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Express Entry FSW Proof of Funds Advice Appreciated

Express Entry FSW Proof of Funds Advice Appreciated

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Old Jul 30th 2017, 11:49 am
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Question Express Entry FSW Proof of Funds Advice Appreciated

Hello everyone,

I am fortunate enough to have been invited to apply for PR through the FSW route in Express Entry. I've just hit the "30 days to submit" milestone so am keen to get my application submitted ASAP.

One of my current headaches is in providing the requested proof of funds as I have had to rely on my building society (Nationwide) to provide me with a lot of the information. Unfortunately Nationwide have not been able to provide everything in the format that CIC have requested. This is what I have:
  • A brief letter listing all of the accounts that I hold with Nationwide along with their balance at the time the letter was written (mid June) and the dates that each account was opened.
  • Mortgage Redemption statements
  • The six months statements (Jan - Jun) for savings and current accounts
  • All of the above are printed on official letter headed paper

My worries about submitting this are:
  • They have not been able to provide an average balance for each account over the last six months (I am hoping that the statements will be enough proof)
  • They have not stamped each page (I am hoping that the official letterhead paper will suffice)
  • My mortgage debt completely obliterates by CA$12k savings
  • By the time that my application is submitted it will be potentially 2.5 months after the statements were generated an the letter drafted.

I'd appreciate any advice that would settle my worries/answers to these questions:

In your experience...
Will CIC accept statements instead of the average account balance over the last 6 months?

How do CIC deal with mortgage debt? Will I need to explain it in a letter of explanation?

Will the fact that the statements were generated in mid June (still during my 90 day application period) be a problem or will I need updated documents?

On another note do CIC require information about every single financial account such as; car finance although the vehicle is about to be handed back with a zero balance or directory card with a zero balance? If so I can see proof of funds becoming an impossible task.

I understand that I am new to this forum and I am asking a lot although I don't feel that I'm in a position to give back just yet, but I really appreciate any help that people can give me.

Many thanks,

P
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Old Jul 30th 2017, 10:46 pm
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Default Re: Express Entry FSW Proof of Funds Advice Appreciated

As I got called up on proof of funds to submit more i'd be dubious to offer too much advice, however nationwide there is actually a graph page in your online banking that can be set to show average balances for last 6 months, so as part of my re submission i showed that
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Old Aug 1st 2017, 6:43 am
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Default Re: Express Entry FSW Proof of Funds Advice Appreciated

Originally Posted by MegaJamie View Post
As I got called up on proof of funds to submit more i'd be dubious to offer too much advice, however nationwide there is actually a graph page in your online banking that can be set to show average balances for last 6 months, so as part of my re submission i showed that
Thanks MegaJamie,
Do you mind me asking...
What did you originally send them?Did you get your PR issued in the end?

Thanks for the tip about the graph I'll have a look when I get home from work.

P
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Old Aug 1st 2017, 11:36 am
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Default Re: Express Entry FSW Proof of Funds Advice Appreciated

The CIC website states:


Proof of funds: skilled immigrants (Express Entry)


What we accept as proof

Funds must be readily available to you. For example, you can't use equity on real property as proof of settlement funds.
The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access them to use to settle here when you arrive.
For proof, you must get official letters from any banks or financial institutions where you are keeping money.
Letter(s) must:
  • be printed on the financial institution’s letterhead
  • include their contact information (address, telephone number and email address)
  • include your name
  • list outstanding debts such as credit card debts and loans
  • include, for each current bank and investment account:
    • account numbers
    • the date each account was opened
    • the current balance of each account
    • the average balance for the past six months
I have submitted my application but it is still being reviewed and so I do not know if I have done what is right, but what I did was all I could do.


I submitted my current mortgage balance, bank statements for all accounts for the past six months, account numbers and the current balance.


Things I couldn't get from the bank in an official letter: The date the account was opened and the average balance for the past six months.


My statements show the end balance for each month so it is easy to see the average, but regardless my balance for each month is above the required amount.


They don't state they want anything stamping, but from what I've read they love stamps and if possible you should get everything stamped.


It doesn't say you have to give a 6 months profile for debts and so I haven't except for my credit card where I submitted the full 6 months as it was easy.


In the end I tried to get what they wanted in the format they wanted but I was unable to do so. I just wrote in the letter of explanation what I had done and what wasn't there and why. I decided there's no point stressing over it because there isn't anything I can do. If they don't let me in because I have the money but my bank won't officially write when my account was opened on letter headed paper then there isn't much I can do!
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Old Aug 2nd 2017, 5:58 am
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Default Re: Express Entry FSW Proof of Funds Advice Appreciated

Originally Posted by spav2k View Post
Thanks MegaJamie,
Do you mind me asking...
What did you originally send them?Did you get your PR issued in the end?

Thanks for the tip about the graph I'll have a look when I get home from work.

P

i bank weirdly,

I sent;

*A letter not to spec from natwest and 6 months bank statements, plus credit card statements showing card with no spending on last 6 months and balance of 0.


*A letter not to spec from HSBC and 6 months bank statements, plus credit card statements showing card with no spending on last 6 months and balance of 0.

*A letter not to spec from halifax and 6 months bank statements, plus credit card statements showing card with lots of spending on last 6 months and balance of 0 for 2 months.

*A letter not to spec from nationwide and 6 months bank statements, plus mortgage statements for the year.

*6 months statements from a Tesco Credit Card

*A Letter of Explanation which included detailed descriptions of my bank accounts, the amounts in them at time of submission, explanations for some of the monthly Direct Debits to show they werent debt/loan payments. a summary of how much in total minus amount remaining on CC which was in excess of required amount.
Additionally this included a RICS survey on my flat, which is part owned, evidence of the part ownership, percentage, and expected gains from selling my flat



I submitted in April 18th, July 19th I was asked for additional information on proof of funds.

I literally had no idea what more to give them, luckily, building up to this time i made sure the Nationwide account had every penny we have in it rather than combining accounts. so they got the graph i mentioned, plus another letter from bank, this time not to spec, 6 months statements, the tesco CC to show a lower outstanding balance, and thats it.

they seem to have accepted it, but i havent received passport request yet.


Natwest was the absolute worst bank i dealt with, refusing to help me in branch, i ended up getting the letter via complaining on twitter, i'm closing this account this week because of this.

Halifax were next worse, bouncing me back and forward between call center and branch, eventually getting letter in branch after saying they could do it. unfortunately this acc needs to remain active

HSBC were ok, typed out something close to what was needed in front of me.

Nationwide were really good the first few times, then i got a different person who wasn't as helpful.

How much help you seem to get largely depends on who you are (un)fortunate enough to get that day.

Last edited by MegaJamie; Aug 2nd 2017 at 6:01 am.
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Old Aug 2nd 2017, 12:58 pm
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Default Re: Express Entry FSW Proof of Funds Advice Appreciated

Originally Posted by MegaJamie View Post
i bank weirdly,
I sent;




It seems like you submitted very similar documents to me and also submitted your application at a similar time to me. I haven't received any requests for additional information yet but I guess I may do down the line! It's surprisingly worrying having the application in, incase they reject it and I end up set back having to resubmit and try again.
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Old Aug 2nd 2017, 9:08 pm
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Default Re: Express Entry FSW Proof of Funds Advice Appreciated

Originally Posted by Shakyuk View Post
It seems like you submitted very similar documents to me and also submitted your application at a similar time to me. I haven't received any requests for additional information yet but I guess I may do down the line! It's surprisingly worrying having the application in, incase they reject it and I end up set back having to resubmit and try again.
One possibility i considered is that my accounts showed about $800CAD over the threshold as i had just been hit with my annual Car insurance >< and I paid all the fees up front which i think is just over $800CAD, so a savvy agent may have done the maths and realized i may have put myself under by paying the fees.

this is my hope anyway,e specially for you if you put in similar info. hopefully you wont be asked the same
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Old Aug 2nd 2017, 9:19 pm
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Default Re: Express Entry FSW Proof of Funds Advice Appreciated

Originally Posted by MegaJamie View Post
Additionally this included a RICS survey on my flat, which is part owned, evidence of the part ownership, percentage, and expected gains from selling my flat
Just so you are aware potential equity in a property can no longer be used as proof of funds.
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Old Aug 3rd 2017, 5:49 am
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Default Re: Express Entry FSW Proof of Funds Advice Appreciated

Originally Posted by Engineer_abroad View Post
Just so you are aware potential equity in a property can no longer be used as proof of funds.
yeah I was made aware of that after i organised the RICS survey and paid for it, so i thought what they hey, might as well include it as a completeness sake thing anyway.
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Old Aug 4th 2017, 7:58 am
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Default Re: Express Entry FSW Proof of Funds Advice Appreciated

Originally Posted by MegaJamie View Post
One possibility i considered is that my accounts showed about $800CAD over the threshold as i had just been hit with my annual Car insurance >< and I paid all the fees up front which i think is just over $800CAD, so a savvy agent may have done the maths and realized i may have put myself under by paying the fees.

this is my hope anyway,e specially for you if you put in similar info. hopefully you wont be asked the same

Ah cheers, hopefully I'll be ok then. I just want to get the visa then I can get on with other things. I'm a bit reluctant to progress the move without having a visa in case it's rejected for some reason and I have another 6 months wait.
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Old Dec 30th 2017, 5:09 pm
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Default Re: Express Entry FSW Proof of Funds Advice Appreciated

Hello all!

I just wanted to thank all of those that helped me and give you an update on my experience. The last few months have been a bit manic so I'm sorry this has taken a while.

I submitted my application after stressing quite a lot about my financial situation. I had £8000 (approx CA$12500) funds sitting in several accounts and was struggling to get the required proof of funds. I was also worried that by submitting statements for many different accounts. In the end I followed MegaJamie's advice and sent:

From Nationwide - Screenshots of the graphs representing my account balances for the last 6 months with the exception of my Credit Card and Mortgages (these accounts did not have the graph facility). I also sent the cover letter that the assistant typed in branch (Birmingham) while I waited, this listed all of my accounts, current address, dates of opening them, numbers and sort codes (everything CIC required). I opted not to send the statements she provided me with the exception of my mortgage account.

From Natwest - I went into branch to ask for the required proof but they weren't able to produce it there and then. I had to sit down with an advisor and produce a written request for something I think was called a "Non-standard letter". There was a fee that was to be taken directly from my account around £5-10. Despite waiting several weeks the letter did not show up (fortunately they had not taken the money). As the deadline for submitting my application was looming I decided to provide copies of statements for the last 6 months.

Letter of explanation - I explained the problems I had with the banks providing the information and also explained why I was providing documents with 3 different personal addresses on them (I own a house which I had recently started to rent out, had moved into a rented apartment for 6 months (during which time I remortgaged) and was getting ready to move to a rented house with my partner). I offered to provide any further information, and informed them that I was still expecting the information from Natwest. I also explained that I am renting out my house which covered the costs of the mortgage (as I thought having a mortgage would be a negative for my application).

I then submitted my application and waited for them to come back to me (expecting bad news). Around 5-6 weeks later, after receiving update messages, I received my request for passport & photos. Within two weeks I received my COPR!

Now I'm over the moon and starting to devise a plan for moving over in March.

So, once again, thank you all and if there is anyone else out there having similar worries/concerns, feel free to get in touch.

Merry Christmas and Happy New Year.

Paul

Around six weeks later
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