Express entry and exchange rates

Old Mar 8th 2017, 1:49 am
  #1  
Forum Regular
Thread Starter
 
Joined: Mar 2015
Location: United Kingdom
Posts: 86
kryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond repute
Default Express entry and exchange rates

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?
kryt0n is offline  
Old Mar 8th 2017, 1:52 am
  #2  
Bex in the city
 
beckiwoo's Avatar
 
Joined: Jun 2013
Location: Vancouver, BC
Posts: 3,899
beckiwoo has a reputation beyond reputebeckiwoo has a reputation beyond reputebeckiwoo has a reputation beyond reputebeckiwoo has a reputation beyond reputebeckiwoo has a reputation beyond reputebeckiwoo has a reputation beyond reputebeckiwoo has a reputation beyond reputebeckiwoo has a reputation beyond reputebeckiwoo has a reputation beyond reputebeckiwoo has a reputation beyond reputebeckiwoo has a reputation beyond repute
Default Re: Express entry and exchange rates

Originally Posted by 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?
Is it going to make much difference if you have over the amount that is required...
beckiwoo is offline  
Old Mar 8th 2017, 1:56 am
  #3  
Forum Regular
Thread Starter
 
Joined: Mar 2015
Location: United Kingdom
Posts: 86
kryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond repute
Default Re: Express entry and exchange rates

Originally Posted by beckiwoo
Is it going to make much difference if you have over the amount that is required...
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.
kryt0n is offline  
Old Mar 8th 2017, 2:53 am
  #4  
 
Joined: Sep 2008
Posts: 12,830
Aviator has a reputation beyond reputeAviator has a reputation beyond reputeAviator has a reputation beyond reputeAviator has a reputation beyond reputeAviator has a reputation beyond reputeAviator has a reputation beyond reputeAviator has a reputation beyond reputeAviator has a reputation beyond reputeAviator has a reputation beyond reputeAviator has a reputation beyond reputeAviator has a reputation beyond repute
Default Re: Express entry and exchange rates

Originally Posted by 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.
Bank of Canada posted FX rate.
Aviator is offline  
Old Mar 8th 2017, 2:55 am
  #5  
SUPER MODERATOR
 
christmasoompa's Avatar
 
Joined: Oct 2007
Location: In a darkened room somewhere.............
Posts: 34,209
christmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond repute
Default Re: Express entry and exchange rates

Originally Posted by Aviator
Bank of Canada posted FX rate.
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.
christmasoompa is offline  
Old Mar 8th 2017, 2:58 am
  #6  
Forum Regular
Thread Starter
 
Joined: Mar 2015
Location: United Kingdom
Posts: 86
kryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond repute
Default Re: Express entry and exchange rates

Originally Posted by 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.
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 is offline  
Old Mar 8th 2017, 3:05 am
  #7  
Forum Regular
Thread Starter
 
Joined: Mar 2015
Location: United Kingdom
Posts: 86
kryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond repute
Default Re: Express entry and exchange rates

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 is offline  
Old Mar 8th 2017, 4:13 am
  #8  
Forum Regular
Thread Starter
 
Joined: Mar 2015
Location: United Kingdom
Posts: 86
kryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond reputekryt0n has a reputation beyond repute
Default Re: Express entry and exchange rates

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.
kryt0n is offline  
Old Mar 8th 2017, 11:13 pm
  #9  
Just Joined
 
Joined: Nov 2015
Posts: 17
willmissthebeeronly is an unknown quantity at this point
Default Re: Express entry and exchange rates

Originally Posted by 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.
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......
willmissthebeeronly is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Manage Preferences Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Your Privacy Choices -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.