Proof of funds

[Lara07]

Hello everyone,

I am eager to apply for EE and I am looking for some answers and advice to gain a better understanding of the EE requirements before I start and create my profile.

Does having a larger funds increase the chance of your profile being pick in the pool?
Is it allowed to borrow money from your family members to meet the minimum requirement?
How long does the money have stay in your bank account?
Do you need to bring your proof of fund in cash once you arrived in Canada?

 

[Sherlok]

Hello everyone,

I am eager to apply for EE and I am looking for some answers and advice to gain a better understanding of the EE requirements before I start and create my profile.

Does having a larger funds increase the chance of your profile being pick in the pool?
No
Is it allowed to borrow money from your family members to meet the minimum requirement?
No, you cannot borrow money. You can get the money as a gift from your immediate family members (non-returnable), and have that notarized as a 'gift deed'
How long does the money have stay in your bank account?
Gift Deeds has no minimum time period. For funds, a six months bank statement is required.
Do you need to bring your proof of fund in cash once you arrived in Canada?
You can carry 10000 CAD as cash. Anything over that has to be declared.

 

[Lara07]

I am from the Philippines and I don't have a bank account in the Philippines since I moved to Australia before I turned 18.
I currently have an Australian bank account which is currently active and a joint account with my Australian partner (he's not coming with me).
My visa is about to expire and I will need to go back to the Philippines. I wish to continue with my Australian bank account as I don't want my money to decrease in value once I bring it home to the Philippine.

Does having an Australia bank account valid even if I will no longer live there? I can access my account through my phone and do all the transaction. Thank you!

 

[Sherlok]

Yes, it is valid. You only need to get the letter from the bank with all the required information and bank statements for 6 months from your Australian bank.