Hello everyone, long time lurker here. I hope everyone is doing great
I have only just began the Express Entry journey, but looking ahead I am expecting some issues with my proof of funds. I have personal savings to meet the required funds and they are readily available. However, (this will seem unusual), due to the current economic crisis in my country that I will explain at the end for anyone interested, I would want to keep the funds in my bank account as briefly as possible.
My main concern is that I do not want to appear suspicious when applying since I like doing this by the book, my secondary concern is for my savings in the current climate.
Can I deposit the funds as soon as I receive an ITA along with a Letter of Explanation that explains that the sudden influx of money on my account comes from my life savings that were not in my bank account due to the current situation? I would take the money out as soon as I receive the bank documents because keeping it there is actually quite risky ¿Do you know if this is acceptable?
My parents have also stated that they can gift me the money (not my savings, mind you) to assist with showing that I have funds.
Any input would be greatly appreciated!
Thanks for reading
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Explanation of local situation:
1) We are undergoing a period of economic crisis with a lot of inflation and the devaluation of the local currency has been been disguised with taxes on foreign currency purchase. If you were to check XE.com the exchange rate shown was 1 CAD = 60 ARS, but if I were looking to buy the exchange rate is actually 1 CAD = 115 ARS.
This means that If I keep the required funds in my bank account in local currency, there is chance the local government will eventually have to stop hiding the devaluation and suddenly I am left with less than half of the required funds for Express Entry and quite a big loss for me.
2) At the same time, there are growing fears that the government will take drastic measures that will affect bank accounts, similar to the ones taken in 2001, back then foreign currency bank accounts were almost completely frozen and they forced a conversion to the local currency. Even the president and government officials claiming that "foreign currency should not be kept as savings" and this has lead to a lot of people taking their money out of their accounts and prefer safety deposit boxes, foreign bank accounts and keeping money at home.
I have only just began the Express Entry journey, but looking ahead I am expecting some issues with my proof of funds. I have personal savings to meet the required funds and they are readily available. However, (this will seem unusual), due to the current economic crisis in my country that I will explain at the end for anyone interested, I would want to keep the funds in my bank account as briefly as possible.
My main concern is that I do not want to appear suspicious when applying since I like doing this by the book, my secondary concern is for my savings in the current climate.
Can I deposit the funds as soon as I receive an ITA along with a Letter of Explanation that explains that the sudden influx of money on my account comes from my life savings that were not in my bank account due to the current situation? I would take the money out as soon as I receive the bank documents because keeping it there is actually quite risky ¿Do you know if this is acceptable?
My parents have also stated that they can gift me the money (not my savings, mind you) to assist with showing that I have funds.
Any input would be greatly appreciated!
Thanks for reading
-------
Explanation of local situation:
1) We are undergoing a period of economic crisis with a lot of inflation and the devaluation of the local currency has been been disguised with taxes on foreign currency purchase. If you were to check XE.com the exchange rate shown was 1 CAD = 60 ARS, but if I were looking to buy the exchange rate is actually 1 CAD = 115 ARS.
This means that If I keep the required funds in my bank account in local currency, there is chance the local government will eventually have to stop hiding the devaluation and suddenly I am left with less than half of the required funds for Express Entry and quite a big loss for me.
2) At the same time, there are growing fears that the government will take drastic measures that will affect bank accounts, similar to the ones taken in 2001, back then foreign currency bank accounts were almost completely frozen and they forced a conversion to the local currency. Even the president and government officials claiming that "foreign currency should not be kept as savings" and this has lead to a lot of people taking their money out of their accounts and prefer safety deposit boxes, foreign bank accounts and keeping money at home.
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