kryt0n

Hi guys,

Not sure if any of you know for sure as I have not located cic confirmation.

On submitting your pof funds can anyone confirm how cic calculate the CAD exchange rate? Is it locked at submission? Do they reassess? Do they use a particular bank rate?

beckiwoo

Is it going to make much difference if you have over the amount that is required...

kryt0n

Well that depends. I guess I was more curious if anyone knew if they reassess mid application. The £ is going to yo-yo this year and it would be good to know, if anyone does, how cic calculate or what rate they use for exchange.

Aviator

Bank of Canada posted FX rate.

christmasoompa

What he said. ^^^^

But the amount of POF is so low compared to what most actually end up spending, that I'd just try and make sure you've got at least a few thousand extra, then you won't have to worry about not having enough money or the exchange rate.

kryt0n

Thank you both.

Unfortunately I did have £1000 more until last week when my car died and meant I had to fork out for my insurance premium. This now puts me only $1000 above the lico. Only way around would be a gift from my mum but that would look suspicious now.

If it's bank of Canada and day of AOR they assess then I'm safe enough.

Do we know this for sure or is it general unspoken knowledge from experience?

kryt0n

Of course by the time I immigrate I will have more cash saved and from sales of car etc. It's just I'm submitting this week and my statements don't look as healthy now.

kryt0n

Not sure if you guys care...

But after submitting eApr I've decided I'm going to transfer just over the min ($15,312) needed, about $15,500 into my old cibc account. This means if they ask for updated statements mid way through I can show them I've maintained the min throughout and whatever extra I carry on saving in my uk account.

willmissthebeeronly

I feel your pain, family of 4 12m ago needed c£11k now its more like c£14k, my savings have been chasing the exchange rate (mostly) but if it takes another big dive after brexit trigger etc its a big hole to fill again.
That said this is just the savings element, the real money is equity in house which i wont realise until we sell and move but thats my 'relocation' fund......