RE: Proof of Funds at POE

[jadwig]

I think we should look at this 'Proof of Fund' at POE a little closer. The funds you need to show at POE can be said to be equivalent to that required during the processing of your application (check http://www.cic.gc.ca/english/immigrate/skilled/funds.asp). However, you are only required to 'show' this fund and it cannot be borrowed. Nowhere does it say how the funds must be presented, either as bank draft, cash, bank statement or otherwise. Regarding how much funds you should bring to Canada, let me quote from the link I have provided above:

"How much money should you bring?

Find out how much it costs to live where you are planning to settle in Canada.

Bring as much money as possible to make moving and finding a home in Canada easier."

Furthermore, in the instructions that is provided to you along with COPR and entry visa, there is a paragraph that says:

"Independent immigrants....must satisfy the immigration officer at the Point of Entry that they have enough money to support themselves and their family members..."

Again it does not say in what form the funds must be shown. In fact, just about the only place where these funds are qualified is in OP 6 manual, page 26 which I now quote below:

"The funds must be:
• available and transferable;
• unencumbered by debts or other obligations."

Personally, I intend to carry just enough funds in cash to survive the first few days and I'll leave the rest in my bank account (my bank is in the UK). I will carry the bank statement to show funds 'available and transferable' at POE and will transfer these after opening a Canadian bank account. I intend to do this because I do not consider it wise (for security reasons) to be carrying large sums of money on my person. You might say 'carry bank draft and cancel if lost or stolen' but I would rather not go through all that. After all, how long does it take to transfer money internationally from one bank account to another? and I bet that is much safer. Furthermore, there are several financial companies now that will effect the transfer for you at rates that are far better than your bank's. Buying a bank draft upfront will deny you the benefit of such fantastic transfer rates.

Also check these links:

http://www.cic.gc.ca/english/newcomers/before-border-interview.asp


http://www.cic.gc.ca/english/newcomers/before-cost.asp

Below is my view on these links:

Link 1 prepares you for interview at POE. You are only asked how much money you carry as a routine question. This is just to complete the blank space on your COPR about how much money you arrived with and not a fresh processing of your eligibility to be a PR, which you have already passed!

Link 2 says you must check how much money you are allowed to carry out of your country and recognises that some countries may limit how much funds (in whatever form it is carried) you can move out at every instance. This shows that CIC recognises that you may not be allowed to carry all your funds at one go.

Link 2 further says you're required to show proof of funds to the Canadian visa office in your own country, implying during processing. For all it is worth, you have already passed this requirement before your visa was approved!

Your opinions please....

[pittabread]

Bring as much money as possible to make moving and finding a home in Canada easier."[/color]

Personally, I intend to carry just enough funds in cash to survive the first few days and I'll leave the rest in my bank account (my bank is in the UK). I will carry the bank statement to show funds 'available and transferable' at POE and will transfer these after opening a Canadian bank account. I intend to do this because I do not consider it wise (for security reasons) to be carrying larges sums of money on my person. You might say 'carry bank draft and cancel if lost or stolen' but I would rather not go through all that. After all, how long does it take to transfer money internationally from one bank account to another? and I bet that is much safer. Furthermore, there are several financial companies now that will effect the transfer for you at rates that are far better than your bank or purchasing a bank draft. Buying a bank draft upfront will deny you the benefit of such fantastic transfer rates.

hi

yeah very wise and totally agree. myself i would do the same. recommended 100%

[Baloo]

I will carry the bank statement to show funds 'available and transferable'

So you are providing "proof of funds", (the full amount) if the IO wants to verify it. A wise idea.

[napoleonbg]

I am totally agreeing with you... some people telling in forum that we have to carry the entire required fund. As per my study it says that carry as much as you want.... if asked you must prove that you have enough fund.

[el scorcho]

 @ napoleonbg:

     I think the maximum allowable cash to be kept in hand is 10,000 CS/USD. The remaining funds will be transferable in your bank account in canada...

[jadwig]

further contributions invited...

[scylla]

You can bring more than $10K - you just have to declare it.

[jadwig]

p

[virgiemaricel]

Hi! If I may join in the discussion...

My immigration lawyer advised me to bring the required proof of funds. We're 3 in the family so we have to bring almost 17K US dollars. It's wise to be ready just in case the immigration officer looks for the entire amount. What if you don't have enough? What will you do? That's additional stress right? 

[asaf]

Hi! If I may join in the discussion...

My immigration lawyer advised me to bring the required proof of funds. We're 3 in the family so we have to bring almost 17K US dollars. It's wise to be ready just in case the immigration officer looks for the entire amount. What if you don't have enough? What will you do? That's additional stress right? 

Suppose you want to transfer your fund with western union or other easy way.......but if the immigration officer asks you to show me the find right now..! Then what you would do....I hope you can carry your money in Pay order and travelers chaque......

cheers.....

[jadwig]

Hi! If I may join in the discussion...

My immigration lawyer advised me to bring the required proof of funds. We're 3 in the family so we have to bring almost 17K US dollars. It's wise to be ready just in case the immigration officer looks for the entire amount. What if you don't have enough? What will you do? That's additional stress right?  

Let's clarify the issues, you are required to have a minimum amount of funds to aid your settling in Canada. You should be able to show proof of these funds but nowhere was it stated the forms of proof that are acceptable at the POE. If I show a recent bank statement of a reputable bank with balance well above the minimum required, is that not proof that I have funds 'available and transferrable'?

The point I'm trying to make is that you may show all forms of POF just like you did when you submitted your documents to the visa office. Bank statements are also valid POF contrary to some posts I have read on this forum.

[pittabread]

Let's clarify the issues, you are required to have a minimum amount of funds to aid your settling in Canada. You should be able to show proof of these funds but nowhere was it stated the forms of proof that are acceptable at the POE. If I show a recent bank statement of a reputable bank with balance well above the minimum required, is that not proof that I have funds 'available and transferrable'?

The point I'm trying to make is that you may show all forms of POF just like you did when you submitted your documents to the visa office. Bank statements are also valid POF contrary to some posts I have read on this forum.

hey jadwig if you listen to me..

i told you already no point convincing people or proving your point.

many are following sheep trend. best thing is to do what you think is right and not be confused or laerted by what others say......

[jadwig]

 @ pittabread.

It's not about confusion, convincing, following sheep trend or proving a point. It's just a forum for healthy debate so we can share knowledge...just like Wikipedia.

Have a great day.

[pittabread]

 @  pittabread.

It's not about confusion, convincing, following sheep trend or proving a point. It's just a forum for healthy debate so we can share knowledge...just like Wikipedia.

Have a great day.

yes dear but nobody is convinced or accepting your point except me or one or two other people

[virgiemaricel]

My husband and I plan to bring cash in US dollars and travellers checks. No bank statement. This is our plan. For other applicants, just proceed with what you think is best for you.