Proof of Funds - when landing
#1
Proof of Funds - when landing
Proof of funds for application was provided by a screen print of my on-line bank account.
Is the same acceptable for Proof of Funds on landing?
How current does it need to be?
(I've printed this off now, 6 weeks before we go).
I may transfer some funds from this account this week while the exchange rate's up a bit, but then don't know what proof of funds I can get from a 'frozen until you get here' bank account. I suppose I could ask them to fax me a balance, I guess.
Past experience and forum wisdom much appreciated.
Is the same acceptable for Proof of Funds on landing?
How current does it need to be?
(I've printed this off now, 6 weeks before we go).
I may transfer some funds from this account this week while the exchange rate's up a bit, but then don't know what proof of funds I can get from a 'frozen until you get here' bank account. I suppose I could ask them to fax me a balance, I guess.
Past experience and forum wisdom much appreciated.
Last edited by Tiger_Quimpo; Aug 9th 2011 at 8:25 am. Reason: typo
#2
Re: Proof of Funds - when landing
We're also potentially in a pickle.
We applied for a HSBC Canada account last Monday, and we were told it would take 5 working days to set up. I phoned them today and apparently it didn't even leave the UK until Friday, she said the application might just have got to Canada today but it will not be set up until this Friday.
Last Friday we transferred most of our savings to a money company (Halo Financial) and they now await our instructions to download the funds to Canada.
If we don't get our Canada sort code and account number until next Monday, and it's probably going to take 3/4 working days for the money to clear, this only leaves us 1 week until we land, and probably not enough time for HSBC Canada to mail us statements so we can prove our Canadian funds.
Thinking maybe they can send a fax to our UK branch so we can collect it? Would the authorities accept a fax from HSBC Canada as POF?
We're a bit annoyed since we were told it would be 5 working days from when we submitted the application to our UK branch, where we worked out we'd have enough time. Now it's taking longer and looking too close for comfort!!
Wayne.
We applied for a HSBC Canada account last Monday, and we were told it would take 5 working days to set up. I phoned them today and apparently it didn't even leave the UK until Friday, she said the application might just have got to Canada today but it will not be set up until this Friday.
Last Friday we transferred most of our savings to a money company (Halo Financial) and they now await our instructions to download the funds to Canada.
If we don't get our Canada sort code and account number until next Monday, and it's probably going to take 3/4 working days for the money to clear, this only leaves us 1 week until we land, and probably not enough time for HSBC Canada to mail us statements so we can prove our Canadian funds.
Thinking maybe they can send a fax to our UK branch so we can collect it? Would the authorities accept a fax from HSBC Canada as POF?
We're a bit annoyed since we were told it would be 5 working days from when we submitted the application to our UK branch, where we worked out we'd have enough time. Now it's taking longer and looking too close for comfort!!
Wayne.
#3
Re: Proof of Funds - when landing
The general consensus seems to be most people are not asked for proof on landing but of course you should have it in case required.
If the money is credited to your HSBC account then can you not log on via the web and print out the balance? If you have an advance account you can see them both on global view.
I see no reason why a fax would also not be accepted.
Tiger_Quimpo - could you not take a print out of the screen showing the money being transferred from your UK account to your new Canadian account? 6 weeks seems a bit long for "up-to-date" evidence.
If the money is credited to your HSBC account then can you not log on via the web and print out the balance? If you have an advance account you can see them both on global view.
I see no reason why a fax would also not be accepted.
Tiger_Quimpo - could you not take a print out of the screen showing the money being transferred from your UK account to your new Canadian account? 6 weeks seems a bit long for "up-to-date" evidence.
#4
Re: Proof of Funds - when landing
The general consensus seems to be most people are not asked for proof on landing but of course you should have it in case required.
If the money is credited to your HSBC account then can you not log on via the web and print out the balance? If you have an advance account you can see them both on global view.
I see no reason why a fax would also not be accepted.
Tiger_Quimpo - could you not take a print out of the screen showing the money being transferred from your UK account to your new Canadian account? 6 weeks seems a bit long for "up-to-date" evidence.
If the money is credited to your HSBC account then can you not log on via the web and print out the balance? If you have an advance account you can see them both on global view.
I see no reason why a fax would also not be accepted.
Tiger_Quimpo - could you not take a print out of the screen showing the money being transferred from your UK account to your new Canadian account? 6 weeks seems a bit long for "up-to-date" evidence.
Ok thanks. I *think* that only HSBC Premier customers get global views. Mere mortals with HSBC Advance accounts have to have separate internet banking logins with each country.
Well I guess the main thing is to get the money in there before we go, and if we get Internet Banking by then just print an online statement perhaps.
If we have telephone banking in place, we can always call the number at port of entry and they can listen to the balance!
Wayne.
#5
Re: Proof of Funds - when landing
Not true - I have advance account and global view is in place and was set up and working before I left UK.
Thanks.
Thanks.
#6
Re: Proof of Funds - when landing
The general consensus seems to be most people are not asked for proof on landing but of course you should have it in case required.
If the money is credited to your HSBC account then can you not log on via the web and print out the balance? If you have an advance account you can see them both on global view.
I see no reason why a fax would also not be accepted.
Tiger_Quimpo - could you not take a print out of the screen showing the money being transferred from your UK account to your new Canadian account? 6 weeks seems a bit long for "up-to-date" evidence.
If the money is credited to your HSBC account then can you not log on via the web and print out the balance? If you have an advance account you can see them both on global view.
I see no reason why a fax would also not be accepted.
Tiger_Quimpo - could you not take a print out of the screen showing the money being transferred from your UK account to your new Canadian account? 6 weeks seems a bit long for "up-to-date" evidence.
Day before, week before, month before. As soon as I start moving money around (and I've missed the boat today due to an inability to get a destination account set up quickly enough - looks like the high from today of 1.636 is a flash in the pan - back to 1.59 now) it gets more complicated.
Anyone think that a screen print from an on-line (no paper statements - it's the future!) bank account will NOT suffice?
#7
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: Proof of Funds - when landing
The only problem is that sometimes when you print a screen shot of your account it does not show the name of the account holder(s). If so, this probably will not be sufficient. As long as it does then I thing you will be OK with a printout of the account a day or two before you land.
#8
Re: Proof of Funds - when landing
So do you keep your same UK Internet Banking user ID/password etc, or is a new one set up for you to be able to access both?
Wayne.
#9
Re: Proof of Funds - when landing
Just asking cos it's something we will be facing in the coming months!
#10
Re: Proof of Funds - when landing
Yes we got a much better rate with HSBC than transfer companies we tried. I believe you get the interbank rate or close to it if not.
Wayne - you can log on UK site with IB number and from Canada site you use different creds. From either site you can then access the account in the other country.
Wayne - you can log on UK site with IB number and from Canada site you use different creds. From either site you can then access the account in the other country.
#11
Re: Proof of Funds - when landing
Yes we got a much better rate with HSBC than transfer companies we tried. I believe you get the interbank rate or close to it if not.
Wayne - you can log on UK site with IB number and from Canada site you use different creds. From either site you can then access the account in the other country.
Wayne - you can log on UK site with IB number and from Canada site you use different creds. From either site you can then access the account in the other country.
How's Calgary? That's where we are heading for soon! Any advice on area to look for renting property in? Still looking for schools/rentals etc
Apologies to OP for minor thread hijack...
#12
Re: Proof of Funds - when landing
TheKellys5 - PM sent
Tiger_Quimpo - I am sure you will be fine with a fax statement print. Considering I had a web statement printout that I could easily have faked. Worst case they have to ring the Canadian "frozen" bank to confirm but that is so unlikely it is not worth worrying about.
Tiger_Quimpo - I am sure you will be fine with a fax statement print. Considering I had a web statement printout that I could easily have faked. Worst case they have to ring the Canadian "frozen" bank to confirm but that is so unlikely it is not worth worrying about.
#13
Re: Proof of Funds - when landing
Yes we got a much better rate with HSBC than transfer companies we tried. I believe you get the interbank rate or close to it if not.
Wayne - you can log on UK site with IB number and from Canada site you use different creds. From either site you can then access the account in the other country.
Wayne - you can log on UK site with IB number and from Canada site you use different creds. From either site you can then access the account in the other country.
The base rate was 1.60 a week or so ago when we ordered our currency. HSBC were going to give us 1.54 or so rate and a flat a charge of £10, but with Halo Financial we got 1.586 and a flat charge of £15 so we saved about £450 by going with Halo instead of transferring the money with HSBC.
Anyway, I have kinda sorted proof of funding for landing now. HSBC Canada told us it would take 1 month or so to send statements from Canada to the UK, and we are landing in 10 days. However, via the telephone I was able to set up Internet Banking and I can now log onto our account at HSBC Canada as well as access global views for both UK and Canada accounts.
Here's what we are bringing with us as proof of funding when landing:
1) UK bank statements - one showing our savings being transferred to our current account, and another showing the savings being transferred from the current account to Halo Financial
2) Email receipt printouts from Halo Financial showing inbound and outbound transfers
3) HSBC Canada Internet banking printouts - the account summary showing my name, the account name and the balance, and the details page which shows the account number and the transaction from Halo Financial
So we can show the history of the funds traced all the way back to our savings account in the UK. Furthermore if they are still not happy we can access telephone banking and/or Internet Banking using our laptop and the airport's wifi.
So hopefully that will be enough! I realise they do not always ask to see proof of funds but I figured better safe than sorry.
Wayne.
Last edited by Waggle; Aug 17th 2011 at 8:34 am.
#14
BE Forum Addict
Joined: Jul 2008
Location: Nova Scotia (from Scotland)
Posts: 1,032
Re: Proof of Funds - when landing
does having an HSBC account give you any kind of head start with credit rating? I'm trying to work out the best option for banking and my original idea was just to open a bank account when we land with RBC... is the HSBC account a better idea?
#15
Re: Proof of Funds - when landing
But I think it only helps if you've had HSBC accounts, they won't transfer ratings or history for accounts with other banks.
Wayne.