Proof of funds in Local Curency

[AButaev]

Hi everyone,

I have a few questions regarding the proof of funds. Before starting the topic,I have reviewed most of the posts and topics related to this issue. Hovewer, I'm not quite sure that I've found what I'm looking for. I would really appreciate if you,guys could give me some assistance with the issue. So,here are my questions.

1.Is it OK to show a bank statement in local currency as a proof of funds? Money in my local currency account exceeds the required amount by CIC if it is converted to CAD/USD using current exchange rates.

2.But,my local currency is not free convertible, that is I cannot use it abroad. According to national laws, citizens of my country have a right to buy foreign currency, but in practice, it is very,very difficult to do it. Also,there are some administrative restrictions which make nearly impossible to buy foreign currency at local banks. I have to go to "black market" if I need to exchange my local currency to foreign one. Do I have to provide CIC with any kind of supplementry info ,like laws or regulations to show that I have a right to exchange my local currency to foreign one ?
Thanks beforehand.

 

[Maverick28]

Hi everyone,

I have a few questions regarding the proof of funds. Before starting the topic,I have reviewed most of the posts and topics related to this issue. Hovewer, I'm not quite sure that I've found what I'm looking for. I would really appreciate if you,guys could give me some assistance with the issue. So,here are my questions.

1.Is it OK to show a bank statement in local currency as a proof of funds? Money in my local currency account exceeds the required amount by CIC if it is converted to CAD/USD using current exchange rates. Yes, you can show funds in your local currency.

2.But,my local currency is not free convertible, that is I cannot use it abroad. According to national laws, citizens of my country have a right to buy foreign currency, but in practice, it is very,very difficult to do it. Also,there are some administrative restrictions which make nearly impossible to buy foreign currency at local banks. I have to go to "black market" if I need to exchange my local currency to foreign one. Do I have to provide CIC with any kind of supplementry info ,like laws or regulations to show that I have a right to exchange my local currency to foreign one ? You do not need to buy foreign currency. After your PR, you can open a bank account and transfer funds electronically or through a travelers check into that account.
Thanks beforehand.

 

[AButaev]

Dear Maverick28

Thanks a lot for prompt reply.

So, I can keep all my funds in my local currency during the whole process ( Pre-Application, Pre-ITA and Post-ITA). And once I get PR, I can transfer my funds into a bank account opened at one of the Canadian banks, right?

I don't quite understand this, I mean, how is it possible to transfer my funds (in local currency, not free convertible one) to a bank account (in CAD/USD) in Canada?

Also, in regarding to a travelers check, unfortunately, I cannot buy it too for my local currency.

I'm very confused. Could you please guide me a little in this issue?

 

[Maverick28]

Dear Maverick28

Thanks a lot for prompt reply.

So, I can keep all my funds in my local currency during the whole process ( Pre-Application, Pre-ITA and Post-ITA). And once I get PR, I can transfer my funds into a bank account opened at one of the Canadian banks, right?

I don't quite understand this, I mean, how is it possible to transfer my funds (in local currency, not free convertible one) to a bank account (in CAD/USD) in Canada?

Also, in regarding to a travelers check, unfortunately, I cannot buy it too for my local currency.

I'm very confused. Could you please guide me a little in this issue?

There is something known as International Wire Transfer. When you have a bank account in Canada, you can transfer the money electronically from your current bank account. The funds from your local account will get transferred to the Canadian bank in Canadian Dollars. The exchange rate will be of the day the transaction takes place. Your bank may charge a fee for the transfer. I am not sure if there is a restriction in your country for that too.

 

[Ali Ishag]

hello every one

Iam new and iam looking for the reply of the question please assist me

Thanks Ali