Proof Of Funds - Special Situation

[maou556]

Hi everyone,

I've been lurking here for a while, waiting for my ITA.

At 476 CRS, FSW, i am hoping to get it soon, when soon might be with the COVID situation who knows !

Anyway, The country i'm in has a huge banking disaster going on, and we have all been withdrawing our funds from the banks and converting them to USD, safekeeping them as liquid money in our own homes (economy has collapsed).

I am planning on taking ~ 15 - 20k USD in value to Canada with me when i get my PR, but most of that money is now in cash form..

Any idea what i can provide post-ITA regarding this? bank statements of my withdrawals for the past 6 months ? Payslips from my job (i make around 2600 USD a month) ? etc..

Thanks in advance!'

EDIT: I have already submitted a form to the IRCC explaining the situation and sent a link to a reputable news source detailing how the banks are tightening their grip on withdrawals, and why all our citizens are trying to keep their money in liquid(cash) form.

 

[scylla]

Hi everyone,

I've been lurking here for a while, waiting for my ITA.

At 476 CRS, FSW, i am hoping to get it soon, when soon might be with the COVID situation who knows !

Anyway, The country i'm in has a huge banking disaster going on, and we have all been withdrawing our funds from the banks and converting them to USD, safekeeping them as liquid money in our own homes (economy has collapsed).

I am planning on taking ~ 15 - 20k USD in value to Canada with me when i get my PR, but most of that money is now in cash form..

Any idea what i can provide post-ITA regarding this? bank statements of my withdrawals for the past 6 months ? Payslips from my job (i make around 2600 USD a month) ? etc..

Thanks in advance!'

EDIT: I have already submitted a form to the IRCC explaining the situation and sent a link to a reputable news source detailing how the banks are tightening their grip on withdrawals, and why all our citizens are trying to keep their money in liquid(cash) form.

To the best of my knowledge there is no workaround and cash POF is not accepted. You need to get the funds into some sort of bank account. Do you have the ability to set up a bank account in another country? Can you deposit your funds there?

I'm sure others will comment.

 

[maou556]

To the best of my knowledge there is no workaround and cash POF is not accepted. You need to get the funds into some sort of bank account. Do you have the ability to set up a bank account in another country? Can you deposit your funds there?

I'm sure others will comment.

I can open what is called here as a Fresh account, in which case if i deposit my liquid money in this 'fresh' account it should be safe (zero trust for the banking sector at this moment) but how old should the account be when i send my documents ? I mean do they need a 3month/6month/etc.. statement?

Will also post what IRCC replies whenever i get a response from them, hopefully not an automated generic reply..

Edit: Offshore account is feasible but will have me travelling to a neighboring country, which is out of the question what with the COVID situation.

 

[ZAtoCD]

Was it in a bank account before? If so, surely you can request the historical statements from that bank? And then just add them to a current statement from whichever new bank you choose.

 

[maou556]

Was it in a bank account before? If so, surely you can request the historical statements from that bank? And then just add them to a current statement from whichever new bank you choose.

Yep it was all in the bank, gradually withdrawn over around 4-5 months, converted to USD and kept at home. Maybe i'll deposit the new USD funds into a new fresh account and provide both statements.. let's see. And will post whatever reply i get from the IRCC regarding this, as a reference to anyone who might face the same issue in the fufure.

Cheers.

 

[canuck78]

Was it in a bank account before? If so, surely you can request the historical statements from that bank? And then just add them to a current statement from whichever new bank you choose.

People do spend cash so just showing withdrawals doesn’t indicate how much cash you have on hand.

 

[Islander216]

you need to show the last 6 monthly ending balances.

What will also look unusual is that you will have a large deposit in 20k and you'll need to explain that properly.

You have to write a cover letter which explains this situation fully, i.e. the banking crisis and the issues relating to that, and the steps you have taken due to the situation.

 

[ZAtoCD]

People do spend cash so just showing withdrawals doesn’t indicate how much cash you have on hand.

I never said just show withdrawals. I said historical statements. That would include deposits, withdrawals, and ending balances for every month.

 

[canuck78]

I never said just show withdrawals. I said historical statements. That would include deposits, withdrawals, and ending balances for every month.

Unless it is currently in a bank it could have been spent.

 

[ZAtoCD]

Unless it is currently in a bank it could have been spent.

Please read my initial post. I said to request a historical statement from the previous bank, and a new, current statement once the money has been put into a new bank account.

 

[canuck78]

Please read my initial post. I said to request a historical statement from the previous bank, and a new, current statement once the money has been put into a new bank account.

Read your previous posts. Your historical statements will not be enough.p proving withdrawals and keeping the cash at hone will not be enough. You seem to be suggesting depositing into a new account in your country, getting a new statement then likely withdrawing the money again. You will need a new account with proof that your funds have been in the bank for 6 months. This can only be done in a account in another country if you don’t want to worry.