Proof of funds with Wise (formerly TransferWise)

[happyhumanbean]

Hello,

Do you know of anyone who has submitted a Wise statement as proof of funds for their student visa application? Was their application successful?

Thanks!

 

[prospectiveab]

A Wise statement is no different than a bank statement (I used PayPal transactions together with bank statements). Wise is actually regulated in Canada through FINTRAC and IRCC can contact them anytime to verify your documents if needed. You could let the money sit there and get their card later after you arrive in Canada, assuming the card isn't offered in your country yet.

You could also mention (in your SOP) why you're keeping the money in Wise and not in a local bank account, although it would be safer to use Wise for transfers and keep the money in your local bank.

 

[happyhumanbean]

A Wise statement is no different than a bank statement (I used PayPal transactions together with bank statements). Wise is actually regulated in Canada through FINTRAC and IRCC can contact them anytime to verify your documents if needed. You could let the money sit there and get their card later after you arrive in Canada, assuming the card isn't offered in your country yet.

You could also mention (in your SOP) why you're keeping the money in Wise and not in a local bank account, although it would be safer to use Wise for transfers and keep the money in your local bank.

Thanks for your comment. I really appreciate it.

Actually, Wise is a lot safer for me. There's a lot of uncertainty in developing countries these days. Some currencies are depreciating so quickly, some central banks are limiting the amount of money people can send abroad, and some countries are not even allowing their citizens to open foreign currency accounts.

I'm planning to transfer the money to a Canadian bank after arriving in the country. I agree though, in general, banks are a lot safer than Wise but in some developing countries, it's the other way round.

 

[prospectiveab]

I hear you. I've been through the same, and also used Payoneer to access money since my country doesn't let you spend more than a certain amount abroad (was visiting another country).

Make sure your Wise account info are up to date, and when you get here, you can transfer the money easily (and instantly through Interac) to your local CAD account.

Good luck in your application!

 

[happyhumanbean]

I hear you. I've been through the same, and also used Payoneer to access money since my country doesn't let you spend more than a certain amount abroad (was visiting another country).

Make sure your Wise account info are up to date, and when you get here, you can transfer the money easily (and instantly through Interac) to your local CAD account.

Good luck in your application!

Thank you!

 

[nmmanas]

Hello,

Do you know of anyone who has submitted a Wise statement as proof of funds for their student visa application? Was their application successful?

Thanks!

I would appreciate if you can please update if you were able to use wise statements as proof of funds. Did you submit any other supporting documents for this?

 

[happyhumanbean]

I would appreciate if you can please update if you were able to use wise statements as proof of funds. Did you submit any other supporting documents for this?

I used Wise statements as my proof of funds and my application got approved. I explained the sources of my funds with evidence to back it up.

Let me know if you have any other questions. If not, good luck!

 

[nmmanas]

I used Wise statements as my proof of funds and my application got approved. I explained the sources of my funds with evidence to back it up.

Let me know if you have any other questions. If not, good luck!

Thank you for your quick response. It is reassuring to know that Wise statements were accepted.

 

[Beka1125]

I used Wise statements as my proof of funds and my application got approved. I explained the sources of my funds with evidence to back it up.

Let me know if you have any other questions. If not, good luck!

Hello,

I saw this reply and it helped me a lot. Thank you! May I kindly ask in what form did you submit your wise statement? I mean, since it is electronic and already in English, did you do any kind of legalization? Did you ask wise to send original statement with stamp? (I don't know if wise has such option). Will IRCC accept wise statements if they are just generated online and submitted right away in just electronic version?

Many many thanks in advance