Proof of funds, in cash?

[Emil1]

Hi, I'm in process to applying through express entry.
I have a question about the funds.
I'm from Argentina, and I have enough money for the express entry, my problem is that Argentina is going through a serious financial crisis and it is dangerous to have the money in a bank account, I have everything in cash. But the money is completely legal and I can show proofs of the movements in my bank account from 2018 to the current day, where the movements of that money can be seen and I can show also the receipts that I got the day of the withdrawn. I can even go to a lawyer to make a note saying that I have that money. The only thing I can't do is put that money in the bank again, because the government can take everything as it already happened twice in our history, the last time in 2001. If that happens, I will lose everything so I can't risk that.
It is really necessary that all the money is in a bank account or it may be enough just having it in cash and showing proofs?

I accept any suggestions.

Thank you!

 

[genruab]

I believe there must be some way the CIC can check it what you said is true. The only way doing it to have the funds in some kind of legal entity.
I would risk and deposit the money with writing a gift deed from a family member. Once you submit the paperwork, pull the funds out to be on the safe side.

 

[dr.josemrod]

Money can't be in cash. These are accepted as proof of funds:

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

Also interesting: https://www.linkedin.com/pulse/what-acceptable-proof-funds-canadian-express-entry-pr-manoj-palwe/

 

[imusi]

Hi, I'm in process to applying through express entry.
I have a question about the funds.
I'm from Argentina, and I have enough money for the express entry, my problem is that Argentina is going through a serious financial crisis and it is dangerous to have the money in a bank account, I have everything in cash. But the money is completely legal and I can show proofs of the movements in my bank account from 2018 to the current day, where the movements of that money can be seen and I can show also the receipts that I got the day of the withdrawn. I can even go to a lawyer to make a note saying that I have that money. The only thing I can't do is put that money in the bank again, because the government can take everything as it already happened twice in our history, the last time in 2001. If that happens, I will lose everything so I can't risk that.
It is really necessary that all the money is in a bank account or it may be enough just having it in cash and showing proofs?

I accept any suggestions.

Thank you!

Maybe open a bank account overseas and get proof of funds letter from the overseas bank? It doesn’t have to be in your home country. I myself provided a POF letter of my securities account overseas and did not run into any trouble with my application. I’ve already got my PPR using that POF letter.

About the requirement of showing avg. balance for the past 6 months:

If you haven’t got the ITA you could put money in the overseas bank for 6 months and then get the letter for your application.

If you are expecting AOR within 6 months then I think you could provide the letter from the overseas bank AND a letter of explanation.

 

[dr.josemrod]

Maybe open a bank account overseas and get proof of funds letter from the overseas bank? It doesn’t have to be in your home country. I myself provided a POF letter of my securities account overseas and did not run into any trouble with my application. I’ve already got my PPR using that POF letter.

About the requirement of showing avg. balance for the past 6 months:

If you haven’t got the ITA you could put money in the overseas bank for 6 months and then get the letter for your application.

If you are expecting AOR within 6 months then I think you could provide the letter from the overseas bank AND a letter of explanation.

That's a good idea.

 

[Angles92]

Hi, I'm in process to applying through express entry.
I have a question about the funds.
I'm from Argentina, and I have enough money for the express entry, my problem is that Argentina is going through a serious financial crisis and it is dangerous to have the money in a bank account, I have everything in cash. But the money is completely legal and I can show proofs of the movements in my bank account from 2018 to the current day, where the movements of that money can be seen and I can show also the receipts that I got the day of the withdrawn. I can even go to a lawyer to make a note saying that I have that money. The only thing I can't do is put that money in the bank again, because the government can take everything as it already happened twice in our history, the last time in 2001. If that happens, I will lose everything so I can't risk that.
It is really necessary that all the money is in a bank account or it may be enough just having it in cash and showing proofs?

I accept any suggestions.

Thank you!

Hey Emil1! I´m currently in the same situation as you (Argentinian with cash savings due to economic inestability) and trying to apply to express entry. Have you fund a way to make the PF? I don´t feel safe depositing all my savings in a bank account in Argentina.

 

[Emil1]

Hey Emil1! I´m currently in the same situation as you (Argentinian with cash savings due to economic inestability) and trying to apply to express entry. Have you fund a way to make the PF? I don´t feel safe depositing all my savings in a bank account in Argentina.

No. I didn't find any way other than taking a flight to the US and opening a bank account there. But it is problematic with covid.
I'm taking the risk having my money in my bank account. I haven't been invited yet. I'm waiting for the next fsw draw