demand draft for Proof of Funds / Financial Support

[markam]

Hello all,

my parents are planning to come visit me here in canada, they are in india currently

my question is that they will be bringing along a bank draft to show that they can support themselfs while here in canada , but does the bank draft have to be in CAD only or can it be in indian rupees also???

can someone plss answer this question!!!!

Thanks

 

[Bryanna]

You may also want to consider other options..... with even a combination of the options listed below:
Option A - Purchase CAD from a RBI Licensed Forex dealer..... these chaps will give you an official receipt stating your parents passport numbers to show CAD was purchased from them


Btw RBI Licensed dealers are NOT the same as your regular Forex guys..... The RBI authorized ones have a RBI issued license number..... so everything is very official and nothing dodgy

This way your parents will have hard cash.... ready to spend anytime..... instead of the DD


Option B - Travellers Cheques: This can be encashed anytime..... with even Buy Back facilities to encash unused TCs when they return to India


Option C - Forex/Travel Currency Cards: Yet another option which can be purchased from banks in India..... these can be swiped at most merchant establishments which accept Visa/Master cards..... without a transaction fee..... and they can also withdraw cash, in local currency, from Visa/Mastercard ATMs


Also, you may want to look up the RBI website as there are rules and restrictions on the amount/type of currency that one can carry outside India..... and also bring back to India


Hope this helps

 

[markam]

hi Bryanna,

Thank u very much for ur answer!!

I have another question can we make a travellers check in CAD before we get visa?

 

[Bryanna]

Have your parents applied for their TRVs?

If your parents have not applied/got their TRVs..... then my advice is NOT to buy Travellers Cheques..... as you will lose money (due to lower currency exchange rates offered by banks) both when you buy new/encash unused TCs

RBI Forex dealers, on the other hand, offer currency rates on par with prevailing market rates


There are other ways of showing proof of funds for the Canada TRV application:
Bank Statements of 6 months or more: If funds were transferred/deposited recently then also submit an explanation with proofs to prove that it is your parents money


Bank Term Deposits (FDs): Photocopies of FDs + FD Interest Certificates from the Banks (stamped and signed by bank) with a written document giving comprehensive list of FDs of all banks mentioning that the FDs are FULLY ENCASHABLE, NOT LOCKED-IN (if that's the case)


Shares/Stocks: Photocopies + Dividend stubs (if applicable) + Explanation giving the list of shares/stocks with stock market value of the share on that date


Similarly, your parents can give proofs of other financial investments like government bonds (these will mostly be locked-in), PF/PPF investments (PPF can be partly withdrawn after 6 years of lock-in), Mutual Funds, gold investments, etc etc


Typically, proof of funds should cover airfare + CAD 1000 per week of stay in Canada (sort of a thumb rule) + surplus funds.

You may also want to BUY Overseas Travel Medical Insurance (from India) for your parents to submit with the TRV application.... these can be cancelled BEFORE the Start of the Travel Date (only a couple of hundred rupees will be lost) if the Insurance is not needed later/or travel dates are changed


All the best

 

[markam]

Thank you so very much for your information and help.

It was really helpful. It will be easy now.

I must appreciate your given time. Thanks again and have happy \holidays.

 

[Bryanna]

You're most welcome.... Im happy to share information and help someone

A few more suggestions: You need to show that your parents have very strong ties to India..... this can be financial ties/ family ties/ properties/ job or business/ etc

Take your time to prepare good documentation/separate Explanations backed by proofs + a Covering Letter (sort of like a synopsis of the entire application) + detailed Itinerary of what your parents will do in Canada along with day-by-day expense estimates (all figures in CAD) etc + your documents as their host.

If they are applying for a TRV then do not ask for more than 2-3 weeks.

Also, none of the documents/proofs which are submitted for the TRV application are returned by the Visa Office.... only the passport is returned.... so ensure that none of the original documents submitted with the TRV are required later on.

Should you need any other info/advice then do not hesitate to ask me or the experts.... this forum is an excellent platform for all of us.

Have a wonderful Christmas.... hope your parents visit you soon in Canada

 

[fredde587]

You're most welcome.... Im happy to share information and help someone

A few more suggestions: You need to show that your parents have very strong ties to India..... this can be financial ties/ family ties/ properties/ job or business/ etc

Take your time to prepare good documentation/separate Explanations backed by proofs + a Covering Letter (sort of like a synopsis of the entire application) + detailed Itinerary of what your parents will do in Canada along with day-by-day expense estimates (all figures in CAD) etc + your documents as their host.

If they are applying for a TRV then do not ask for more than 2-3 weeks.

Also, none of the documents/proofs which are submitted for the TRV application are returned by the Visa Office.... only the passport is returned.... so ensure that none of the original documents submitted with the TRV are required later on.

Should you need any other info/advice then do not hesitate to ask me or the experts.... this forum is an excellent platform for all of us.

Have a wonderful Christmas.... hope your parents visit you soon in Canada

I dont think you need to have as much money as you claimed, I originally had about 10,000 dollars and the immigration officers didnt even ask for any evidence, all they wanted to see was my return flight and insurance and she stamped my passport for 6 months.