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Enquiry - Proof of Funds Update

J

jj_1990

Star Member
Jul 15, 2018
50
3
Hi All,

In January, there was an increase in the minimum settlement funds that need to be shown along with our PR application. I am curious to know if this is applicable to people who received ITA in December 2018.

Also, what is the exchange rate that the visa officer would consider when reviewing the proof of funds in our application? Is it the rate on the AOR date or the current date?

Thanks in Advance!
 
Last edited:
jj_1990 said:
Hi All,

In January, there was an increase in the minimum settlement funds that need to be shown along with our PR application. I am curious to know if this is applicable to people who received ITA in December 2018.

Also, what is the exchange rate that the visa officer would consider when reviewing the proof of funds in our application? Is it the rate on the AOR date or the current date?

Thanks in Advance!
Click to expand...
The effect is not linked to when you received your ITA, but when you actually applied (AOR).
Because you applied in January, you're subject to the change as well.

The exchange rate is examined on the the day your POF are reviewed. As a matter of fact, many applicants saw their applications rejected due to harsh fluctuations in their home currency compared to Canadian Dollar during the process. I'm not sure what's the exchange rate source they look at, but it's safe to assume they look at Bank of Canada exchange rates.
 
B
Peacekeeper87 said:
The effect is not linked to when you received your ITA, but when you actually applied (AOR).
Because you applied in January, you're subject to the change as well.

The exchange rate is examined on the the day your POF are reviewed. As a matter of fact, many applicants saw their applications rejected due to harsh fluctuations in their home currency compared to Canadian Dollar during the process. I'm not sure what's the exchange rate source they look at, but it's safe to assume they look at Bank of Canada exchange rates.
Click to expand...
absolutely right..
 
Peacekeeper87 said:
The effect is not linked to when you received your ITA, but when you actually applied (AOR).
Because you applied in January, you're subject to the change as well.

The exchange rate is examined on the the day your POF are reviewed. As a matter of fact, many applicants saw their applications rejected due to harsh fluctuations in their home currency compared to Canadian Dollar during the process. I'm not sure what's the exchange rate source they look at, but it's safe to assume they look at Bank of Canada exchange rates.
Click to expand...
But wouldn't they ask for updated proof of funds in this case instead of directly rejecting the application?

As of now, I am fine but I can see that my local currency is forecast to take a hit against Canadian dollar in the coming month, which might be an area of concern for me.
 
jj_1990 said:
But wouldn't they ask for updated proof of funds in this case instead of directly rejecting the application?

As of now, I am fine but I can see that my local currency is forecast to take a hit against Canadian dollar in the coming month, which might be an area of concern for me.
Click to expand...
Asking for updated proof of funds indeed seems like the logical request. But unfortunately, in most of those cases, they don't.
I wouldn't advise anyone to bet on that horse.
 
I got my AOR 3 June 2021 but there has been an increase in POF on 5th July 2021. I submitted my application with the previous POF requirements. I have not received any email/notification from IRCC. How do I update my application with the new POF and submit new statements. Please help. Thanks
 
MegoN said:
I got my AOR 3 June 2021 but there has been an increase in POF on 5th July 2021. I submitted my application with the previous POF requirements. I have not received any email/notification from IRCC. How do I update my application with the new POF and submit new statements. Please help. Thanks
Click to expand...
As per the post above, if you have already submitted your application you will not be required to update POF
 
MegoN said:
Thanks alot AishB. But hope it wouldn't affect the application negatively
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The details are locked once the application is submitted so if the POF takes care of the currency fluctuations as well then there shouldn't be any problem.
 
Yes, it takes care of the currency fluctuations using the previous POF requirement. I am concerned about the new requirement.
 
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