Proof of Funds question

[zabrodov]

Hi all,

I was wondering if anyone could give an advice about the following situation:

According to the rules I need to show CAD 26,292 (5 people)
I have a savings account in a US bank. The account is 6 months old. From the date of the opening the account had US $20,000, which was roughly enough.
Then about a month before I got ITA, I depostied $4,700 of cash and on the same day I took a check for $6,600 to buy a car. It made the amount of money drop to $18,000, which was not enough when converted to CAD.
Two months after (2 weeks after I got ITA), my wife transferred me $9,000.
And yesterday, I had to take $7,800 from my account. Now, the amount has dropped again to the level below what is required.
I have $3,000 in cash for emergency but I have to deposit it now because there is not enough money on my account.
The problem is that I will have to attach a bank statement with this history to my application in a week or so and I am not sure how officers will look at it.

I was wondering if I satisfy the requirements for the immigration, since the amount on my account was sufficient for only 4 months or so and lately I am having these withdrawings, transfers and deposits.
I was also wondering if I should provide any explanation to where the funds for cash deposits and transfers came from.

 

[ReenaArora]

Do you have any other accounts you can show money in along with the US account? Or even your spouse? Best to show little extra and give the officer the confidence that your money won't be all used up within next few month or so.

However no doubt you should have a LOE ready explaining the recent transactions.

 

[cansha]

Hi all,

I was wondering if anyone could give an advice about the following situation:

According to the rules I need to show CAD 26,292 (5 people)
I have a savings account in a US bank. The account is 6 months old. From the date of the opening the account had US $20,000, which was roughly enough.
Then about a month before I got ITA, I depostied $4,700 of cash and on the same day I took a check for $6,600 to buy a car. It made the amount of money drop to $18,000, which was not enough when converted to CAD.
Two months after (2 weeks after I got ITA), my wife transferred me $9,000.
And yesterday, I had to take $7,800 from my account. Now, the amount has dropped again to the level below what is required.
I have $3,000 in cash for emergency but I have to deposit it now because there is not enough money on my account.
The problem is that I will have to attach a bank statement with this history to my application in a week or so and I am not sure how officers will look at it.

I was wondering if I satisfy the requirements for the immigration, since the amount on my account was sufficient for only 4 months or so and lately I am having these withdrawings, transfers and deposits.
I was also wondering if I should provide any explanation to where the funds for cash deposits and transfers came from.

You need to have enough funds on the date you submit your application. Fluctuations are fine. However, you will have to explain all large deposits to the account.

 

[mgnlky]

Do you have any investments (retirements, 401k, etc) that you could use to supplement the difference?

 

[zabrodov]

Do you have any other accounts you can show money in along with the US account? Or even your spouse? Best to show little extra and give the officer the confidence that your money won't be all used up within next few month or so.

However no doubt you should have a LOE ready explaining the recent transactions.

Do you have any investments (retirements, 401k, etc) that you could use to supplement the difference?

I am sorry, I explained it wrong. So the amount I need is in Canadian Dollars - 26,292. The amount in my account is in USD. Basically, when I go to the bank and deposit my $3,000 of cash, I will have USD $22,000, which is around CAD 29,000. I have enough funds to show, the problem is recent transactions. I mean, I have the account not only for immigration, I also use it from time to time and the amount goes up and down. I am not sure, however, how the officer will look at it.

You need to have enough funds on the date you submit your application. Fluctuations are fine. However, you will have to explain all large deposits to the account.

I have explanations with proof for the deposit of $4,700 and transfer of $9,000. The first was $4200 for a car sale + $500 of extra cash that I had at that time. The second was my wife's funds. She just transferred her money to my account for me to use (not for immigration necessarily). I have the bank statement from her bank, I have the receipts for transfer and her statement saying that the $9,000 are not a loan of any kind but just money for usage. A gift essentially.
I can't prove where $3,000 are coming from as it is just cash that I have with me for over a year now. I wouldn't have deposited it if I hadn't needed to show enough funds.

 

[pizzaboy99]

I have explanations with proof for the deposit of $4,700 and transfer of $9,000. The first was $4200 for a car sale + $500 of extra cash that I had at that time. The second was my wife's funds. She just transferred her money to my account for me to use (not for immigration necessarily). I have the bank statement from her bank, I have the receipts for transfer and her statement saying that the $9,000 are not a loan of any kind but just money for usage. A gift essentially.
I can't prove where $3,000 are coming from as it is just cash that I have with me for over a year now. I wouldn't have deposited it if I hadn't needed to show enough funds.

Deposit cash in your wife's account and transfer it to yours.

You need to have enough funds on the date you submit your application. Fluctuations are fine. However, you will have to explain all large deposits to the account.

This is incorrect. You should have enough funds on the date when the VO reviews the funds.

 

[cansha]

Deposit cash in your wife's account and transfer it to yours.



This is incorrect. You should have enough funds on the date when the VO reviews the funds.

And what documents will be reviewed by the visa officer ? Documents submitted on submission or visa officer will call you and ask for new document then and there. You’re hilarious man.

 

[pizzaboy99]

And what documents will be reviewed by the visa officer ? Documents submitted on submission or visa officer will call you and ask for new document then and there. You’re hilarious man.

I am not sure what you are talking about.

As POF, you will submit a bank certificate with your account balance. The VO will convert that balance to CAD to determine if you meet the requirement.

Now, obviously the VO will not go back to your AOR date and look up the exchange rate. He doesn't have a big list with exchange rates of almost 200 different countries over the last 365 days. He will look up the exchange date of that day itself.

This is easily verifiable from GCMS notes where the money is mentioned in CAD. The amount is always the CAD equivalent of funds on the date of the note.

Please don't mislead.

 

[zabrodov]

Deposit cash in your wife's account and transfer it to yours.

Thanks! That's a good idea, actually

 

[Alian]

I can arrange POF amount by selling my car+ land asset, but this will be sudden rise in account balance (currently its 1000$ and it will rise to 24000$ in a month), i can arrange the evidence of sales

so average balance will be a problem?

Moreover my wife will be primary applicant but the car is in my ownership, will it be an issue?

Thanks for helping

 

[pizzaboy99]

I can arrange POF amount by selling my car+ land asset, but this will be sudden rise in account balance (currently its 1000$ and it will rise to 24000$ in a month), i can arrange the evidence of sales

so average balance will be a problem?

Moreover my wife will be primary applicant but the car is in my ownership, will it be an issue?

Thanks for helping

Should be fine as long as sale documentation is clear. Get the money in cheque or bank transfer, not cash.

Not sure about how POF works with married couples (as I'm single) so I'll leave that question for others to answer.