Hello everyone,
I am new to this forum and I hope you guys can help me with a few issues concerning proof of funds. I personally live in the Kurdistan Region of Iraq. I currently have an account for the Express Entry with 411 points. I recently did another IELTS test and by inputting my new IELTS score (8.5/9), I will have over 480 points, potentially leading to an ITA.
Before getting an ITA, I wanted to sort out the documents needed, and one of these documents is Proof of Funds. Being single, I will only need $12.164. I personally have triple that amount in cash, but not in a bank account, and this is what I want to enquire about.
Iraq is going through some very difficult times financially and so far, close to half a dozen banks have closed down, with many people losing tens of thousands of dollars in the process. All the other banks that are still open refuse to allow account holders to withdraw their money, or put severe restrictions on it (such as withdrawing only $100 per day). For that reason, it is an extremely unwise and risky decision to keep money at any bank in the country.
First question: Since I only have cash (no property or such), what advise can you give so that I prove I have the adequate amount of money (other possible alternatives?).
The best way to deal with this is to try and identify friends/family in Canada or anywhere outside Iraq who would be willing to 'gift' you the required money into a bank account in your name. That bank account can be within Iraq or anywhere on the planet - the only restriction is that it must be in your name. The gift transaction is recommended because it is impossible to prove source of funds for cash. And IRCC will want you to prove conclusively that the funds belong to you and aren't borrowed. The gift transaction takes care of that problem. In lieu of this gift transaction, you can just hand over the equivalent cash to friends/family so that it is simply an accounting entry for everyone concerned.
Second question: Is it mandatory to have the required amount in the bank account consistently for six months? The reason for asking this question is that if it is absolutely mandatory to have an official bank statement, then I think I will bite the bullet and deposit some $15.000 in my Bank of Baghdad account (currently, I have only a couple of hundred dollars there just to keep the account active), with the real possible risk of not being able to withdraw it later, or even losing it completely. But then, that would mean that the money was added just prior to writing the statement and uploading it to the eAPR. Will that still be acceptable?
I have heard that this might raise some alarm bells with the officer handling my application, what can I do to assuage his/her concerns and inform them of the reason for doing that (depositing a large sum in one go), and how can I explain my situation to them (through the eAPR?). Any advice or suggestion would be appreciated.
Not mandatory at all. If it is risky to keep the money in an Iraqi bank, try keeping this money elsewhere. Do you have an account in a non-Iraqi bank? Or can you get one now? If that is possible, get the aforementioned gift monies deposited into the new non-Iraqi bank account. That way, you solve both problems. You won't get questioned on source of funds and your money is secure in a non-volatile environment.
Third question: I also have a Barclays account (I studied in the UK in 2013/14). The account is in my name, but the address is a UK address, not Iraqi-Kurdish. First, is it OK for the address to be different from where I currently live? Second, because I no longer live in the UK, I cannot get an official notarized statement from them, so will an online statement from my Barclays account suffice as a proof of fund for my Express Entry profile?
I'm answering questions as I read them so the other replies might not reconcile completely with this reply based on this "new" information. Address can be different from where you currently live. Get the aforementioned 'gift' transaction to be credited to Barclays account. Do not attempt to deposit your cash into it - you'll run into the same problem of having to prove source of funds (impossible with cash). In addition to proof of actual transfer of funds, you'll also need a signed self-declaration from the donor explicitly stating that these funds are a gift not a loan hence need not be returned to them at any point in time. That should suffice. Online statements wouldn't suffice. You'll either need a letter from Barclays (on their letterhead) with all required details including 6 months average balance or you'll have to attach 6 month bank statements (on the letterhead, dated and signed by bank officials).
Final question: All of my money is in US dollar, not Canadian dollar. If I deposit money, does it have to be in CAD only, or is it OK in other currencies as well? Will the officer handling my application do the currency conversion or do I have to do it on the bank statement? Some explanation would be appreciated.
Can be in any currency. No harm in converting at your end on the bank letter or the officer is completely capable of doing this at their end. The currency exchange rate as on date of submission is applicable. If there is a wild variation in currency exchange rates (unlikely to be the case with USD), IRCC may ask you for additional POF at a later date.
Thank you all so very much for your understanding and support. I realize that my questions are numerous and very specific, but this is a great opportunity that I do not want to squander, and I genuinely appreciate your kind help.
