on the date of eAPR submission and locked down?
Or any other process is followed by the visa officers??
Because no one has any control over the exchange rate for the 6 month waiting period.

The rate could again drop during the 6 months (that is what generally happens - cyclical nature) , but my query is regarding the worst case if the CAD keeps rising against the INR

Any help from experts would be greatly appreciated.

 

[nbt11]

Dear Experts,

I had a query about the PoF (single unmarried applicant) and which exchange rate is considered during applying .
Supposing I keep 650,000 INR as PoF which is above 12300 CAD and submit by eAPR with the rate 1 CAD to 52 INR on the date of eAPR submission.
Now if the rate becomes 1 CAD to 53 INR after 2 months post AoR - then said amount 12300cad becomes 652,00 INR.
Then naturally my 650,000 INR is below 12300 CAD.

Will there be a problem then??

Is the exchange rate considered on the date of eAPR submission and locked down?
Or any other process is followed by the visa officers??
Because no one has any control over the exchange rate for the 6 month waiting period.

The rate could again drop during the 6 months (that is what generally happens - cyclical nature) , but my query is regarding the worst case if the CAD keeps rising against the INR

Any help from experts would be greatly appreciated.

I guess they check the rate on the day when they start verification. Add a 50k more and keep it at 7L. I'm no expert in this but at least that's what I'm doing...
Cheers

 

[KapilSharma]

So there are a number of forwarded posts which say that all funds must be with the primary applicant ONLY and funds with spouse will not be considered.
They claim that they've received an email from IRCC confirming this.
What do the seniors think? True or hoax? I'm going to submit my application in a week's time, if this is really the updated mandate then I'll have to arrange accordingly.

 

[DelPiero07]

So there are a number of forwarded posts which say that all funds must be with the primary applicant ONLY and funds with spouse will not be considered.
They claim that they've received an email from IRCC confirming this.
What do the seniors think? True or hoax? I'm going to submit my application in a week's time, if this is really the updated mandate then I'll have to arrange accordingly.

As long as the spouse is accompanying then the funds can be in his/her account.

 

[KapilSharma]

As long as the spouse is accompanying then the funds can be in his/her account.

Yeah, my wife is accompanying as part of the ITA received and application I'm about to file.
I guess, it's just a hoax and people are running scared of it! To be on safe side, though, most of the funds are in my name (primary applicant) - almost 80%