When is proof of funds amount locked?
- Thread starter bdroid89
- Start date
POF is evaluated based on currency exchange rates of the day when your POF is reviewed.
If on AOR you had the equivalent of say 15000 CA$, and on the day of POF review it's 14500 CA$ due to currency fluctuation, then your Settlement Funds will be retained as 14500 CA$.
Is there any official source on the information? Because I've heard conflicting views. Some say, currency rates are locked when you receive your AOR, others, like you, claim that currency rates on the day of review are assessed.
Moreover, what happens if the amount in your account falls below minimum amount criteria due to currency fluctuations? Are there any steps I can take to mitigate that?
There is no official statement on this, but you can clearly see it's the case with many applications where funds have fallen below minimum due to fluctuation changes. After all, it only makes sense.
Settlement funds are required to prove that you can support yourself and your family when you arrive in Canada. So, imagine you have the equivalent of 13 000CA$ at time of application. All is fine, you meet funds requirement at that time. But what if your currency undergoes a sudden drop due to an economic crisis, and your funds are now only worth 10000 CA$. Technically, you no longer meet the funds requirement, meaning from their perspective you are no longer able to support yourself upon arrival in Canada.
Many applicants have had their funds drop below the minimum mid-way through the process, and had their application refused because of that.
If you are right on the edge in terms of funds and are worried that your currency might be subject to fluctuations to the point of falling below the minimum, you can indeed be proactive and put some money in the account (if it's a gift, provide gift deed), and submit your new bank letter and statements via CSE.
Yeah, it makes sense but it's surprising to me that they outright refuse an application. It wouldn't be too hard to assess if settlement funds dropped due to currency fluctuation, something that's completely out of hands of an applicant.
Can you tell me where I can access CSE? Is it this form?
Hi,
My AOR is Oct 2019, Everything is passed, and waiting for final review as per the webform and call to the contact center. Due to Corona virus situation, things have been delayed. So in this scenario will they lock the exchange rate at the time of application or the current rate? Eligibility is also passed.
Thanks.
Proof of funds are to be used to support yourself and your family when you move to Canada on PR if you dont find employment. So if you have enough funds when you are moving to Canada you should be fine, remember you might have to show POF to an immigration officer when you land in Canada and your funds should be above threshold.
Your funds have to meet the PoF on the date you submit the application. IRCC doe snot go by day to day currency fluctuations, instead it takes into account the quarterly average.
If you meet the quarterly average in the month you submitted, you are fine.
Your funds have to meet the PoF on the date you submit the application. IRCC doe snot go by day to day currency fluctuations, instead it takes into account the quarterly average.
If you meet the quarterly average in the month you submitted, you are fine.