POF - Should I carry my savings in $ and/or bank statement for immigration?

[Raf_Fareen]

Everyone,

I have been granted COPR via Express Entry under FSW program recently and I am going to travel to Canada very soon.

I have all my savings in my bank account. Let's assume I have around $30,000 in bank, which of the following option is most suitable?

1) Cash out all money and travel to Canada and declare it in airport
2) Cash out $5,000 and then carry a bank statement showing 6 months average (transfer the rest when a Canadian bank account is created)
3) Carry $12,164 (to satisfy minimum POF ) along with a bank statement of 6 months average (transfer the rest when a bank account is created)
4) Just a 6 month bank statement is sufficient proof of fund (not mentioned anywhere - immigration officer might not accept it?)

Everywhere it is mentioned that when you land, the immigration officer will ask for POF but, there is no mention of bank statement as POF. I think carrying all the money in cash is definitely a risk but, I am not entirely sure if the immigration officer accepts bank statements?

Based on your experience, if you were in my situation what option would you have opted for?

Thanks you guys.

Raf.

 

[rajkamalmohanram]

Everyone,

I have been granted COPR via Express Entry under FSW program recently and I am going to travel to Canada very soon.

I have all my savings in my bank account. Let's assume I have around $30,000 in bank, which of the following option is most suitable?

1) Cash out all money and travel to Canada and declare it in airport
2) Cash out $5,000 and then carry a bank statement showing 6 months average (transfer the rest when a Canadian bank account is created)
3) Carry $12,000 (to satisfy minimum POF ) along with a bank statement of 6 months average (transfer the rest when a bank account is created)
4) Just a 6 month bank statement is sufficient proof of fund (not mentioned anywhere - immigration officer might not accept it?)

Everywhere it is mentioned that when you land, the immigration officer will ask for POF but, there is no mention of bank statement as POF. I think carrying all the money in cash is definitely a risk but, I am not entirely sure if the immigration officer accepts bank statements?

Based on your experience, if you were in my situation what option would you have opted for?

Thanks you guys.

Raf.

You can carry a part of your funds in the form of cash and traveler's checks. You can consider opening a Canadian Bank account from your country. Almost all major banks in Canada offer this facility - I came across "ScotiaBank StartRight Program".

Having said that, sometimes, as fate would have it, the officer MIGHT NOT accept foreign bank statements but many people do show latest statements to prove they have the required funds. Initiate the discussion in the following thread and you might get some first hand information.

http://www.canadavisa.com/canada-immigration-discussion-board/landing-in-canada-all-you-need-to-know-t36735.0.html

Wish you good luck and all the very best!

 

[mf4361]

you can carry all the money in money order (saves the trouble of stacks of $100 bank note). Then open a chequeing account and deposit it. All major banks offers newcomers bundle package for banking. (Not really necessary, just chequeing & saving is enough)

Regarding concern with CBSA, they are looking for proof of fund to support your living in Canada. Full amount in money order is the best. Bank statement should be ok. You will need at least few thousands immediately available to immediate pay bills, rent, transportation etc., even you may have more to wire in later.

You will not be taxed for bringing in money regardless of the amount. Bring 10 million if you want.

Though, you will need to declare money for over $10k and explain the use and the source. This is done to fight against money laundering and funding of illegal activity. I think "immigrating to Canada" is a very legit reason.

 

[Raf_Fareen]

You can carry a part of your funds in the form of cash and traveler's checks. You can consider opening a Canadian Bank account from your country. Almost all major banks in Canada offer this facility - I came across "ScotiaBank StartRight Program".

Having said that, sometimes, as fate would have it, the officer MIGHT NOT accept foreign bank statements but many people do show latest statements to prove they have the required funds. Initiate the discussion in the following thread and you might get some first hand information.

Wish you good luck and all the very best!

Thank you rajkamalmohanram, very useful link. Not sure I have enough time to research on creating a Canadian Bank account right in the UK. I would probably carry $13,000 in cash and the rest as Bank statement (transferrable). I will declare the $13,000 in the airport.

I don't know anyone there and I will probably be staying in some sort of short-stay accomodation and it is not safe to carry thousands of $ in your pocket.

Does anyone know how long it takes to get the PR card and get a bank account?

Raf.

 

[mf4361]

opening a bank account is about 30 mins at the bank

PR card is now about 3 months?