Sunil_JZ said:Due to bad exchange rate i fear that my proof of funds may be insufficient if they do the conversion now. Anyone sent and updated bank statement via a CSE after submitting their PR application. Was it accepted?
Sunil_JZ said:Due to bad exchange rate i fear that my proof of funds may be insufficient if they do the conversion now. Anyone sent and updated bank statement via a CSE after submitting their PR application. Was it accepted?
I am based in South Africa. We have lost 6% of currency since I applied on Nov 15, 5% in one day. I think they have yet to check my POF. If they do it now I will be undershashidhar_sm said:I don't entirely understand your question. CAD has gone down a fair bit recently and (at the time of writing this) it is 49.01 Indian rupees to 1 CAD as against 50.4-ish on 25-26th November. How is it affecting your PoF to that great an extent?
lyprin said:I've got the same issue. We had R165 000 4 months ago which was about CAD16500. More than enough. Since this week it has gone just below the minimum.
Really frustrating but I think to be fair they have to take your exchange rate as at the date of submission because at that stage you had enough funds.
trevzuk0ZA said:I agree, that would seem fair. The problem I have is that we are all just speculating. I think we would all sleep better at night if we knew exactly how they assessed an application. Unfortunately I am a realist, so I live by the motto: "prepare for the worst, hope for the best".
ozlis said:It would seem fair to the candidate, however when you look at it from Canada's point of view, they want to make sure that when you are approved that you won't be a financial burden on the country. That includes taking exchange rates into account.
The system is to protect Canada, sadly not to benefit us. But I get it and understand why this is all in place, as frustrating as it is at times.
Thanks for this, was not even aware that this is an option. I think in the short term we are getting hurt the most by our "leader's" shenanigans. Just wished I had gone ahead and opened a bank account on my last trip to Canada.trevzuk0ZA said:@ Sunil_JZ: I feel your pain. With the ridiculous drop in the Rand this past week, I am seriously worried. If you're as concerned as I am, you might want to consider opening a Foreign Currency account. This type of account can be opened at a few financial institutions in South Africa, e.g. Bidvest, Forex, Standard Bank, FNB, etc.
Generic requirements for such accounts include:
- green ID book
- minimum deposit (this varies a lot, but the funds required for immigration to Canada is > 10 000 CAD anyway)
- tax clearance certificate from SARS with a "good standing" status
- an account at the institution of choice
Having watched the currency deteriorate recently, and with no hope in sight, I would say this is the (preemptive) way to go. Rather safe than sorry.