Express Entry- Proof of Funds

[ImaneK]

Hello Everyone,

I have received an invitation to apply to Canada express entry but I am facing a challenge with providing proof of funds. I am Lebanese and I only have a Lebanese bank account but due to the recent economic crisis in Lebanon, I had to withdraw all my money as Lebanese banks were/are increasingly doing restrictions on cashing and transferring money. To clarify more, in almost all banks in Lebanon, if I have for instance 10K I cannot cash more than 400$ per month and I cannot transfer any of the money that I have in my account to another bank outside Lebanon nor can I use my Lebanese debit card for purchasing purposes outside the country.

I only have few hundred dollars in my Lebanese account but a close relative is willing to provide me with the gift deed including all the money that I need to have in order to support my stay in Canada. However, it would be a highly risky choice to ask him to transfer the money to Lebanon given the current crisis.

Do you have any suggestion/ advice on how to solve this issue?
I was thinking of opening an account on transferwise and have the gift deed wired there but would the immigration services accept this option? noting that I'll be using an electronic account that dates less than 6 months.

Your help and feedback is much appreciated!

 

[dr.josemrod]

Do you have the POF money in cash then?
Did you lie when applying about the amount you have?
Can you travel out of the country?

 

[aliitaha]

Hello,
I have the same issue that ImaneK mentioned.
The value of the bank saving for the LBP account is decreasing in comparison to the value of $.
Many people including myself, withdrew the money from banks to keep safely deposited at their homes.
regarding your questions:
POF is available in case, we didn't lie but the Lebanese economical situation changes, we can travel out of the country.
Do you know if transfer wire borderless account accepted ?
DO you have any advise on how to approach this issue ?

Thank you

 

[Madav]

Hello Everyone,

I have received an invitation to apply to Canada express entry but I am facing a challenge with providing proof of funds. I am Lebanese and I only have a Lebanese bank account but due to the recent economic crisis in Lebanon, I had to withdraw all my money as Lebanese banks were/are increasingly doing restrictions on cashing and transferring money. To clarify more, in almost all banks in Lebanon, if I have for instance 10K I cannot cash more than 400$ per month and I cannot transfer any of the money that I have in my account to another bank outside Lebanon nor can I use my Lebanese debit card for purchasing purposes outside the country.

I only have few hundred dollars in my Lebanese account but a close relative is willing to provide me with the gift deed including all the money that I need to have in order to support my stay in Canada. However, it would be a highly risky choice to ask him to transfer the money to Lebanon given the current crisis.

Do you have any suggestion/ advice on how to solve this issue?
I was thinking of opening an account on transferwise and have the gift deed wired there but would the immigration services accept this option? noting that I'll be using an electronic account that dates less than 6 months.

Your help and feedback is much appreciated!

Hey ImaneK, I'm in the exact same situation (I'm from lebanon)
any advice on how to proceed would be highly appreciated

 

[Madav]

Hello,
I have the same issue that ImaneK mentioned.
The value of the bank saving for the LBP account is decreasing in comparison to the value of $.
Many people including myself, withdrew the money from banks to keep safely deposited at their homes.
regarding your questions:
POF is available in case, we didn't lie but the Lebanese economical situation changes, we can travel out of the country.
Do you know if transfer wire borderless account accepted ?
DO you have any advise on how to approach this issue ?

Thank you

Hey Ali, may I ask if you managed to solve this problem?
I have the required amount to immigrate to canada in my bank account but i cannot withdraw it from the bank however I have > CAD 18,000 in cash but I don't know how to prove that I have cash without having to deposit it in my bank account (which is highly risky)

 

[Mustafa83]

I can provide some advice which someone used while immigrating to Canada.

First of all, you guys did not lie about your financial situation. You had the money necessary for immigration.

My suggestion would be to provide an explanation letter with your application where you describe the financial situation in Lebanon, as you described here. Be as specific as possible, meaning say that banking situation is bad, banks are closed and people can't withdraw their money etc. I guess some links to the news on the internet to the same will not hurt.

However, you still need a document to prove your financial situation. So, my opinion is that gift deed might work, since you can't put money to the bank to get the letter from the bank because once you put money there you will not be able to withdraw it or get a debit/credit card to use it abroad.

The financial situation in Lebanon was in the news, so they might understand it.

Someone I knew had money in cash and put it to the bank only after being invited to apply and provided an explanation letter to the immigration explaining bad economic situation in the country. And they took it into consideration.

Again, the above is juts my opinion. You can always talk to an experienced immigration lawyer in Canada.

 

[Madav]

I can provide some advice which someone used while immigrating to Canada.

First of all, you guys did not lie about your financial situation. You had the money necessary for immigration.

My suggestion would be to provide an explanation letter with your application where you describe the financial situation in Lebanon, as you described here. Be as specific as possible, meaning say that banking situation is bad, banks are closed and people can't withdraw their money etc. I guess some links to the news on the internet to the same will not hurt.

However, you still need a document to prove your financial situation. So, my opinion is that gift deed might work, since you can't put money to the bank to get the letter from the bank because once you put money there you will not be able to withdraw it or get a debit/credit card to use it abroad.

The financial situation in Lebanon was in the news, so they might understand it.

Someone I knew had money in cash and put it to the bank only after being invited to apply and provided an explanation letter to the immigration explaining bad economic situation in the country. And they took it into consideration.

Again, the above is juts my opinion. You can always talk to an experienced immigration lawyer in Canada.

Thanks a lot I really appreciate your help and the details!
I will do that when I get the ITA and hope for the best

 

[rayjay16]

Hello,
Any updates/advise on what is currently working as proof of funds with the current situation in lebanon.
I have the cash but do not trust our banking system to put this money in my fresh account!