Newly opened bank account / proof of funds

[asa221]

Hi everyone

I really need your advice.

I have already received ITA (FSW - Express entry) on June 26, 2017 and have to submit my application before the end of September 2017.

Concerning the proof of funds, I have to show that I have more than 26000 Canadian dollars. I already have two banks accounts. The first one is in Egypt as I am Egyptian, was opened at the beginning of July, 2017 and contains 15000 US Dollars (19300 Canadian Dollars). The second one is in Saudi Arabia where I work, was opened in February 2015 and contains 8800 Canadian Dollars.

I am a bit afraid that the Egyptian account will raise a red flag and result in misrepresentation.

Please note that we are not used to keep money in banks in Egypt. We always keep them in form of gold or property.

I have received my own salary for the last two years through the Saudi account, however I did not use to keep large amounts in the accounts.

Do you think I have to apply or cancel the invitation ?

 

[mgnlky]

Unless I'm missing something with your situation, there's nothing wrong with showing funds in the Egyptian account. Why do you think it would be flagged for misrepresentation?

As long as you can show you have the funds, there's no need to decline the ITA.

 

[_Harry_]

I agree with mgnlky. No need to decline the invite. I may be way out of limb here but is there any problem if you transfer your funds from Egyptian bank to your SA bank?
Then you can show funds from SA bank and can keep the transaction details and check scan to prove your source of funds added in the SA bank account. This can be explained in the LoE.

 

[asa221]

Unless I'm missing something with your situation, there's nothing wrong with showing funds in the Egyptian account. Why do you think it would be flagged for misrepresentation?

As long as you can show you have the funds, there's no need to decline the ITA.

Thank you for your reply.
What I am afraid about is that the Egyptian bank statement will be only for two months and CIC asks for 6 months balance.

 

[mgnlky]

Thank you for your reply.
What I am afraid about is that the Egyptian bank statement will be only for two months and CIC asks for 6 months balance.

Gotcha. Where did that money come from? Can you show receipts for selling something, etc., that resulted in such a large sum of money to be suddenly deposited into the account?

 

[asa221]

I agree with mgnlky. No need to decline the invite. I may be way out of limb here but is there any problem if you transfer your funds from Egyptian bank to your SA bank?
Then you can show funds from SA bank and can keep the transaction details and check scan to prove your source of funds added in the SA bank account. This can be explained in the LoE.

Thank you for your reply.
Transferring the amount to Saudi Arabia will raise the same flag as I did not use to keep such amount in my account. However my salary over the last two years could be a proof for the money source. \

 

[asa221]

Gotcha. Where did that money come from? Can you show receipts for selling something, etc., that resulted in such a large sum of money to be suddenly deposited into the account?

I have a payroll statement over two years (From the Saudi Account). Would it be enough as a proof?

 

[mgnlky]

I have a payroll statement over two years (From the Saudi Account). Would it be enough as a proof?

You have nearly 20,000$ in the Egypt account. Where was this money before July 2017?

 

[asa221]

You have nearly 20,000$ in the Egypt account. Where was this money before July 2017?

Some in cash and some in form of gold

 

[mgnlky]

Some in cash and some in form of gold

Okay. Do you have receipts for selling the gold? If so, provide CIC with those, as well as a letter of explanation clearly indicating the sale. Mention that the rest was cash savings & provide the pay statements indicating you had a steady income over the time period.

CIC may question it, so do your best to provide as much information/details to them up front as possible.

 

[asa221]

Okay. Do you have receipts for selling the gold? If so, provide CIC with those, as well as a letter of explanation clearly indicating the sale. Mention that the rest was cash savings & provide the pay statements indicating you had a steady income over the time period.

CIC may question it, so do your best to provide as much information/details to them up front as possible.

Thank you