Proof of 'Landing Funds" >>>

[qorax]

The wisest way of getting our Settlement Funds is the 80:20 Rule...
80% -- in Bank Drafts
20% -- in Cash/TCs

Qorax

 

[sandeepghosh13]

Thanks Qorax and all members,

As I mentioned you "traveller's card" , it is a prepaid card almost like travellers cheque where you don't have hassle of signing & encashing it from the counter. Its not credit card for sure what I have understood so far. I am still in dilemma what to do ...I guess I might go for bank draft. Any idea how long does a bank draft take to get clear in Canadian banks.

Cheers,
Sandy

 

[qorax]

Thanks Qorax and all members,

As I mentioned you "traveller's card" , it is a prepaid card almost like travellers cheque where you don't have hassle of signing & encashing it from the counter. Its not credit card for sure what I have understood so far. I am still in dilemma what to do ...I guess I might go for bank draft. Any idea how long does a bank draft take to get clear in Canadian banks.

Cheers,
Sandy

Draft's Encashing Timeframe in Canada

-If the draft's drawee bank is in your city (of landing)................... different bank than yours............ 72 hrs.
-If the draft's drawee bank is NOT in your city (of landing)............ different bank than yours............ 96 hrs.
-If the draft's drawee bank is in your city (of landing)................... same bank as yours................... 24 hrs.
-If the draft's drawee bank is NOT in your city (of landing)............ same bank as yours................... 48 hrs.

Qorax

 

[kazkaz]

Dear Qorax hi, I would like to ask you that I was required CAD $ 17011 as POF. I submitted the bank statement of six months according to the selling rate of Dollar as 1 CAD= 89 PKR and my balance was equivalent to 17324 CAD in local currency current account according to the current market .Now if the dollar rate is getting high and I still waiting for PPs return after PPR , will it be problem for me.

 

[qorax]

Dear Qorax hi, I would like to ask you that I was required CAD $ 17011 as POF. I submitted the bank statement of six months according to the selling rate of Dollar as 1 CAD= 89 PKR and my balance was equivalent to 17324 CAD in local currency current account according to the current market .Now if the dollar rate is getting high and I still waiting for PPs return after PPR , will it be problem for me.

No issues...

 

[jang]

Dear Qorax,

Thank you for a detailed explanation on the landing and POF issues.

You may have answered this question before, but I am not able to find it.

Is it necessary that the POF (cash/DD/TC) be in Canadian Dollars or can it be in USD?

Thanks,
Jang

 

[qorax]

Dear Qorax,

Thank you for a detailed explanation on the landing and POF issues.

You may have answered this question before, but I am not able to find it.

Is it necessary that the POF (cash/DD/TC) be in Canadian Dollars or can it be in USD?

Thanks,
Jang

USD, Euro & GBPs work just fine...

 

[jang]

USD, Euro & GBPs work just fine...

Thanks Qorax.

 

[Cappuccino]

USD, Euro & GBPs work just fine...

Hi Qorax. I hear bank statements are a bad idea for POF at POE. We have our savings in GBP in a UK bank account, and intend to complete or record of landing on a 2 week holiday to Vancouver in August, but do not intend to permanently move to Canada until around Jan/Feb 2012.

Due to the current poor exchange rate, unless it dramatically improves, we would rather not change our GBP savings into CAD when we complete our record of landing.

Will a letter or certificate from the bank along with bank statements suffice, or is it really necessary to transfer the money into CAD with travellers cheques/money order etc?

Thanks,
Wayne.

 

[beckett]

Dear All,
I have a question to ask.Last summer I mortgaged a house in Oakville, Ontario, with a 35% downpayment. I rented it out this April. Is that counted as part of POF? Should I inform the London visa office?
Beckett

 

[Cappuccino]

Dear All,
I have a question to ask.Last summer I mortgaged a house in Oakville, Ontario, with a 35% downpayment. I rented it out this April. Is that counted as part of POF? Should I inform the London visa office?
Beckett

IMO any equity you hold in property, if it can be reasonably proven, can be used as part of your POF - certainly at London VO.

I fail to see how this is any different from providing POF for your own house - just provide 3 valuations and a mortgage letter or statement so you can reasonably prove how much equity you hold, and then send this to CHC.

I guess it depends how close to the limit your current POF is? May not be worth the hassle if you have already provided ample POF.

Wayne.

 

[beckett]

IMO any equity you hold in property, if it can be reasonably proven, can be used as part of your POF - certainly at London VO.

I fail to see how this is any different from providing POF for your own house - just provide 3 valuations and a mortgage letter or statement so you can reasonably prove how much equity you hold, and then send this to CHC.

I guess it depends how close to the limit your current POF is? May not be worth the hassle if you have already provided ample POF.

Wayne.

Dear Wayne,
At the time I applied, I had enough money in my bank for my POF; I still do. Most of the money we own is in my spouse's account, however.
At the time I was not even aware property counted towards pof! Does it? (at the risk of sounding stupid!)
I was just thinking, if the mortgage letter for my new property in Canada works as my pof, I could spend some of the money in my account without being unduly worried.
Beckett

 

[Cappuccino]

Dear Wayne,
At the time I applied, I had enough money in my bank for my POF; I still do. Most of the money we own is in my spouse's account, however.
At the time I was not even aware property counted towards pof! Does it? (at the risk of sounding stupid!)
I was just thinking, if the mortgage letter for my new property in Canada works as my pof, I could spend some of the money in my account without being unduly worried.
Beckett

Money in property can count as proof of funds during the application processes (although best to check with individual visa offices - some of them are not too keen on it but London are ok).

However, when you complete your record of landing you may be asked to provide proof of funding, and at THAT stage it must be in actual currency and readily transferrable to Canada - i.e. not tied up in property.

So it depends when you think you might be landing (difficult to predict medicals/PPR, I realise). You've just gone "In Process", right?

I'd certainly try to ensure you keep adequate liquid funds always available if possible, since this will mean you will have no problems when it comes to landing. If you spend some of the money then get the visa - you will have to either sell your property in Canada or re-save the money in order to complete your record of landing.

The above is just my understanding so if any seniors can confirm and add more input?

Wayne.

 

[beckett]

Money in property can count as proof of funds during the application processes (although best to check with individual visa offices - some of them are not too keen on it but London are ok).

However, when you complete your record of landing you may be asked to provide proof of funding, and at THAT stage it must be in actual currency and readily transferrable to Canada - i.e. not tied up in property.

So it depends when you think you might be landing (difficult to predict medicals/PPR, I realise). You've just gone "In Process", right?

I'd certainly try to ensure you keep adequate liquid funds always available if possible, since this will mean you will have no problems when it comes to landing. If you spend some of the money then get the visa - you will have to either sell your property in Canada or re-save the money in order to complete your record of landing.

The above is just my understanding so if any seniors can confirm and add more input?


Wayne.

Thanks Wayne,
Yes, I just went 'In Process', the dubious one with RBVO details.
Could you just clarify a couple of other points?
1- Does money in my spouse's account count as far as pof is concerned? If so, I have no issues of liquid funds.
2- If I shift a major sum from one account into another one of mine (which was also mentioned in the initial application) is that ok?

Beckett

 

[qorax]

Hi Qorax. I hear bank statements are a bad idea for POF at POE. We have our savings in GBP in a UK bank account, and intend to complete or record of landing on a 2 week holiday to Vancouver in August, but do not intend to permanently move to Canada until around Jan/Feb 2012.

Due to the current poor exchange rate, unless it dramatically improves, we would rather not change our GBP savings into CAD when we complete our record of landing.

Will a letter or certificate from the bank along with bank statements suffice, or is it really necessary to transfer the money into CAD with travellers cheques/money order etc?

Thanks,
Wayne.

Yes bro, Statement of A/cs from the bank is a bad idea... many a times the BSO'd just put u into a spin. And that we don't want during the already tensed 'landing', do we? Which is why I always opine/advice the "80:20 Rule".

Nonetheless, I've also known that statements of some 'reputed' banks stand accepted - especially if they r generated from the US, UK etc. I had someone landing with that w/out a whim from her BSO [she came from the UK too]... however, some other BSO might put a spoke... so, better avoided, if one can.

Qorax