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Proof of Funds - Tips and Tricks

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Ominous_Hashtag

Thank you @MaryJane and @GrantM

I'll have to give this one some thought. Maybe it's possible to get some sort of trade-in value confirmation document on a car that can be added as supporting document to the statement of assets and liabilities so that it gives a fair presentation of the matter. Otherwise I'm in a bit of a pickle.

At least I have some time to figure it out.

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ChrisG

Hey everyone. So I'm looking at closing everything this side and taking my money over there. I've spoken to Bidvest Bank (seems to give me the best rate so far) and they think the World Currency Card would be the best option. What I'd like to know is if this is fine for proof of funds at the border? Would the Canadian Border Officials be happy with a statement of the funds on the World Currency Card as proof of funds at the border?

Just need some opinions to make me feel better about this choice :)

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MaryJane
46 minutes ago, ChrisG said:

Hey everyone. So I'm looking at closing everything this side and taking my money over there. I've spoken to Bidvest Bank (seems to give me the best rate so far) and they think the World Currency Card would be the best option. What I'd like to know is if this is fine for proof of funds at the border? Would the Canadian Border Officials be happy with a statement of the funds on the World Currency Card as proof of funds at the border?

Just need some opinions to make me feel better about this choice :)

Hi Chris

i brought along the paperwork with regards the amount on the card but fortunately, we were not asked to produce any proof of settlement funds at the Border.

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ChrisG

Ah thanks MaryJane.

Anyone else have any ideas on this? I don't think it would be a problem.

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tarinerk

Hi Chris

Once you're in Canada, how do you transfer the money from the World currency card to your bank account? Trying to figure out the easiest and cheapest way to get our money to the other side. Good luck for getting everything sorted.

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ChrisG

I spoke with Bidvest for a while this morning and we came to the conclusion that going with cash would be the best option. There are other options like international transfers via moneygram and those kind of things that you can use but we have no assets in SA to take over really.

Each person would have to look at their situation to decide what is best for them. We're taking over $20 000 and that is it. Some people might have a lot more in their pension funds or anything else which is a whole other story.

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MaryJane
17 hours ago, tarinerk said:

Hi Chris

Once you're in Canada, how do you transfer the money from the World currency card to your bank account? Trying to figure out the easiest and cheapest way to get our money to the other side. Good luck for getting everything sorted.

Hi @tarinerk

Since the World Currency Card works like a bank card, you should be able to draw all the money out via the ATM.

Initially, I read somewhere that banks could actually withdraw the whole amount out and deposit it into your newly opened Canadian bank account. But my experience was slightly different when I got here. I arrived with the card and when I went to the bank, the bank could not assist me (I can't remember now what the reason they gave me now but it had something to do with authorization or something like that). They suggested I draw the money out via ATM. Well, that seemed easy enough.

However, the issue with this setup was that you get charged for every withdrawal that you do. ATMs apparently have daily limits of their own and so you could literally not draw out more than what the limit is. The first ATM I used had like $400 daily limit and if I went about at $400 a withdrawal, it would've taken me forever (figuratively speaking), not to mention very expensive. I eventually found another ATM that gave out $2,000 a day and so that's where I went.

It's not all that bad. @ChrisG is correct that each person's situation and preference are different when it comes to carrying monies over. Personally, I don't like carrying too much cash on me, so in hindsight, I think the card actually worked out fine for me. I didn't really need the money all at once at the time as well and so it was okay that it was just in the card and I withdrew as and when I needed it. Anyway, I just wanted to share that experience.

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GrantM
5 hours ago, ChrisG said:

I spoke with Bidvest for a while this morning and we came to the conclusion that going with cash would be the best option. There are other options like international transfers via moneygram and those kind of things that you can use but we have no assets in SA to take over really.

Each person would have to look at their situation to decide what is best for them. We're taking over $20 000 and that is it. Some people might have a lot more in their pension funds or anything else which is a whole other story.

I could not travel with that amount of cash, especially knowing that was basically all the money I had in the world. It would be too stressful for a walking stressball like me.

We brought $3,000 in cash and had Nedbank transfer the balance once we had an account opened in Canada.

Remember to declare that money when you land @ChrisG, anything over $10,000.00 and they want to know about it. Make sure you have proof of where it came from too.

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AnniePotts

I am with @GrantM on this. Carrying that much cash on you is too risky. When you collect your forex at the bank there is a good chance of you being followed once you leave and robbed. These  syndicates are super-organised. 

You wouldn't want this to derail your plans of landing, if something happens and you don't have the necessary money once you've arrived. Do you have another 20K CAD available?

I'd rather spend money on bank charges than have a gun waved in my face, and be relieved of my hard-earned savings and/or my life. 

Suggestion: Would it not be possible to transfer some money into your brother's account? ( I seem to recall you mentioning having a brother in CA - hope I'm not confusing you with someone else).

 

 

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MaryJane
1 hour ago, AnniePotts said:

Suggestion: Would it not be possible to transfer some money into your brother's account? ( I seem to recall you mentioning having a brother in CA - hope I'm not confusing you with someone else).

Hi @AnniePotts, sorry to step in here but I think that this might not be advisable.

Chris might have difficulty explaining at the Border (if he is ever asked) why (some of) his proof of settlement fund is in someone else's name.

Further, I'm pretty sure there could be some tax implications for the brother if Chris were to do the transfer as a gift? loan? donation?

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AnniePotts

You're quite right @MaryJane , this wasn't one of my brightest ideas. 

Although I wasn't referring to the proof of settlement funds portion. By "some money" I meant additional funds over and above the minimum settlement funds so he didn't have to carry all that cash. The funds could then be transferred into his own bank account once opened.  However this was not well articulated at all - my bad. 

Also didn't think of any donations tax implications. So all round bad idea. 

@ChrisG please ignore my suggestion.

 

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MaryJane

No issues, @AnniePotts. We are all here to help. It just so happens I'm quite circumspect when it comes to tax authorities :P

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jones

I know this was mentioned in one of the previous threads but why not just open a RBC account before you leave and transfer your hard earned $$ into that account?

http://www.rbc.com/newcomers/moving-to-canada-resident.html

I would however take some cash with as from what I understand you can't use the account until you are actually there. 

Am I correct when I say it's >CA$10 000 (or US? )  per person you have to declare? 

Furthermore I have some USD cash which I plan to take with. I have a tendency to think that one would get better rates in Canada than in RSA, anyone that has some experience with this? 

 

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MaryJane
On March 10, 2016 at 9:28 AM, jones said:

Am I correct when I say it's >CA$10 000 (or US? )  per person you have to declare? 

Just to confirm that it is in Canadian Dollars. Any other currencies you might have on your person will have to be converted into C$ as well.

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Qrios1

The limit of CAD10000 is that per person? So @ChrisG could carry10k and his wife another 10k? What about travelers cheques or something like that? I would also be anxious to carry around that amount of cash on me considering its their life's savings 

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MaryJane
1 minute ago, Qrios1 said:

The limit of CAD10000 is that per person? So @ChrisG could carry10k and his wife another 10k? What about travelers cheques or something like that? I would also be anxious to carry around that amount of cash on me considering its their life's savings 

I'm not 100% on this but I think this could be per family unit. When we landed, we had to fill out one of those declaration forms on the airplane and this was done as a family unit. Can't remember if this was the exact one but it looked like this - sample of the declaration card.

Some of the acceptable currency and monetary instruments are: coins, bank notes, securities such as traveller's cheques, stocks and bonds.

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MaryJane

I should probably clarify that it's not really a limit per se, the C$10,000.

It is a limit used for declaration purposes and not something that means you cannot bring anything over this amount. CBSA wants monies over C$10,000 declared because of money laundering reasons and just wants to make sure it's nothing like that.

Just to be clear, it's not illegal to carry over C$10,000 in cash or travellers cheque, etc.

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Guest

@MaryJaneis correct here. One can bring over CAD $ 10 000 with you, but you have to declare it. They will most probably count the amount of money to confirm the amount. You will just have to show where the money came from (e.g. sale of a house/assets etc). They do this to confirm that the money doesn't come from dodgy dealings such as drug money etc. 

The amount is per person and not per family unit. So if two people arrive, you are allowed CAD $ 20 000 between both of you before having to declare. Also remember that US $ is worth more than Canadian $ at the moment. So be careful when traveling with large amounts of USD. (currently approximately US$ 7500  = CAD $ 10 000). And you have to do this conversion for ALL currency that you bring with you. So those Rands, US$, Euros, GBP etc all have to be counted and converted to make sure you are below the CAD $ 10 000 threshold. 

If you were to arrive with more than that amount, not declare it and are caught, you will have to pay a fine for the money to be returned to you. Whilst this doesn't make you a criminal or anything serious, they do make a note on the computer system and if ever you are caught in future, the fine is higher. I think this happens 3 times (each with a higher fine), after which the money will be confiscated and not returned to you. Also once they made a note on the computer system, you can be sure that they will scrutinize any future entries into Canada and you will be asked. So not worth the hassle.

There was an episode of Border security (look for it on Youtube) where a foreign TV or Film producer traveled with a substantial amount of money into Canada (I'm taking a couple of hundred thousand $ all stuffed into a back pack). He declared it and was up front about it. Border security asked him why such a large amount of money and he explained that he was here to shoot his TV show/film, but because he didn't have a Canadian bank account, he needed the money to pay for stuff whilst on set (think props, camera men, assistants, boom operators, location etc.). All that happened was they pulled him into a room, counted all the money to confirm the amount, confirmed that his story and paper work was in order, and they sent him on his merry way. 

The short of it, just do the right thing! 

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M-N

I'm with @ChrisG on Bidvest. We ended up taking about $2000 with us in cash and hubby arranged with Bidvest Forex to transfer the rest of our savings at a later stages. We just had some paperwork to do. We also made use of hubby's FNB credit card for a short time for those small expenses, coffee, lunch etc at the airport. We just phoned them up and said we would be travelling and using it. No big deal. 

We opened a Scotia account (they have a pretty decent immigration package) once we received our SIN number and then sent the details through to Bidvest. Took about a week or two for the money to reflect but I think it's something to do with international forex rules. 

Sometimes it seems more complicated than it is. That's why we have this wonderful forum to bring it all into perspective. 

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Robes

From our experience with applying for PR after the ITA via the EE FSW route last year, we submitted 6 months record of our cheque, credit and saving accounts from the bank and our unit trusts as proof of record. I am also paying off a car, which I included with a letter explaining that my father was taking it over once we immigrate. There were no issues or queries.

We landing in mid August, we decided to take some of our money over in cash but sending the majority over to our RBC saving account which we opening this week, via SWIFT transfers. THANK YOU @Rumark for your post:

Also we have found that FNB gives the better interest rates and transaction charges compared to ABSA.

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Miike

Hi Guys,

Thanks for the engaging forum!!

I've been offered admission in Canada for a PhD with guaranteed 4yrs funding (34k CAD per year). I am currently an academic staff with a uni in South Africa (where I obtained my masters degree in 2011). I applied for my study visa online and uploaded my admission letter, upfront medicals, police clearance, funding letter, my 6 month bank statement, and bank statements from my parents. In my LOE, I indicated that the account statements from my parents was to indicate that they are willing and able to support me if the need arises ( my account statement and funding letter is sufficient IMO; my account balance is approx. 12k CAD). I also had a large lump-sum deposit into my account (my major worry at the moment)

I have been following the conversations on the forum and notice that people also submit their English proficiency test scores, masters certificate, pay slips, education evaluations (WES), etc. Should I send a case inquiry and submit these documents? I am already worried that the processing time in SA is ludicrous and wouldn't want my application to be unduly delayed. Do you think is proof of funds is adequate? 

thanks guys!!

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MaryJane

Welcome, @Miike!

For funds requirement when applying for a study visa, here's what CIC has to say about that: http://www.cic.gc.ca/english/study/study-how-documents.asp#doc3

I think if you have more than $10,000 then it should be enough (being a single student).

Am not sure about sending in the other documents (like education evaluation, language test), if they have not been asked for on the application.

Hope this helps.

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Miike
2 minutes ago, MaryJane said:

Welcome, @Miike!

For funds requirement when applying for a study visa, here's what CIC has to say about that: http://www.cic.gc.ca/english/study/study-how-documents.asp#doc3

 

I think if you have more than $10,000 then it should be enough (being a single student).

Am not sure about sending in the other documents (like education evaluation, language test), if they have not been asked for on the application.

Hope this helps.

Thanks @Maryjane

The 10k mentioned is only for living expenses i'm presuming and doesn't include tuition for those applying for a work permit?  After deduction of tuition, based on my calculations, I should have roughly 12k left (which will only be payable to me on getting to Waterloo and successfully registering). My major worry is whether the VOs will consider scholarships as being dependent on public funds? I know my mind is all over the place at the moment 

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MaryJane
8 hours ago, Miike said:

Thanks @Maryjane

The 10k mentioned is only for living expenses i'm presuming and doesn't include tuition for those applying for a work permit?  After deduction of tuition, based on my calculations, I should have roughly 12k left (which will only be payable to me on getting to Waterloo and successfully registering). My major worry is whether the VOs will consider scholarships as being dependent on public funds? I know my mind is all over the place at the moment 

You are allowed to work (not full time) while on a study visa by the way, so this should help with some of the living expenses...

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