Proof of Funds


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ambakkadan   
Member since: Jun 08
Posts: 17
Location:

Post ID: #PID Posted on: 30-06-08 10:23:49

Hi CD's,

I am landing in aug and since we are a family of 4, we need to bring CAN$ 19,700 as proof of funds.

I have around CAN$ 15,000 in bank cheques from USA. It has been issued to me by my brother who is in the states. It has my name on it.

Can we use this as a proof or do I have to issue bank draft from India itself.



ftfl   
Member since: Jul 06
Posts: 2335
Location:

Post ID: #PID Posted on: 30-06-08 20:07:59



When you get a Draft issued to you, in your name, it is as good as yours. The money gets out of the account from which it came out. Hence it is a positive proof that is yours. Where as a cheque is not. Now you can establish the same as proof of funds at the time of arrival.

Hence get a demand draft issued to you.

Freddie.



ambakkadan   
Member since: Jun 08
Posts: 17
Location:

Post ID: #PID Posted on: 01-07-08 01:44:37

--------------------------------------------------------------------------------



This is my issue..because in the US you dont have demand drafts. Instead they have something known as bank cheques, where the money is basically taken from the account and cheque issued accordingly.

Hope you can advise on the same



ambakkadan   
Member since: Jun 08
Posts: 17
Location:

Post ID: #PID Posted on: 01-07-08 01:44:38

--------------------------------------------------------------------------------



This is my issue..because in the US you dont have demand drafts. Instead they have something known as bank cheques, where the money is basically taken from the account and cheque issued accordingly.

Hope you can advise on the same



ambakkadan   
Member since: Jun 08
Posts: 17
Location:

Post ID: #PID Posted on: 01-07-08 01:44:38

--------------------------------------------------------------------------------



This is my issue..because in the US you dont have demand drafts. Instead they have something known as bank cheques, where the money is basically taken from the account and cheque issued accordingly.

Hope you can advise on the same



ftfl   
Member since: Jul 06
Posts: 2335
Location:

Post ID: #PID Posted on: 01-07-08 02:20:49

Quote:
Originally posted by ambakkadan

--------------------------------------------------------------------------------



This is my issue..because in the US you dont have demand drafts. Instead they have something known as bank cheques, where the money is basically taken from the account and cheque issued accordingly.

Hope you can advise on the same



________________________________________________________________

If it is a certified cheque, then it has the same value, force and effect as a draft.

Freddie.



ambakkadan   
Member since: Jun 08
Posts: 17
Location:

Post ID: #PID Posted on: 01-07-08 02:22:32

Thanks for a very quick reply





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