Proof of Funds--urgent--please advice

[scorpion30]

Dear All,

I'll be landing in Canada on 27th of Nov 12....but will return back to my country (India) in 15days and later settle permanently in April 2013.

However, before landing i have to arrange POFs i.e approx 24K CAD for the family of 4.....but only challenge i can forsee is that during conversion (from INR to CAD and after 15 days again CAD to INR as my current stay is only for 15 days) i might loose lot of money in coversion. My question is can i take indian bank statements there as POFs (bank is Citi Bank, New Delhi) or any other way out.

Please advice....

Regards

 

[naveed1]

Dear All,

I'll be landing in Canada on 27th of Nov 12....but will return back to my country (India) in 15days and later settle permanently in April 2013.

However, before landing i have to arrange POFs i.e approx 24K CAD for the family of 4.....but only challenge i can forsee is that during conversion (from INR to CAD and after 15 days again CAD to INR as my current stay is only for 15 days) i might loose lot of money in coversion. My question is can i take indian bank statements there as POFs (bank is Citi Bank, New Delhi) or any other way out.

Please advice....

Regards

One of canadian bank name nova scotia bank have their branch in india visit this branch you can open your account here by presenting your copr or immigrant visa. I suggest you to visit this branch for more information.

 

[scorpion30]

One of canadian bank name nova scotia bank have their branch in india visit this branch you can open your account here by presenting your copr or immigrant visa. I suggest you to visit this branch for more information.

I did..but they douldnt advice much

 

[karachiboy]

I did..but they douldnt advice much

how much are you going to lose on conversion dont run for money look for a better future in Canada. just for the conversion you may spoil your case. dont do that there are 400,000 who desperately want to go to canada and you are the lucky one who has the oppertunity do not spoil it just go with what ever you have.
and do not leave canada until you get your PR card in your hand.

 

[scorpion30]

how much are you going to lose on conversion dont run for money look for a better future in Canada. just for the conversion you may spoil your case. dont do that there are 400,000 who desperately want to go to canada and you are the lucky one who has the oppertunity do not spoil it just go with what ever you have.
and do not leave canada until you get your PR card in your hand.

Dear Karachiboy

Conversion is not 100 CAD it for 24000 CAD which is going to cost a bomb.....so i have to rethink twice and see other options available...

thanks for advice

 

[abedi555]

no matter what u do u hv to convert it.even if u open in scotia bank,they will convert the money in dollars and then xfer it to scotia bank in canada.So u hv no other option.But if u do find something let others know as well...

 

[scorpion30]

Thanks...Any more suggestions plss

 

[SanRoque]

You must have the money once you enter Canada for the first...Bank statement is not acceptable for the POF. You might be rejected if the VO verify if you have the required POF. Be cautious of your action.

 

[ASK]

Dear All,

I'll be landing in Canada on 27th of Nov 12....but will return back to my country (India) in 15days and later settle permanently in April 2013.

However, before landing i have to arrange POFs i.e approx 24K CAD for the family of 4.....but only challenge i can forsee is that during conversion (from INR to CAD and after 15 days again CAD to INR as my current stay is only for 15 days) i might loose lot of money in coversion. My question is can i take indian bank statements there as POFs (bank is Citi Bank, New Delhi) or any other way out.

Please advice....

Regards

Hello Scorpion30,

Since you are moving from India to Canada, there are couple of Banks which can help you in solving your proof of fund requirement. Two of the most popular Banks in India SBI (http://sbicanada.com/Default.aspx ) and ICICI Bank
( http://www.icicibank.ca/personal/crossborderbanking/helloCanada.htm ) has very limited presence in Canada, but they do exist there too!!! Best option is to use the banking facility provided by Scotiabank in association with Kotak Mahindra Bank in India. They have a program called StartRight which is specially for the newcomers in Canada. You can open a Canadian Account before leaving India using this. Please check link below for details:

http://www.scotiabank.com/ca/en/0,,4362,00.html

I am not sure if this money will get fully transferred to Canada or maintained by Kotak Mahindra Bank as such information is not available in the website. Only a bank personnel can tell you more about it. This facility can be availed in selected cities of India. Please find the link below for details:

http://www.scotiabank.com/startright/en/files/12/07/Designated_KMB_India_Branches.pdf

Hope it helps.

 

[Goodman!!]

Dear All,

I'll be landing in Canada on 27th of Nov 12....but will return back to my country (India) in 15days and later settle permanently in April 2013.

However, before landing i have to arrange POFs i.e approx 24K CAD for the family of 4.....but only challenge i can forsee is that during conversion (from INR to CAD and after 15 days again CAD to INR as my current stay is only for 15 days) i might loose lot of money in coversion. My question is can i take indian bank statements there as POFs (bank is Citi Bank, New Delhi) or any other way out.

Please advice....

Regards

indian bank statement can be shown as pof at POE..they are acceptable...this is 100% true..

 

[karachiboy]

Hey there Scorpio,
i just came to know that you can open an HSBC premier account in INDIA and also open a CAD account in INDIA. Then that CAD can be accessed/ transfered to HSBC premiers in CANADA. so you wont be losing much.
this is the closest option in can think of right now for your issue.
hope this help
regards

 

[ASK]

Dear All,

I'll be landing in Canada on 27th of Nov 12....but will return back to my country (India) in 15days and later settle permanently in April 2013.

However, before landing i have to arrange POFs i.e approx 24K CAD for the family of 4.....but only challenge i can forsee is that during conversion (from INR to CAD and after 15 days again CAD to INR as my current stay is only for 15 days) i might loose lot of money in coversion. My question is can i take indian bank statements there as POFs (bank is Citi Bank, New Delhi) or any other way out.

Please advice....

Regards

Hi,

Please take a look at Reserve Bank of India regulations and guidelines on taking money abroad and also bringing it from there before you make any irreversible actions. You may take a look at RBI guidelines on Foreign Exchange in the link below:

http://www.eximguru.com/exim/reserve-bank/foreign-exchange-control-manual.aspx

A letter from an Indian Bank where you have account saying you have deposits equivalent of CAD 24K with no liability attached would also help, as per many senior forum members and some who have already made their landing.

The reason they ask for POF is the ensure that you and your family should be able to support the cost of living till you find a suitable job there. You can even support the POF with travelers cheque, demand draft draw-able in Canada, credit card with a good credit limit etc rather than carrying this much in cash - that too only to bring it back!!!If you are bringing this money back, the concerned tax authorities may not be looking at it the same way!!!

A look at the following link may also be useful to understand POF:

http://www.canadavisa.com/canada-immigration-discussion-board/proof-of-landing-funds-t39318.0.html;msg265220#msg265220

Note: Some figures mentioned in the link may require an update.

Hope it helps.

 

[pandey.ved]

there is no way .... either open a a/c or convert the money into dollors you will have to pay conversion once......so pay it, keep money in your canadian a/c and use it once you came back here.......CANADIAN'S ARE CALLING ASIAN SINCE A LONG.....

 

[scorpion30]

Hi,

Please take a look at Reserve Bank of India regulations and guidelines on taking money abroad and also bringing it from there before you make any irreversible actions. You may take a look at RBI guidelines on Foreign Exchange in the link below:

http://www.eximguru.com/exim/reserve-bank/foreign-exchange-control-manual.aspx

A letter from an Indian Bank where you have account saying you have deposits equivalent of CAD 24K with no liability attached would also help, as per many senior forum members and some who have already made their landing.

The reason they ask for POF is the ensure that you and your family should be able to support the cost of living till you find a suitable job there. You can even support the POF with travelers cheque, demand draft draw-able in Canada, credit card with a good credit limit etc rather than carrying this much in cash - that too only to bring it back!!!If you are bringing this money back, the concerned tax authorities may not be looking at it the same way!!!

A look at the following link may also be useful to understand POF:

http://www.canadavisa.com/canada-immigration-discussion-board/proof-of-landing-funds-t39318.0.html;msg265220#msg265220

Note: Some figures mentioned in the link may require an update.

Hope it helps.

Thanks lot for this information.....

 

[GJ1DF4855]

once when you will return back to India, do you need those 24000 dollars ??

you can do one simple thing:-

Put the 24000 dollars in the Canadian bank [as pointed by other members].

When you need to come back, withdrawn the money in proportion enough to bring you back to India.

While maintaining yourself and to go back to Canada, you can borrow the same from your relative or friends and once you reach back to Canada, return the landed money.

by this way, you will secure yourself from all the money matters and will show the officials the good amount in your bank kitty.

hope this would be helpful to you...!