Bank Statement Increasing Exchange Rate

[ahmedsaeed01]

Hi,

I received an ITA in April this year and applied on May 23rd. The problem is my country is going through a rough economic patch and there is an unusual and exponential depreciation of our currency for the past month. I had to show a bank statement of 19390. For this i converted the cash and even added a buffer to cater for the depreciation.

However, the problem is that it is still going up every day and from 113 CAD to PKR its has today gone up to 122, which seems unreal. I have tried maintaining the balance but this is getting out of hand now.

I consulted a consultant and he said when applying to mention this in the cover letter, which I did. Now he is saying that they will consider this. However, I am worried now because I have all the basics covered and even scored a very high IELTS score of 8.5. But now this is the only hitch left and am really worried.

Can anyone guide me on this.

 

[sam3218]

Hi,

I received an ITA in April this year and applied on May 23rd. The problem is my country is going through a rough economic patch and there is an unusual and exponential depreciation of our currency for the past month. I had to show a bank statement of 19390. For this i converted the cash and even added a buffer to cater for the depreciation.

However, the problem is that it is still going up every day and from 113 CAD to PKR its has today gone up to 122, which seems unreal. I have tried maintaining the balance but this is getting out of hand now.

I consulted a consultant and he said when applying to mention this in the cover letter, which I did. Now he is saying that they will consider this. However, I am worried now because I have all the basics covered and even scored a very high IELTS score of 8.5. But now this is the only hitch left and am really worried.

Can anyone guide me on this.

Immigration officer will consider the current exchange rate at the time they assess your application, if due to whatever reason your money is below the minimum required then you are in trouble. You can add more funds and submit a new bank statement through CSE

 

[ahmedsaeed01]

Hi the problem is I just checked it has risen to 125. How can I keep on creating new bank statements? this is become worrisome now.

 

[Ilyushin76]

Hi the problem is I just checked it has risen to 125. How can I keep on creating new bank statements? this is become worrisome now.

I think the best way to handle the situation would be to put in an estimated "buffer" amount.

If your money in PKR today is let's say 10, add another 3.

No other way to cater for inflation I guess.

P.S - The tremors of an incapable / inexperienced "tabdeeli" team are felt by everyone.

 

[Ilyushin76]

Another option I can suggest is to open a foreign currency account in USD and park your money there. That would surely be a more convenient solution to cover inflation.

 

[Ilyushin76]

Hi,

I consulted a consultant and he said when applying to mention this in the cover letter, which I did. Now he is saying that they will consider this. However, I am worried now because I have all the basics covered and even scored a very high IELTS score of 8.5. But now this is the only hitch left and am really worried.

Your consultant did not guide you properly.

 

[ahmedsaeed01]

Your consultant did not guide you properly.

Yeah it seems so, Foreign Currency Account is not that easy to open up here and plus if it goes down in near future I would loose money.

 

[ahmedsaeed01]

Immigration officer will consider the current exchange rate at the time they assess your application, if due to whatever reason your money is below the minimum required then you are in trouble. You can add more funds and submit a new bank statement through CSE

Hi if I issue a new bank statement after depositing extra, won't they object on the sudden influx of extra money into the account?

 

[sam3218]

Hi if I issue a new bank statement after depositing extra, won't they object on the sudden influx of extra money into the account?

Of they will. You need to provide source of funds like gift deed, sale deed etc too

 

[spirit.varun]

Try and check locally if any bank would accept USD/CAD currency locally for bank account; for ex : you purchase USD/CAD for the required POF and park it locally, by doing this you don't feel the daily exchange fluctuations,.

 

[ahmedsaeed01]

Hi I deposited another amount to the bank and took out another bank statement. however when I go to the application I don't see an option to upload another statement. The options section is blank.