Dear Seniors,
I have read many very useful posts about POF in this forums, but unfortunately I didn't find a similar situation to mine, so I'd really appreciate any advice.
My husband and I have been saving for the POF for a long while, and we managed to reach the required amount for the family. However, unfortunately, we haven’t been saving in a bank account due to some country related problems (during the last couple of years our country has been going through some tough economic circumstances, where our local currency, the EGP, was equivalent to around 7.5 USD and now it worth around 19 USD in such a very short period) and the government had put limits on withdrawals from the USD accounts. So we preferred not to open an account during that period of time.
Now I want to open an account and put the amount for the POF, how would I explain the Source of Funds? I have two options:
1- Either to write the above explanation in a Letter of Explanation. But I don’t know whether that would work or not, as I didn’t read about such a situation in the forums.
2- Or give the money to one of my parents and ask them to transfer it to my account and make a gift deed. If I go for this option, do I have to submit a bank letter for my parents account for the last 6 months??
What do you think is a better option? Any other recommendations please????
Thanks in advance
I have read many very useful posts about POF in this forums, but unfortunately I didn't find a similar situation to mine, so I'd really appreciate any advice.
My husband and I have been saving for the POF for a long while, and we managed to reach the required amount for the family. However, unfortunately, we haven’t been saving in a bank account due to some country related problems (during the last couple of years our country has been going through some tough economic circumstances, where our local currency, the EGP, was equivalent to around 7.5 USD and now it worth around 19 USD in such a very short period) and the government had put limits on withdrawals from the USD accounts. So we preferred not to open an account during that period of time.
Now I want to open an account and put the amount for the POF, how would I explain the Source of Funds? I have two options:
1- Either to write the above explanation in a Letter of Explanation. But I don’t know whether that would work or not, as I didn’t read about such a situation in the forums.
2- Or give the money to one of my parents and ask them to transfer it to my account and make a gift deed. If I go for this option, do I have to submit a bank letter for my parents account for the last 6 months??
What do you think is a better option? Any other recommendations please????
Thanks in advance