Change in Bank for Proof of Funds.

[nottaimoorali]

Hi all!

I have recently received an ITA through PNP from Ontario. I had declared my finds in my home country's currency i.e. PKR equivalent of the the required funds. Now the exchange rate is increasing rapidly and I am worried about the valuation of my funds. I am currently filling in my Federal Express Entry Profile and I am thinking of opening a new CAD account and maintain the funds in that one. Will it be a problem for my profile? Will it make any difference if I have submitted in PKR to Ontario and in CAD and a new account in Express Entry Profile?
Eagerly waiting for you all to guide and advise.

Thanks.

 

[Naturgrl]

See what you need to include for POF. If you open Canadian account, Letters(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

https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html

 

[nottaimoorali]

See what you need to include for POF. If you open Canadian account, Letters(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

https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html

Thank you so much for your reply. So I can go for this? There won't be a problem considering I provided POF to Ontario's OINP in PKR and now will be providing IRCC with a new bank account in CAD?

 

[Naturgrl]

Thank you so much for your reply. So I can go for this? There won't be a problem considering I provided POF to Ontario's OINP in PKR and now will be providing IRCC with a new bank account in CAD?

So you need to show that the funds have been in the account for at least 6 months.

 

[nottaimoorali]

So you need to show that the funds have been in the account for at least 6 months.

My POF were accepted by the OINP in my home currency but now due to currency rate fluctuation, I am thinking of opening up a new account with the same bank in USD. I will have all the account statements and maintaining letters from the bank for both bank accounts. Will this account create problems in my application?

 

[Naturgrl]

My POF were accepted by the OINP in my home currency but now due to currency rate fluctuation, I am thinking of opening up a new account with the same bank in USD. I will have all the account statements and maintaining letters from the bank for both bank accounts. Will this account create problems in my application?

You will have to look at OINP requirements for moving funds, as I don’t know.