Transfer £ to CAD.

[kryt0n]

Hey guys, wondering if I could get a general consensus here.

UK £ is a bit unstable at the moment. As we are currently only $400-$600 above the lico and we can't be 100% sure how cic decide the exchange rates, is it prudent for me to move my money into my cibc account BEFORE submission or submit with £ and send a CSE with the details after I submit? Or just hang tight and wait and see if they ask me for updated statements and show them my transferred funds?

I wish I had more of a buffer, but unfortunately I have no way of obtaining anymore cash for a month or so.

 

[blue_borna]

Hey guys, wondering if I could get a general consensus here.

UK £ is a bit unstable at the moment. As we are currently only $400-$600 above the lico and we can't be 100% sure how cic decide the exchange rates, is it prudent for me to move my money into my cibc account BEFORE submission or submit with £ and send a CSE with the details after I submit? Or just hang tight and wait and see if they ask me for updated statements and show them my transferred funds?

I wish I had more of a buffer, but unfortunately I have no way of obtaining anymore cash for a month or so.

Exchange rate is ridiculously low after today's budget

 

[kryt0n]

Exchange rate is ridiculously low after today's budget

Indeed, hence my query about how I should action my funds.

 

[vensak]

Indeed, hence my query about how I should action my funds.

I do not think, that GBP will appreciate after Article 51 will be formaly triggered.

Maybe a good time to change for you. (before delegation from Habana, Pyongyang and Caracas will arrive to explain Terry what to do next. Or maybe guys from Khartoum and Mogadishu will teach her how to make Royal Navy Great again).

 

[kryt0n]

I do not think, that GBP will appreciate after Article 51 will be formaly triggered.

Maybe a good time to change for you. (before delegation from Habana, Pyongyang and Caracas will arrive to explain Terry what to do next. Or maybe guys from Khartoum and Mogadishu will teach her how to make Royal Navy Great again).

Indeed. I think I'll submit with my uk account and £'s with a couple of screenshots of exchange rates on the day showing I'm above. Then move my cash all to cibc. If they ask for updated statements then I can prove I kept the cad min throughout. Not seen many people rejected for pof 's

 

[pocomonkey]

Indeed. I think I'll submit with my uk account and £'s with a couple of screenshots of exchange rates on the day showing I'm above. Then move my cash all to cibc. If they ask for updated statements then I can prove I kept the cad min throughout. Not seen many people rejected for pof 's

I just mentioned the current exchange rate in my LOE when I submitted POF, so your plan to include screenshots sounds good to me. I really wish I'd been more optimistic about my chances of getting PR a year ago, and transferred my savings to my CIBC account then!

 

[kryt0n]

I just mentioned the current exchange rate in my LOE when I submitted POF, so your plan to include screenshots sounds good to me. I really wish I'd been more optimistic about my chances of getting PR a year ago, and transferred my savings to my CIBC account then!

That's what I was going to do. Screenshot from xe.com and from bank of Canada. Maybe CIBC too. Too late in the day to stick an extra £1000 in there. Even if it was a legit gift from my mum.

Depending on where I look I'm either $300 or $1000 above the min. Wish I'd moved all my cash to CAD just before Brexit referendum. Damn that was a good rate.

 

[pocomonkey]

That's what I was going to do. Screenshot from xe.com and from bank of Canada. Maybe CIBC too. Too late in the day to stick an extra £1000 in there. Even if it was a legit gift from my mum.

Depending on where I look I'm either $300 or $1000 above the min. Wish I'd moved all my cash to CAD just before Brexit referendum. Damn that was a good rate.

Yup, but it's not like we were expecting Leave to actually win. Sigh...

 

[kryt0n]

Yup, but it's not like we were expecting Leave to actually win. Sigh...

Tell me about it.

Well, $300 above the min is still above the min. Was more comfortable with $1000 though.

Will have to keep an eye on the exchange rate or keep topping up my UK account until we land.

 

[vensak]

The music is still playing on the upper deck. All is fine.

Btw, do you already have stakes when GBP will equal to USD?

 

[kryt0n]

The music is still playing on the upper deck. All is fine.

Btw, do you already have stakes when GBP will equal to USD?

Convinced if A50 is triggered end of march it will be then. Yea...I'm definitely moving my money after submission to cad...

 

[kryt0n]

Not sure how much you guys care...but after submitting eApr I've decided I'm going to transfer just over the min ($15,312) needed, about $15,500 into my old cibc account. This means if they ask for updated statements mid way through I can show them I've maintained the min CAD throughout and whatever extra I carry on saving in my uk account.

 

[xpressentry]

The £ is very low but I would suggest you wait until you get your PR. CIC is unpredictable when it comes to approval however diligent you may be.

 

[kryt0n]

The £ is very low but I would suggest you wait until you get your PR. CIC is unpredictable when it comes to approval however diligent you may be.

You think? Hmmm... I'm just really concerned the £ will tank well below cutoff

 

[xpressentry]

You think? Hmmm... I'm just really concerned the £ will tank well below cutoff

You would be better off adding more £s to the balance. If you convert your £ into CAD and you need the £, you will have to reconvert and lose again. IMO, it's best to keep money where you can physically manage it.