Proof of Funds (newly opened bank account)

[salman.aghayev]

Hi All,

I want to apply Express Entry FSW program. My wife will be a primary applicant. The problem is about Proof of Funds. Our fund is more than enough, but because of the devaluation and instability of financial institutes in my country, I kept all my savings at home. Last month we opened a new bank account to my wife’s name and put money there. Approximately in a month we will be able to apply EE (we are waiting IELTS results and WES). What documents should I collect, in order to prove that the money is not borrowed or a loan? By the way neither me nor my wife have any debt or loan. (we also do not have our own property)

Kind Regards
Salman

 

[jpv2212]

Hi All,

I want to apply Express Entry FSW program. My wife will be a primary applicant. The problem is about Proof of Funds. Our fund is more than enough, but because of the devaluation and instability of financial institutes in my country, I kept all my savings at home. Last month we opened a new bank account to my wife’s name and put money there. Approximately in a month we will be able to apply EE (we are waiting IELTS results and WES). What documents should I collect, in order to prove that the money is not borrowed or a loan? By the way neither me nor my wife have any debt or loan. (we also do not have our own property)

Kind Regards
Salman

You should get a gift deed from parents of your spouse. It's valid. Get it done from any notary.

 

[salman.aghayev]

You should get a gift deed from parents of your spouse. It's valid. Get it done from any notary.

Thank You very much for quick reply. There are approximately 20000 USD. Is it still ok to show such amount of money as a gift?

 

[jackdawn]

It is ok i guess. They may ask for bank statement of your in laws and also a net worth certificate(not sure)

 

[salman.aghayev]

It is ok i guess. They may ask for bank statement of your in laws and also a net worth certificate(not sure)

jackdawn thanks for your answer.

Mu concern is, because of the same problem (less trust to financial institutes) neither my in-laws nor my parents have bank account(
Generally we keep our money in cash form.

 

[Gini]

Maybe add a letter of explanation as well (if you are from Azerbaijan (random guess), include a chart of the Manat to USD since 2014 and some newspaper articles about banks going bankrupt, that should prove the point). And you must have earned the money somehow, so if you have paystubs, add as many as you have (maybe go a few years back even), to show how you earned the money. Also, if that money was in a bank account before the devaluation etc., see if you can find a bank statement from that time.

 

[salman.aghayev]

Maybe add a letter of explanation as well (if you are from Azerbaijan (random guess), include a chart of the Manat to USD since 2014 and some newspaper articles about banks going bankrupt, that should prove the point). And you must have earned the money somehow, so if you have paystubs, add as many as you have (maybe go a few years back even), to show how you earned the money. Also, if that money was in a bank account before the devaluation etc., see if you can find a bank statement from that time.

Gini, thank you very much,

Yes, good guess I am from Azerbaijan)))

I hope I will be able to get bank statements about my current and previous salary. I had a deposit account a couple of years ago. Chances are low but I will try to get info from bank.

 

[aleekhan1]

Hi all.
i have almlst similar problem i have received NOI from On, now in the process to collect documents and the main problem is proof of funds.
I am the primary applicant and my wife is included in the application. I dont have sufficient funds in my account but if we sell a property that is in the name of my wife we get more than enough.

So if we open a new bank account (joint Me and my Wife) and put funds in that account and bank declares that i have access to the funds will it ibe o.

will it be a problem that why a new account opened.? for this i attach a sale receipt of the property will they accept it?

other case is if me wife"s brother gives her money and we attach a gift deed... is this a possible solution?

all that i am more concerned is that how do they see a newly opened account?