Egyptian Citizens inland and outland, let's Connect here

[maged_mmh]

I will place the money in a new savings account,is it ok

ok as long as it has an account number is your name or your spouse's name

 

[Wolverine17]

ok as long as it has an account number is your name or your spouse's name

Ok can you please read my plan and see if i need to do any adjustments

 

[Wolverine17]

Below is the link for my thread

http://www.canadavisa.com/canada-immigration-discussion-board/management-of-pof-letter-issuesplease-help-t482268.0.html

 

[kimokamel]

You can keep them as certificates dude, just make sure there is no credit card encumbering the certificate

Are you sure about this?

 

[maged_mmh]

You can keep them as certificates dude, just make sure there is no credit card encumbering the certificate

Certificates are NOT acceptable as explained earlier:

1- they're not transferable

2- they're encumbered

 

[maged_mmh]

Below is the link for my thread

http://www.canadavisa.com/canada-immigration-discussion-board/management-of-pof-letter-issuesplease-help-t482268.0.html

nothing more to add.. we've already discussed those points here

 

[kimokamel]

Certificates are NOT acceptable as explained earlier:

1- they're not transferable

2- they're encumbered

Hey Maged,
I asked QNB and AAIB today and they told me that I can break the certificates and get the deposited amount on the same day, I will just lose the interest of few months. So this way it is unencumbered and transferable to any account as long as you don't have a loan or a credit card balance.

 

[maged_mmh]

Hey Maged,
I asked QNB and AAIB today and they told me that I can break the certificates and get the deposited amount on the same day, I will just lose the interest of few months. So this way it is unencumbered and transferable to any account as long as you don't have a loan or a credit card balance.

of course you can break them.. but how will you convince CIC that you'll get X-amount of money when you break them? the bank (any bank) will not give you anything in writing that states this, so as long as there's no guaranteed payment by the bank it IS encumbered. and no, the certificate cannot be transferred unless you liquidate it into an account in the same bank, which is again: you need an account anyways - the ACCOUNT is transferable, not the CERTIFICATE

 

[kimokamel]

of course you can break them.. but how will you convince CIC that you'll get X-amount of money when you break them? the bank (any bank) will not give you anything in writing that states this, so as long as there's no guaranteed payment by the bank it IS encumbered. and no, the certificate cannot be transferred unless you liquidate it into an account in the same bank, which is again: you need an account anyways - the ACCOUNT is transferable, not the CERTIFICATE

Thanks Maged for your reply, I got your point! So if I liquidated the certificates into the savings account do I need to wait for 6 month before submitting the PoF?

 

[expat2be]

of course you can break them.. but how will you convince CIC that you'll get X-amount of money when you break them? the bank (any bank) will not give you anything in writing that states this, so as long as there's no guaranteed payment by the bank it IS encumbered. and no, the certificate cannot be transferred unless you liquidate it into an account in the same bank, which is again: you need an account anyways - the ACCOUNT is transferable, not the CERTIFICATE

i understand your point, but for me it would be a crazy to cash all my certificates (above 200k) now after the ITA, especially that a PR is not certain yet and it could take a long time. so i attached to the LOE a print out of the NBE website that states that all the certificates are redeemable after a certain period (which had already passed in my case). i saw alot of people using certificates with no complaints except this one time where in PNP nomination they mentioned that the certificates were not encumbered and asked the applicant to explain so the person just sent them a paper from the bank stating the amount can be redeemed.

 

[maged_mmh]

Thanks Maged for your reply, I got your point! So if I liquidated the certificates into the savings account do I need to wait for 6 month before submitting the PoF?

not at all!! who said you should wait a single day?

i understand your point, but for me it would be a crazy to cash all my certificates (above 200k) now after the ITA, especially that a PR is not certain yet and it could take a long time. so i attached to the LOE a print out of the NBE website that states that all the certificates are redeemable after a certain period (which had already passed in my case). i saw alot of people using certificates with no complaints except this one time where in PNP nomination they mentioned that the certificates were not encumbered and asked the applicant to explain so the person just sent them a paper from the bank stating the amount can be redeemed.

the point is: if you already has certificates (not like the case above that our friend will take the money from the post a buy new ones outright), if they're old certificates already the bank sure can give you a letter stating the present redemption value, this is valid for OLD certificates that you already hold (depends of the bank cool-off period sometimes 6 months or 3 months)

Do not redeem your certificates if they're old and you have a bank account number in the very same bank that has your investment, you can submit a statement and bank letter to show that the account is ACTIVE whether or not it has funds in it, and together with that, submit a letter for the certificates that states clearly that those certificates can be redeemed immediately with X-value as of Y-date and will be deposited in the same account numer that you hold

 

[kimokamel]

not at all!! who said you should wait a single day?


the point is: if you already has certificates (not like the case above that our friend will take the money from the post a buy new ones outright), if they're old certificates already the bank sure can give you a letter stating the present redemption value, this is valid for OLD certificates that you already hold (depends of the bank cool-off period sometimes 6 months or 3 months)

Do not redeem your certificates if they're old and you have a bank account number in the very same bank that has your investment, you can submit a statement and bank letter to show that the account is ACTIVE whether or not it has funds in it, and together with that, submit a letter for the certificates that states clearly that those certificates can be redeemed immediately with X-value as of Y-date and will be deposited in the same account numer that you hold

Maged, this is exactly my case, I have 3 years old certificates with an active bank account!

 

[Wolverine17]

Guys i need help to decide which is the best route to do,my wife had her money account in the post office,they provided us with a 12 month bank statement and a balance certificate mentioning the name,account no and balance,the letter is in arabic so i took it along with the statetment to translate them,a few members said that the post office is not a financial institution and advised to move the money into a bank account so my wife opened a bank account,they bank will provide us with a bank statement showing the money deposition into the account and a bank letter in english showing the balance,account holder name,bank logo,type of account and they will stamp it with the branch stamp where there is a place for the telephone no and fax that they fill by writing,email and website is not written,to be honest am confused and am not sure if that will be enough,i have few doubts and am not sure what to do:

1-do you think if i am better with the post office papers only or putting the money in a bank account is better??

2-the bank letter is black and white,is it an issue?

3-will it add more credibility if i stamp the papers from the ministry of exterior and central bank??

4-should i try to find another bank that can provide another letter or it wont make a diff??

5-should i try to have a gift deed?and what are the requirements for a proper gift deed process

This is my concern for my situation,am looking to collect as much opinions as i can to know what to do without any risks

 

[expat2be]

the point is: if you already has certificates (not like the case above that our friend will take the money from the post a buy new ones outright), if they're old certificates already the bank sure can give you a letter stating the present redemption value, this is valid for OLD certificates that you already hold (depends of the bank cool-off period sometimes 6 months or 3 months)

Do not redeem your certificates if they're old and you have a bank account number in the very same bank that has your investment, you can submit a statement and bank letter to show that the account is ACTIVE whether or not it has funds in it, and together with that, submit a letter for the certificates that states clearly that those certificates can be redeemed immediately with X-value as of Y-date and will be deposited in the same account numer that you hold

exactly, thats what i am doing. i have a bank account in the same bank that the certificates are linked to. and i submitted a 2 year old bank statement showing transactions on this account which includes the funds withdrawn from the account to make these certificates and the transactions of the interest money from the certificates to the account. regarding the redemption value the bank didnt provide these details so i just printed out a PDF from the website that shows the details of the saving certificates they offer stating the redemption period, maturity intervals..etc and explained everything in a whole page in the LOE lol

 

[maged_mmh]

Guys i need help to decide which is the best route to do,my wife had her money account in the post office,they provided us with a 12 month bank statement and a balance certificate mentioning the name,account no and balance,the letter is in arabic so i took it along with the statetment to translate them,

Yes, do that

a few members said that the post office is not a financial institution and advised to move the money into a bank account

the thing is: how will you move the money to Canada? only banks can do that, PO cannot

so my wife opened a bank account,they bank will provide us with a bank statement showing the money deposition into the account and a bank letter in english showing the balance,account holder name,bank logo,type of account and they will stamp it with the branch stamp where there is a place for the telephone no and fax that they fill by writing,email and website is not written,

not an issue

to be honest am confused and am not sure if that will be enough,i have few doubts and am not sure what to do:

1-do you think if i am better with the post office papers only or putting the money in a bank account is better??

PO won't work

2-the bank letter is black and white,is it an issue?

no issue

3-will it add more credibility if i stamp the papers from the ministry of exterior and central bank??

not needed, bank is enough

4-should i try to find another bank that can provide another letter or it wont make a diff??

the easiest I found is CIB

5-should i try to have a gift deed?and what are the requirements for a proper gift deed process

why? you don't need it in your case

This is my concern for my situation,am looking to collect as much opinions as i can to know what to do without any risks

good luck!