DigitalGhost

So I received an ITA last week and the only things outstanding at this point AFAIK are as follows:

• Medicals (which need to be provided upfront unfortunately);
• ACRO (which I have done before and shouldn't be too much trouble);
• Proof of funds.

I'll be honest, the latter terrifies the hell out of me. I have more than enough money saved to meet with Canada's requirements for a new immigrant but I remember what I had to go through just to get the PoF form signed for IEC a few years ago and that was a nightmare.

I have a current and general savings account with one bank and an ISA with another. I've made a face to face appointment with my ISA provider for tomorrow morning but they sounded a bit useless on the phone tbh.

Has anybody actually had any luck obtaining one of the letters that Canada wants from a British bank and if not then what alternatives seem to normally be acceptable?

TIA.

Hurlabrick

As regards your ISA stuff, in the UK, ISA providers are obliged to issue 'statements' once every six months. How long have you had the ISA and do you have two consecutive, recent 6 monthly statements? If so, then those two statements and a current ISA value on headed paper should suffice.


I have ISA's with a UK wrap provider and can get current ISA values in a PDF through the on screen facilities which I have access to.

DigitalGhost

I can honestly say that my ISA provider have never sent me anything in the mail since I originally switched the account to them a couple of years ago. I switched it to them because the ISA interest rate with my day-to-day bank was crap and they were the ones who offered me a new account setup with minimal fuss.

I thought I needed an addressed letter or, in the worst case, stamped bank statements though. If all that's needed is an online PDF copy or standard bank issued copy of a statement then that shouldn't be a problem at all and I may have been stressing myself out over nothing.

Hurlabrick

The days when UK banks and other financial institutions issued bespoke letters with specific wording to satisfy immigration authorities are long gone. The Canadian embassy in the UK will be well aware of this.


By law, your provider must issue 6 monthly statements. They may have sent them to the wrong address or sent a notification to an out-of-date email address, but in any event, they should have them on file and should easily be able to reprint them for you and provide you with a current fund value statement. If they don't issue these, then they are 'in breach' with the regulatory authorities and in very deep doo doo!!!


So the last two 6-monthly statements plus a current value, when looked at together, will prove you have held the asset for at least one year etc.

DigitalGhost

That would be ideal if that's enough. I can get them to reprint official copies of the statements tomorrow when I meet with them. I might even be able to get them to stamp the copies.

The only potential issue that I can foresee here is that I think my account number when them changed recently because my old introductory interest deal ended and they moved me over to a different account type.

Is just providing evidence from an ISA OK though? There's more than enough money in it to meet the LICO requirement however obviously the money that's in it is pretty much static and it's fairly obvious that I don't use it for day to day banking. I just have the monthly interest transferred to my current account each month and then promptly treat myself to video games or booze with that money.

Hurlabrick

ISA money is very 'liquid' - which is to say easy and quick to get at (unlike house equity, which cannot be counted). By the sounds of it, you have a 'cash' ISA - one that provide a rate of interest (unlike a 'stocks and shares' ISA where the value can fall as well as rise).


If so, then think of it as though it was an instant access bank deposit account - of course it is proof of funds.

DigitalGhost

Yes, it's a cash ISA that I have. I am allowed to withdraw on it whenever I like as long as I don't mind forfeiting interest. We don't own any property at all and my only outstanding debt is a student loan but obviously those work slightly differently in the UK anyway and aren't debt in the traditional sense.

I might just see if I can use my cash ISA for this then. LICO for 2 people is $15k so my ISA balance would definitely cover it and I guess it must also prove some level of financial independence/stability if I have had that money sat there in a savings account for a while.

DigitalGhost

Tbh, I don't know why they can't just request that you bring PoF with you upon landing because even if you have £10k kicking around now, there's no guarantee you would have that money once you have paid for flights, relocation, etc.

In any case, I think ever getting the kind of letter that the application guidelines want out of a UK bank would require either months of negotiation/arguments/hassle or a mate who works there.