January 14, 2020

Currency Fluctuations and effect on Proof of Funds

#ProTip #PoF #CurrencyFluctuations
ICCRC takes into account exchange rate on the day when they assess the application. It is not practical for them to go back and check the applicable exchange rate for your currency on the day you submitted.

Therefore we have always promoted the fact that you should provide for possible exchange rate fluctuations when submitting your POF.

Today, let me give you a solid #ProTip. We use this in all our client applications where the funds available are borderline with the POF requirement.

So for example the requirement of a single applicant is $12,960 and your account has equivalent of $13100
That is very close and any small currency fluctuations will easily bring your POF amount to lower then the required amount.

Visit the Bank of Canada website and check the exchange rate and your equivalent funds on the day of your application submission. Take a PDF print of that equivalency and attach it to your POF documents right after the bank letter.

Your application is now safe from RR due to currency fluctuations. Basis of this document, you can also challenge ICCRC in Federal Court, if at all they give a negative decision.

Having said that, if there is a severe currency fluctuation rendering a big drop in the equivalent POF amount, then ICCRC will ask you to provide an updated POF.

This is the reason why none our applications ever receive RR on their POF documents due to currency fluctuations.

Well so now you know another inside secret on successful application submission.
So go make it happen for you.

#foreverhopeful

Edit: for additional POF related questions, do watch this detailed video.