Black Market Exchange Rate for Proof of Funds?

[theshred]

My country has enacted foreign currency control by which I can't convert any local currency into USD or CAD.

The only way to acquire USD is through the inflated black market price.

While my proof of funds has an enough amount in local currency to account for the inflated black market price of USD, will IRCC use the low official bank rate or will they use the inflated black market rate to do the conversions?

Do I have to explain the country's situation in an LOE?

 

[scylla]

My country has enacted foreign currency control by which I can't convert any local currency into USD or CAD.

The only way to acquire USD is through the inflated black market price.

While my proof of funds has an enough amount in local currency to account for the inflated black market price of USD, will IRCC use the low official bank rate or will they use the inflated black market rate to do the conversions?

Do I have to explain the country's situation in an LOE?

They will use the official bank rate.

 

[theshred]

They will use the official bank rate.

thank you greatly!

 

[dr.josemrod]

How are you planning to acquire the USDs or CADs though?

 

[theshred]

How are you planning to acquire the USDs or CADs though?

Luckily I already have 10k USD at home. I'm planning to deposit those and get an international banker's cheque with them. I can wire them too when I land in Canada.

Is this okay?

 

[dr.josemrod]

Luckily I already have 10k USD at home. I'm planning to deposit those and get an international banker's cheque with them. I can wire them too when I land in Canada.

Is this okay?

You can't use this as proof.

If you have 10K, find a way to deposit this into an account, and then get a POF letter from that institution.

 

[theshred]

You can't use this as proof.

If you have 10K, find a way to deposit this into an account, and then get a POF letter from that institution.

I'm going to have my parents transfer me 25 million LBP from our joint account that has 1 year prior history into a new account of mine and sign a self-declaration.

Imo, this feels better than just depositing 10k USD that don't have prior history.

What's your opinion?

 

[dr.josemrod]

Can you explain where then 10K come from? Can you get a gift deed from your parents?

 

[theshred]

Can you explain where then 10K come from? Can you get a gift deed from your parents?

I can explain that the 10k is from my salary that has been deposited in one of my accounts for around 21 months.

As for the LBP amount, I can get a gift declaration from my parents (I can get it notarized if that's what you're asking).

1. Would LBP be okay?
2. I don't trust Lebanese banks anymore, but if I really had to, and the 21 months salary is enough proof the funds are mine, I would use the 10k instead of my parents' funds.

 

[hamgha]

My country has enacted foreign currency control by which I can't convert any local currency into USD or CAD.

The only way to acquire USD is through the inflated black market price.

While my proof of funds has an enough amount in local currency to account for the inflated black market price of USD, will IRCC use the low official bank rate or will they use the inflated black market rate to do the conversions?

Do I have to explain the country's situation in an LOE?

guessing you're lebanese? you can give your POF in your local currency, we gave ours in lbp and a screenshot of the exchange rate of the day

 

[theshred]

guessing you're lebanese? you can give your POF in your local currency, we gave ours in lbp and a screenshot of the exchange rate of the day

Yess I am Lebanese. Thank you so much for replying.

May I ask if you applied before or after October 17?

 

[hamgha]

Yess I am Lebanese. Thank you so much for replying.

May I ask if you applied before or after October 17?

i've been living in vancouver for over a year. Your money still has the same value for now so for proof of funds you will be okay but I'd recommend saving as much as possible in case currency changes AND you'll need much more anyways before moving as proof of funds itself is not going to be enough

 

[theshred]

i've been living in vancouver for over a year. Your money still has the same value for now so for proof of funds you will be okay but I'd recommend saving as much as possible in case currency changes AND you'll need much more anyways before moving as proof of funds itself is not going to be enough

Good to hear that you got your PR.

One thing that's bugging me is that whatever LBP I have in my Lebanese account, I won't be able to convert it to CAD. You see, it's true that the bank rate is 1515LBP per 1 USD, but the banks don't let you convert any LBP to USD, AT ALL.

Do you think CIC will take this into consideration?
As in, am I actually safe submitting proof of funds with funds that I can't convert to a usable currency?

 

[hamgha]

CIC care that you have enough for POF. For the time being, we're at 1515 officially. CIC will look at what you have, check the conversion rate and evaluate you're good to go. They have no idea what the political intricacies of our country is or what's happening with the black marker. To be safe, evalute based on the 1--> 2000 exchange rate. When we apply we added about 1k usd more to be on the safe side I recommend you add more
Now after you move that's another question and who knows how long it'll take or how you'll take the money.

 

[theshred]

CIC care that you have enough for POF. For the time being, we're at 1515 officially. CIC will look at what you have, check the conversion rate and evaluate you're good to go. They have no idea what the political intricacies of our country is or what's happening with the black marker. To be safe, evalute based on the 1--> 2000 exchange rate. When we apply we added about 1k usd more to be on the safe side I recommend you add more
Now after you move that's another question and who knows how long it'll take or how you'll take the money.

I can't begin to thank you enough. Finally, you're someone who understands what's going on. I'll be providing proof with 25million LBP. I was smart enough to save 10k USD at home, so I can use those in case I got my PR.

Again thank you greatly.

One last question, do you think a gift deed is necessary or can I just have my parents sign self-declarations between me and them about the LBP the will gift me. Since my account will be new.