At what point in the process do we show proof of funds?

[Chakademus]

Hi,

I am thinking of starting the application process. I may need to liquidate some assets, like my 401K (in USA)to satisfy the funds requirement, as there are 5 in my family. At what point in the process do we need to provide proof of the funds? I am assuming that a 401K statement is not sufficient. Is this correct?

Thanks for the insight.

 

[todiefor]

I believed 401K is enough to show as your proof of fund. It it acceptable coz it's a liquid asset.

 

[rupeshhari]

you have to show proof of fund when you send documentation to your visa office.

 

[NewYorker]

Hi,

I am thinking of starting the application process. I may need to liquidate some assets, like my 401K (in USA)to satisfy the funds requirement, as there are 5 in my family. At what point in the process do we need to provide proof of the funds? I am assuming that a 401K statement is not sufficient. Is this correct?

Thanks for the insight.

401K statement is enough but it is little tricky, you can use this to complete the requirement if you do not have cash funds available, in today's market you cannot predict what is going to happen to 401K in the future.

401K is invested in stock market, and it is retirement fund, you cannot cash it until you retire or quit the job and decides to cash your funds. In that case you need to deduct any applicable penalties from the 401K and then you can show whatever is left.

So lets say, you have X amount in 401K and you do not have any money in bank, you can either take a loan against your 401K and show the money in the checking or saving account, or you can show the 401K statement and deduct the penalties (lets say 15% for early withdraw) you have to pay to cash it out, this should satisfy your proof of funds. Everything need to be certified or on the letterhead from the 401K managing company.

 

[wpc71]

You will also need to produce proof of funds at the port of entry when you land.