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Proof of Funds - Tips and Tricks

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NW18

@TarrynLeitch you are lucky to have got that letter. Our private banker couldn’t get that for us so we went the long route. It has worked for us so @Daddy's Girl should work for us guys too just make sure you explain it in your LOE. good luck!

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TarrynLeitch

@Daddy's Girl, I begged my mom's company's private banker to assist. Apparently they are only legally allowed to use set standard letter templates, and if you need one with more/different info, certain people can send a proposed draft to their legal department, who will then approve it or reject. I must say it did take quite a while to get hold of. I would go with @NW18 's method since they have already been accepted haha :ilikeit:

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hdub07
13 hours ago, TarrynLeitch said:

@Daddy's Girl , Hey ;)

I also struggled to get this type of letter, eventually a very helpful FNB private banker pulled some strings and arranged a letter for me with the guidelines from CIC.

It took a few calls to the FNB Premier Banking line to get it sorted. I had to explain that the usual letters that they give for a visitor visa isn’t good enough and that they need to draft something that states all my accounts and balances over the last 6 months. 

Sounds like others got PPR with just stamped statements. I was freaking out about this letter because I thought the IRCC was fussy about having the dates that the accounts were opened listed on the letter. 

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CallMeIshmael

Hi guys, I’m still fairly new here. Still in the saving money (38k to go) and research stage. The money I’m saving for the application is being transferred to my savings pocket account monthly. Do I need a letter for only the savings account or do I need to include the current account as well? Seems like we need to give letters for all accounts but what if the current account is irrelevant for the application? 

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NW18

Hey @CallMeIshmael wrt to proof of funds it just needs to be more than the minimum amount required. Here is what you need to be careful for:

1) money is in one or multiple bank accounts in name of principal applicant.

2) if it’s an accompanying spouse and the account is in spouse’s name then there needs to be a letter from spouse declaring you have full control and access to these funds

3) it’s important to show that the money wasn’t taken as a loan.

4) if it’s a gift then a gift feed is required which I assume is irreverent to you

so if it’s in the savings account then only one account should be sufficient.

good luck with everything. 

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CallMeIshmael

@NW18 gratitude! 🙂

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GuyRussy

Hi everyone,

Quick question for a friend of mine. Does your spouse also have to provide a bank letter/s stating no unsecured debt etc, if your spouse is not the main applicant for EE?

From what I've read so far, it's only the main applicant that has to provide such proof? Thanks for your help...

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NW18

@GuyRussy there is no need to show any bank letter or proof of funds for spouse if the funds in the principal applicants account are sufficient 😀

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GuyRussy

Thanks a lot @NW18😀

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bwn2pwn

Good day everyone, with regards to the PoF, I see that there has to be a history of 6months to deem it relevant where the net positive asset (liquid assets in this case) is around R200k. My question is does this 6Months start from when you put your application into the EE pool, or is it only once ITA is requested ?

I am asking, because if obtaining the R200k requires selling of cars and property, i dont want to really be without a car and rental property income for 6M before my name goes into the EE pool, and possible another 6Months of waiting to be drawn (12 Months in total)

 

Regards,

 

 

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MaryJane

Hi @bwn2pwn, personally I'd be very cautious about selling anything without a PR visa in my hand. I know some people have done it, but you are correct that you would then have to sit with no car and house for an indefinite time (for who knows how long).

I'd suggest trying to ensure you have the amount in the bank account without having to sell assets you still need, perhaps from alternative source.

Hope someone else can confirm when you need the monies in the account by. I seem to think that you need to ensure the money is in by the time you get invited, because you have to fill out the settlement fund question and you have to put in the amount you have at that point. But I could be wrong here.

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danie.cilliers
On ‎6‎/‎12‎/‎2015 at 12:18 PM, Guest said:

Hi everyone!

So in light of the recent questions on how to provide proof of funds I have decided to post some tips and tricks...Planning ahead is key if you are going to start this exciting life changing process of Immigration; so cut out your un-necessary expenses and start pumping the saved cash into your future. If you are certain you want to immigrate then you will do just about anything to make it happen.

Anyone is welcome to add to this post with their tips and tricks and make corrections.

Lets just go through the basic requirements to show that you have funds:

  1. You will need no less than 3 - 6 months (application type dependent) proof of funds in your bank account.
  2. Provide stamped bank statements of at least 6 months showing the funds as being available on an official bank letter head.
  3. This needs to preferably be liquid assets - aka easily accessible.
  4. Take recent bank stamped copies (not older than a month) of your proof of funds with you when you fly to Canada.
  5. You need to have these funds in your account when you land as proof of funds maybe asked for at Immigration and they may request you to prove that it is in your account.
  6. ....(will add more here as I remember)

Tips / Tricks:

  1. Borrow money from friends and family just enough for the funds requirement. Put into a money market account and let it sit there collecting interest. Thus also building up a statement history Then return it once you have been approved and have crossed the border in Canada.
  2. Use your pension / provident fund to obtain a loan - in other words withdraw the required amount and put it into an interest bearing account.
  3. Use the sale of your house as funds (I have attached a sample letter which you could use to show the value of your house and what the anticipated sale price)
  4. Sell your house - yes you heard me - sell it! Then get an appropriate place to rent. You will find that your costs go down with the fact that you have zero maintenance to carry out, no rates and taxes to worry about and if you are renting in a townhouse complex then no water bills to pay for. Just electricity. Invest the proceeds in a money market account as this seems to currently be the best savings account with a high Return On Investment (ROI). Another advantage of this is when your PR / WP is approved you can simply book your tickets, pay for shipping and move.
  5. By selling your house, you are also able to settle your car debt and other debt. Once this is done and you are ready to leave the sale of the cars will result in pure hard cash.
  6. Use an internationally reputable recognised Real Estate Agency like Remax as it shows credibility and make your proof of funds via the house route much more realistic.
  7. Also keep in mind it take about 6-8 months for you to be refunded by the municipality (in JHB anyways) for your electricity / rates and taxes account - so plan ahead and you would end up having another nice lump sum.
  8. Start selling off things that you have no use for that is sitting in your cupboards / garage for more than 6 months and not been used. Put the proceeds from this into an interest bearing account. Before you know it you will have a nice lump sum.
  9. ....(will add more here as I remember)

This is a work in progress!

House Sale Letter template for Proof of funds.pdf

Hi,

Question about shares in a private company.  How would I go about listing this as POF?  Would I get a letter from the auditor that states that this may be sold and is liquid or how would I go about this?

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bwn2pwn
Quote
5 hours ago, MaryJane said:

Hi @bwn2pwn, personally I'd be very cautious about selling anything without a PR visa in my hand. I know some people have done it, but you are correct that you would then have to sit with no car and house for an indefinite time (for who knows how long).

I'd suggest trying to ensure you have the amount in the bank account without having to sell assets you still need, perhaps from alternative source.

Hope someone else can confirm when you need the monies in the account by. I seem to think that you need to ensure the money is in by the time you get invited, because you have to fill out the settlement fund question and you have to put in the amount you have at that point. But I could be wrong here.

Thanks for the feedback @MaryJane. As you noted its probably when you get invited (receive ITA) which can happen literally 2weeks to 6Months after your name has been in the EE pool... so its quite confusing. I really dont want to sell assets either, but I may have to as most of my capital is tied up in investment realestate

 

 

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