POF. Bank letter without 6 month average balance?

[ddosmatov]

Hi everyone.

Opening a new thread as I wasn't able to find an answer to my question anywhere.

In my country, most transactions are in cash. We don't use the bank a lot for various reasons. I have $20k of my own money in cash. I can open a bank account any day and get a current balance certificate the next day.

Is the 6 month requirement absolutely necessary or can I just deposit my cash whenever I need and get a letter from the bank? I read somewhere that in this case I can just explain my situation.

Please advice.

Thank in advance!

 

[prpurohit]

Hi everyone.

Opening a new thread as I wasn't able to find an answer to my question anywhere.

In my country, most transactions are in cash. We don't use the bank a lot for various reasons. I have $20k of my own money in cash. I can open a bank account any day and get a current balance certificate the next day.

Is the 6 month requirement absolutely necessary or can I just deposit my cash whenever I need and get a letter from the bank? I read somewhere that in this case I can just explain my situation.

Please advice.

Thank in advance!

The six months bank statements are asked to ensure that the money is actually yours and not borrowed. Since your money is in cash there's no way for you to prove this. It is better to have bank statements for 6 months to avoid suspicion.

Another way would be to show it as a gift received from parents or any family member. Then you won't be required to show bank statements and having a new bank account also wouldn't be a problem.

 

[thinkingtoapply]

Hi everyone.

Opening a new thread as I wasn't able to find an answer to my question anywhere.

In my country, most transactions are in cash. We don't use the bank a lot for various reasons. I have $20k of my own money in cash. I can open a bank account any day and get a current balance certificate the next day.

Is the 6 month requirement absolutely necessary or can I just deposit my cash whenever I need and get a letter from the bank? I read somewhere that in this case I can just explain my situation.

Please advice.

Thank in advance!

You could explain your situation if you go ahead with the option you are thinking... It will be upto the case officer to decide

Alternatively, you can get a gift deed from parents/relatives who have a bank account from long time and have the money in bank account from a long time or can prove that they have enough income or sold some asset of theirs to gift you the money (although it wont be asked but just to be safe if an ADR comes up)

You can also sell some of your assets (property, gold, any policies, mutual funds etc) and get the fund transferred to the bank account you opened directly even 1 day before submission. This works fine.. I know cos I did it.

You can also get the money in cash when you sell the asset and transfer the money in account and provide the receipt of sale mentioning that payment was made in cash for the said asset. (again it will be upto the case officer to decide whether to accept)

 

[Rich03]

When I applied for PR via Express Entry, the bank I used in Dubai at the time could not provide a 6 month average balance for my account (despite asking them many times), just something they couldn't/refused to do. They provided the bank statements and I calculated the average myself. I wrote details of this in my LoE and nothing was ever asked about them. I've since received PPR.

 

[ddosmatov]

The six months bank statements are asked to ensure that the money is actually yours and not borrowed. Since your money is in cash there's no way for you to prove this. It is better to have bank statements for 6 months to avoid suspicion.

Another way would be to show it as a gift received from parents or any family member. Then you won't be required to show bank statements and having a new bank account also wouldn't be a problem.

Thanks mate

 

[ddosmatov]

You could explain your situation if you go ahead with the option you are thinking... It will be upto the case officer to decide

Alternatively, you can get a gift deed from parents/relatives who have a bank account from long time and have the money in bank account from a long time or can prove that they have enough income or sold some asset of theirs to gift you the money (although it wont be asked but just to be safe if an ADR comes up)

You can also sell some of your assets (property, gold, any policies, mutual funds etc) and get the fund transferred to the bank account you opened directly even 1 day before submission. This works fine.. I know cos I did it.

You can also get the money in cash when you sell the asset and transfer the money in account and provide the receipt of sale mentioning that payment was made in cash for the said asset. (again it will be upto the case officer to decide whether to accept)

As I wrote earlier, we're not accustomed to keeping our money in the bank. So my parents also have no balance history.

I think I will do the gift deed thing. Thanks for the idea of selling assets. Maybe we'll do that.