Black Market Exchange Rate for Proof of Funds?

[theshred]

Hi, what we ended up doing (after a lot of research and talking to others who are also applying / have applied from lebanon) is that we kept the USD in the bank, we added the missing amounts in LBP and got a bank statement for the past 6 months. Turns out most Lebanese banks don't give bank letters in the first place, they only give statements of accounts. Official rate is still 1,515 so you should be fine for POF if you have a mix of USD and LBP at the bank that add up to the funds required by IRCC. We are also saving up money at home in cash which we will actually take with us to Canada, because right now we can't be sure that we can transfer anything we have in our Lebanese banks or when.. This is what everyone is doing so let's all hope for the best.

I can confirm that this is the best method so far.

 

[tbantar]

I can confirm that this is the best method so far.

Just to be sure, a bank statement in USD for my bank account in Lebanon is considered valid as POF?

 

[Ykh]

Just to be sure, a bank statement in USD for my bank account in Lebanon is considered valid as POF?

So Far, POFs are being accepted with USD bank accounts and also LL bank accounts (Official rate 1500) equivalent to the required amount or more.

 

[£ddy]

Hi, what we ended up doing (after a lot of research and talking to others who are also applying / have applied from lebanon) is that we kept the USD in the bank, we added the missing amounts in LBP and got a bank statement for the past 6 months. Turns out most Lebanese banks don't give bank letters in the first place, they only give statements of accounts. Official rate is still 1,515 so you should be fine for POF if you have a mix of USD and LBP at the bank that add up to the funds required by IRCC. We are also saving up money at home in cash which we will actually take with us to Canada, because right now we can't be sure that we can transfer anything we have in our Lebanese banks or when.. This is what everyone is doing so let's all hope for the best.

 

[£ddy]

Guys since no lebanese bank is issuing the official letter that is requested by the IRCC as a proof of funds; does anyone have an idea if the statement of account only is accepted as a proof of funds?

 

[Ykh]

Guys since no lebanese bank is issuing the official letter that is requested by the IRCC as a proof of funds; does anyone have an idea if the statement of account only is accepted as a proof of funds?

Bank Statement is acceptable but make sure you explain that the back refused to give you a letter.

 

[PamelaFr]

Guys since no lebanese bank is issuing the official letter that is requested by the IRCC as a proof of funds; does anyone have an idea if the statement of account only is accepted as a proof of funds?

If you're only going to submit a statement of account it probably won't be enough. You should submit your credit card statement to show you have no debts, a statement that says you have not taken any loans from the bank, and something to show the date your account was created, such as your initial contract. That way you'd be covering all the requested information for the financial profile. Also, include an explanation in the "optional documents" as to why you didn't submit a letter (that the bank refused). My research tells me that the bank letter refusal is not something exclusive to Lebanon only. But do try to pressure your bank into writing it first - that worked for me and Audi have agreed to issue a letter for me that's supposed to be ready by next week.

 

[yaranassar]

Hello everyone, I have been notified by several sources (mostly friends who are trying to immigrate through an attorney) that it is required from Lebanese to place their cash money in a "Fresh money" account to prove that they can access the money. However, I haven't received anything official that claims this. Has anyone from Lebanon faced such a situation? We are hopefully getting our ITA soon, and we have the required amount in the bank. We are saving cash at home to actually use them when we get to Canada, but we are definitely not planning to place our saved cash also in the bank! any thoughts on this issue will be SUPER helpful. Thank you!

 

[PamelaFr]

Hello everyone, I have been notified by several sources (mostly friends who are trying to immigrate through an attorney) that it is required from Lebanese to place their cash money in a "Fresh money" account to prove that they can access the money. However, I haven't received anything official that claims this. Has anyone from Lebanon faced such a situation? We are hopefully getting our ITA soon, and we have the required amount in the bank. We are saving cash at home to actually use them when we get to Canada, but we are definitely not planning to place our saved cash also in the bank! any thoughts on this issue will be SUPER helpful. Thank you!

One of my friends asked an attorney in Canada and he said that nothing has changed with the way funds are to be shown in Lebanon. So they still go by the official rate of 1,500 LBP. I received my ITA a few weeks ago and sent my application with my lollar account as proof of funds. I had no choice anyway because the money should be in an account 6 months before applying if I were to transfer them to an external fresh money account, and I only had 90 days to submit all my papers. Not sure how it'll go.

 

[yaranassar]

One of my friends asked an attorney in Canada and he said that nothing has changed with the way funds are to be shown in Lebanon. So they still go by the official rate of 1,500 LBP. I received my ITA a few weeks ago and sent my application with my lollar account as proof of funds. I had no choice anyway because the money should be in an account 6 months before applying if I were to transfer them to an external fresh money account, and I only had 90 days to submit all my papers. Not sure how it'll go.

Thank you for replying! I hope this works..

 

[maxgtw]

I recently asked a similar question about using savings I took out of the bank for similar reasons for proof of funds in another country and a user stated the following:

I have the same problem, and I asked the Embassy and they told me:
"You can submit a notarised letter stating how many funds you have, plus its translation. In addition, you will have to submit a letter in English or French explaining why your funds are not in the bank and their origin. "
Now I am trying to figure out what the notarised letter should say. If you manage to know please let me know ASAP as I am starting the study permit with a latter of acceptance already.

I am planning to find out on my own if this is correct later on, but I wanted to share so you can enquire about this in your country. Good luck!

 

[shadi_jawhar]

Hi, what we ended up doing (after a lot of research and talking to others who are also applying / have applied from lebanon) is that we kept the USD in the bank, we added the missing amounts in LBP and got a bank statement for the past 6 months. Turns out most Lebanese banks don't give bank letters in the first place, they only give statements of accounts. Official rate is still 1,515 so you should be fine for POF if you have a mix of USD and LBP at the bank that add up to the funds required by IRCC. We are also saving up money at home in cash which we will actually take with us to Canada, because right now we can't be sure that we can transfer anything we have in our Lebanese banks or when.. This is what everyone is doing so let's all hope for the best.

I am in the same situation. Did you get any approval or rejection of proof of funds?

 

[linlin]

Hi Shadi, so far we did not get any extra requests on that point. My partner just did his biometrics last week. I guess we will have to wait to find out.

 

[Danyso]

Can you please advise on solution. I'm facing similar issue with proof of funds. Appreciate any feedback if you have a solution for this!

Please let me know if you managed to find a solution to it, i am also facing the same problem