Foreign Funds

[JoacRy]

Hi just a quick question on foreign Funds. Even though I will submit my Canadian Bank statements, I also want to submit bank statements showing foreign currency funds. Is it best to use the Forex spot rate on date of ITA or date of submission?

Thanks in advance of your replies.

 

[Andre_Smol]

Hi just a quick question on foreign Funds. Even though I will submit my Canadian Bank statements, I also want to submit bank statements showing foreign currency funds. Is it best to use the Forex spot rate on date of ITA or date of submission?

Thanks in advance of your replies.

Since currency exchange rates can vary quite a bit over time, just go with the date of submission.

Unless you have exactly the minimum amount required, there is really nothing to worry about as far as picking the right date. Personally, I just rounded to the closest round number based on the exchange rate and I never ran into any issues.

Congrats to your ITA

 

[JoacRy]

Thanks very much. As usual I'm taking an over cautious approach to this process. I just didn't want to be accused of 'misrepresentation' in case CIC uses a rate on date of ITA and I use a different rate on submission date.

I will use the official Canadian central bank exchange rate on submission date.

Good luck with your application too.

 

[Andre_Smol]

Thanks very much. As usual I'm taking an over cautious approach to this process. I just didn't want to be accused of 'misrepresentation' in case CIC uses a rate on date of ITA and I use a different rate on submission date.

I will use the official Canadian central bank exchange rate on submission date.

Good luck with your application too.

I fully understand and I always felt the exact same way. Sometimes we tend to be too cautious and just drive ourselves crazy though

If you are worried about it, just include a quick explanation in your Letter of Explanation when you submit your application and you can tell them which exchange rate you based it on.

However, I do believe that as long as you are above the minimum and have at least a 10-20% extra the exact exchange rate you use really wont matter whatsoever since you will meet the minimum criteria anyway no matter when the processing officer actually looks at your proof of funds.

Good luck!