Proof of Funds at port of entry vs different bank account

[albericoneto]

Hi all, I got PR approved and will be flying to Toronto mid August. Now I'm starting to think when it's a good time to convert my money to CAD and my favorite option is converting everything using Wise (former Transferwise). The process is straightforward but my concern is that I made my PoF in PR application using a different bank, not Wise. Can this be an issue considering the amounts will be equal or superior to the funds declared in PR application?

Thanks in advance!

 

[iSaidGoodDay]

Hi all, I got PR approved and will be flying to Toronto mid August. Now I'm starting to think when it's a good time to convert my money to CAD and my favorite option is converting everything using Wise (former Transferwise). The process is straightforward but my concern is that I made my PoF in PR application using a different bank, not Wise. Can this be an issue considering the amounts will be equal or superior to the funds declared in PR application?

Thanks in advance!

They don't have an issue at the POE with a different bank account. Wise may not be the best option here though. You can open an account in Scotia/RBC/etc and work with the bank(or any other bank) in your home country to transfer the money through specialized international transfer services that offer a much better rate. From what I know, Wise rips you off with their rates for large transfers.

 

[albericoneto]

They don't have an issue at the POE with a different bank account. Wise may not be the best option here though. You can open an account in Scotia/RBC/etc and work with the bank(or any other bank) in your home country to transfer the money through specialized international transfer services that offer a much better rate. From what I know, Wise rips you off with their rates for large transfers.

Hm good point, but in case I do transfer to Scotia/RBC for example, how should I show PoF at port of entry using these banks? Will theu provide some sort of letter?

Thanks!!!

 

[iSaidGoodDay]

Hm good point, but in case I do transfer to Scotia/RBC for example, how should I show PoF at port of entry using these banks? Will theu provide some sort of letter?

Thanks!!!

You'll get a balance certificate from Scotia/RBC. I got it from all 3 banks I used in creating for 4 accounts. Although any funds you'll transfer to these accounts will be locked till you land and activate your account - so, if you in any case have to withdraw the funds, you won't be allowed to withdraw funds partially till you land in Canada (you can withdraw entire funds back though).