Forex Card - Proof of funds during Landing

[GokulGuruprasad]

Dear all,

Planning to land around the end of January and have already started my research around the preparations.
Now, to show proof of funds during landing, I have the following options -

Option 1 - SWIFT transfer all the money to the Scotiabank account I opened online (Wire transfer charges are high)
Option 2 - SWIFT some immediate money to Scotiabank & carry a DD for the rest of the amount to be deposited when I make a visit to the branch (Wire transfer charges a little lower, but have to wait for sometime till the DD gets cleared for the rest of the money)
Option 3 - Forex card from India -> withdraw money in ATM at Canada -> deposit into account (cheapest option as forex cards are the cheapest in terms of exchange rate)

Now, my entire quandary revolves around Option 3 (this was advised to me by one of money changers)
She said that they had a tie-up with a local bank which made 3 withdrawals per month upto $5000 per withdrawal absolutely free.
Since I plan to carry around $25000 in 2 cards (me + wife), we should easily be able to transfer the $25000 this way without incurring extra charges.

Questions -

(1) Is a forex card acceptable as proof of funds during landing?
(2) Do I need to carry any supplementary documentation to prove the value in the Forex card?
(3) Which of the above 3 methods would you advise? They are in the decreasing order of cost.

 

[kryt0n]

Bit confused as you should just be showing the same account or proof as you submitted in your application. In theory the border agent can ask you to prove you've maintained the same level of funds throughout your application. Why are you suddenly moving it all around?

 

[fatani]

Bit confused as you should just be showing the same account or proof as you submitted in your application. In theory the border agent can ask you to prove you've maintained the same level of funds throughout your application. Why are you suddenly moving it all around?

Because some people here say that bank statement has no value at POE. You should either have it in cash, DD or travellers cheque.

 

[kryt0n]

Because some people here say that bank statement has no value at POE. You should either have it in cash, DD or travellers cheque.

Erm, unless that's in CIC guidelines then that's just rubbish.

 

[fatani]

Erm, unless that's in CIC guidelines then that's just rubbish.

CIC dont have any clear guidelines in this matter some say only bank statement is needed. Some say no bank statement at POE is invalid there is lot of confusion on this forum I have researched it deeply but still not found any conclusive thing.

 

[TheMaze]

I use xe.com to move money between my US and Canadian accounts

 

[andy108]

better get an updated statement, just a day before flying

 

[india_user25]

Dear all,

Planning to land around the end of January and have already started my research around the preparations.
Now, to show proof of funds during landing, I have the following options -

Option 1 - SWIFT transfer all the money to the Scotiabank account I opened online (Wire transfer charges are high)
Option 2 - SWIFT some immediate money to Scotiabank & carry a DD for the rest of the amount to be deposited when I make a visit to the branch (Wire transfer charges a little lower, but have to wait for sometime till the DD gets cleared for the rest of the money)
Option 3 - Forex card from India -> withdraw money in ATM at Canada -> deposit into account (cheapest option as forex cards are the cheapest in terms of exchange rate)

Now, my entire quandary revolves around Option 3 (this was advised to me by one of money changers)
She said that they had a tie-up with a local bank which made 3 withdrawals per month upto $5000 per withdrawal absolutely free.
Since I plan to carry around $25000 in 2 cards (me + wife), we should easily be able to transfer the $25000 this way without incurring extra charges.

Questions -

(1) Is a forex card acceptable as proof of funds during landing?
(2) Do I need to carry any supplementary documentation to prove the value in the Forex card?
(3) Which of the above 3 methods would you advise? They are in the decreasing order of cost.

Yes forex card is accepted as proof of funds, just carry the forex card balance or receipt with you. most of the times, they won't even ask for proof of fund. In my case, officer just asked me how much I am carrying and he just noted that on immigration form and other forms, he didn't ask to show it. All they care is that you have the access to money as required by CIC.

 

[india_user25]

Why don't you carry travelers cheque - it's safe and secure, money gets transferred to your account immediately on submission.

 

[kryt0n]

Why don't you carry travelers cheque - it's safe and secure, money gets transferred to your account immediately on submission.

Because almost nowhere accepts travellers cheques and when you loose them, its the same as loosing a bank note - there's no backup.

 

[GokulGuruprasad]

Because almost nowhere accepts travellers cheques and when you loose them, its the same as loosing a bank note - there's no backup.

I can use bank drafts, but the problem is the exchange rate. Plus, the addition issue with bank drafts is that they can be held for upto 60 days by some banks till they get cleared.
Forex cards in comparison offer better exchange rates, meaning I can get more CAD per INR. But, the downside is the fact that they can't really be "deposited" directly in your account in Canada.

 

[GokulGuruprasad]

Yes forex card is accepted as proof of funds, just carry the forex card balance or receipt with you. most of the times, they won't even ask for proof of fund. In my case, officer just asked me how much I am carrying and he just noted that on immigration form and other forms, he didn't ask to show it. All they care is that you have the access to money as required by CIC.

And, if I may ask, how did you transfer from the forex card to your bank account?
Manual withdrawals at ABMs and deposits into your accounts?

 

[shashank.jax]

So here is the thing.
Proof of funds and the money you bring in Cash or kind are 2 separate things.
Proof of funds can still be held in a stamped banks statement or FD Certificate.( Which clears ur necessity to have a clear fund)
Below to refer:
The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access the money to use here when you arrive.

For proof, you must get official letters from any banks or financial institutions where you’re keeping money.

Letter(s) must

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account, the
  • account numbers
  • date each account was opened
  • current balance of each account
  • average balance for the past 6 months

How much money you should bring is a separate Topic Altogether.(and its not = to the money you need to prove you have access to )

 

[JulianGodwin]

how did you do it eventually? Its been 5 years since the question, so assuming you chose 1/3 options.