Proof of Funds and Echange Rate fluctuation problems

[RomanSPb]

Hello guys,

I've already come across similar topics but they described the VO stage not the CIO so I'd like to ask for your opinion on the issue again.

As a PoF I sent a bank certification letter in Russian Rubles to CIO, the amount was larger than required back then. But the exchange rate changed during last month so that the amount indicated in the PoF is slightly less then required.

What is the possible outcome of this situation? Will CIO reject my application, request a new PoF or just skip this step as they understand the reasons and forward the process to the VO so that they will request PoF later on?
Do I need to make a new PoF letter and send it to CIO before I got my PER?

 

[arika]

Roman,
what did you state in Schedule 3? The equivalent amount in CAD, right?
That's to say that the exchange rate is somehow fixed for a particular date of your app's submission.

Hopefully CIO will treat this matter in the same way and will not go into current FX rates (which actually makes sence as FX fluctuations are generally unpredictable and int's not always possible to arrange for a bank account in CAD)

Maybe you should drop a message to CIC?

 

[RomanSPb]

Thanks a lot for prompt reply.

Yes, there was "$14,720" in the form and as a PoF I provided a bank certification letter with the amount which was about $14,720 x Current_Rate + 7..8% for rate fluctuations

 

[RomanSPb]

Hey guys, any other opinions? Is it a 100% rejection if the PoF amount decreased due to currency rate fluctuations or will CIO ask for another PoF or just skip it taking into consideration the old echange rate and forwarding this check to the VO stage? Do I need to send a new certification letter? I really doubt they will manage to match it to my initial application before they actually open it.

 

[reachmenow]

I do not think so, an applicant cannot control currency fluctuations, I think CIC will understand that the date application was submitted the CAD funds were adequate.

at worst , they may ask you to resubmit your proof of funds at medical stage but I don't think it will be rejected at primary stage.

thanks,

 

[DocHasan]

They'll most probably see the date of the statement certificate and compare that day's exchange rate to the amount of funds you have shown. It shouldn't be a problem.
Good luck

 

[namaste]

They'll most probably see the date of the statement certificate and compare that day's exchange rate to the amount of funds you have shown. It shouldn't be a problem.
Good luck

It could go either way, really depends on the officer reviewing your application. This is exactly why everyone needs to show enough money with extra cushion so that small currency fluctuation wouldn't land them below the required POF.

 

[RomanSPb]

It could go either way, really depends on the officer reviewing your application. This is exactly why everyone needs to show enough money with extra cushion so that small currency fluctuation wouldn't land them below the required POF.

Yeah that's what I'm afraid of now. I've also checked the scans of my forms that I had initially sent and there's even $16,500 ($2,000 more than required). But the problem is the exchange rate fluctuation was not so small this fall. Now the amount equals to somewhat $14,500 which is a bit less than I need. I hope they will accept it as it is.

 

[MedZed]

Yeah that's what I'm afraid of now. I've also checked the scans of my forms that I had initially sent and there's even $16,500 ($2,000 more than required). But the problem is the exchange rate fluctuation was not so small this fall. Now the amount equals to somewhat $14,500 which is a bit less than I need. I hope they will accept it as it is.

Rejection for this reason is not fair! I've never heard a rejection in order to this kind of problem.
I think there wouldn't be matter for your application.