RE: Proof of Funds at POE

[pittabread]

My husband and I plan to bring cash in US dollars and travellers checks. No bank statement. This is our plan. For other applicants, just proceed with what you think is best for you.

great. but pls do tell us after landing what IO asked you at aiport. thanks. don't forget posting your experience here. thx

 

[vip76]

I think we should look at this 'Proof of Fund' at POE a little closer. The funds you need to show at POE can be said to be equivalent to that required during the processing of your application (xxx). However, you are only required to 'show' this fund and it cannot be borrowed. Nowhere does it say how the funds must be presented, either as bank draft, cash, bank statement or otherwise. Regarding how much funds you should bring to Canada, let me quote from the link I have provided above:

"How much money should you bring?

Find out how much it costs to live where you are planning to settle in Canada.

Bring as much money as possible to make moving and finding a home in Canada easier."

Furthermore, in the instructions that is provided to you along with COPR and entry visa, there is a paragraph that says:

"Independent immigrants....must satisfy the immigration officer at the Point of Entry that they have enough money to support themselves and their family members..."

Again it does not say in what form the funds must be shown. In fact, just about the only place where these funds are qualified is in OP 6 manual, page 26 which I now quote below:

"The funds must be:
• available and transferable;
• unencumbered by debts or other obligations."

Personally, I intend to carry just enough funds in cash to survive the first few days and I'll leave the rest in my bank account (my bank is in the UK). I will carry the bank statement to show funds 'available and transferable' at POE and will transfer these after opening a Canadian bank account. I intend to do this because I do not consider it wise (for security reasons) to be carrying large sums of money on my person. You might say 'carry bank draft and cancel if lost or stolen' but I would rather not go through all that. After all, how long does it take to transfer money internationally from one bank account to another? and I bet that is much safer. Furthermore, there are several financial companies now that will effect the transfer for you at rates that are far better than your bank's. Buying a bank draft upfront will deny you the benefit of such fantastic transfer rates.

Also check these links:



Below is my view on these links:

Link 1 prepares you for interview at POE. You are only asked how much money you carry as a routine question. This is just to complete the blank space on your COPR about how much money you arrived with and not a fresh processing of your eligibility to be a PR, which you have already passed!

Link 2 says you must check how much money you are allowed to carry out of your country and recognises that some countries may limit how much funds (in whatever form it is carried) you can move out at every instance. This shows that CIC recognises that you may not be allowed to carry all your funds at one go.

Link 2 further says you're required to show proof of funds to the Canadian visa office in your own country, implying during processing. For all it is worth, you have already passed this requirement before your visa was approved!

Your opinions please....

I agree with jadwig. True, we are disclosing all available funds to take across to Canada during the application process, I dont see a need to take all funds available with yourself in that format. I myself will be travelling alone from Sri Lanka in July and hoping to take some cash for me to setup first and some Bank statements (same as provided to CHC Colombo). As I will be returning back to Sri Lanka in few months, to return back with my wife and 1 year old baby, I really do not need to take all funds across at once.

Anyway, will check with my Agent if this is really essential at this stage.

Good post by the way, thanks.

 

[jadwig]

Proof of Funds at POE

I have landed in Calgary and I can confirm that there is no need to carry funds in a particular format. In fact, the IO specifically asked for my bank statements and then converted the amount to CAD from £s. There was no need nor any request to show any other form of funds.

I hope this helps...

 

[virgiemaricel]

great. but pls do tell us after landing what IO asked you at aiport. thanks. don't forget posting your experience here. thx

Change of plans...we plan to bring some US dollars (cash), some Canadian dollars (cash) and bank/demand draft. In 3 weeks time, we will be in Canada!