Poor Exchange rate Proof of Funds

[Sunil_JZ]

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?

 

[shashidhar_sm]

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 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?

 

[StAnger]

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?

Usually they will use the conversation rate at the time of submission. It is always recommended to keep few extra quids over and above the minimum pof to compensate these flucatuations.

 

[Sunil_JZ]

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?

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 under

 

[Andre_Smol]

I would hope that just to be fair to applicants, that they would use the AOR date to evaluate your funds, since 6 months are a long time and exchange rates can chanfe quite a bit during that time and it would be unfair to applicants to possibly deny anybody for funding issues due to exchange rate variation.

My personal feeling is that if you met the minimum when you submitted your application, you should be fine.

Maybe somebody else has more information about it.

 

[trevzuk0ZA]

@ 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.

 

[lyprin]

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]

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.

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]

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".

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.

 

[lyprin]

Yeah I understand it as well and that is why we made sure that we had a lot more than required. Unfortunately we didnt expect something like this. I think no one did in our country.

 

[trevzuk0ZA]

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.

I understand that point of view. I do, however, feel that there should to be some sort of leniency, as it would seem ridiculous to revoke an application because of a shortage of a few hundred dollars. Also, I'm not sure how someone with a MSc or PhD could be a burden to any economy. Obviously a job isn't a guarantee, but this type of person is usually quite diligent and driven and, hence, unlikely to be out of work for long.I know this looks like a biased point of view, but I look at things realistically/optimistically.

 

[ozlis]

I totally agree, anyone who is coming in as an economic PR applicant is going to want to be working and start their lives here.

I guess they have to draw the line somewhere.

 

[trevzuk0ZA]

Exactly, and this is the core problem. We don't know how the applications are judged. For all we know, there are exceptions in place for the unforeseen circumstances such as exchange rate, police clearance delays, etc.

 

[Sunil_JZ]

@ 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.

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.

Unlikely to work but I have tried sending a benefit statement of one of my RAs showing payout upon emigration using the CSE website. If they consider it I will be way over what is required, but they are not usually open to taking in new docs after AOR

 

[trevzuk0ZA]

Yeah, this is another problem I have with their system. Some things have changed since I applied, but there is no way for me to submit documentation to support it.