Often, international student enroute Canada, encounter financial challenges which threaten their study visa approval.
One of the major financial requirements for obtaining Canada study Visa is proof of having enough financial strength to undertake international studies in Canada.
This is popularly known as proof of funds and most students finds the money involved here very huge that some commits almost all their entire life savings to this cause.
Others borrow from families, friends, banks and some go as far as getting sponsors as well.
Most times, the future international students are always quick to withdraw these monies used for proof of fund to either to perform other activities that is part of their travel plans or to return them to families or friends.
This can be detrimental if withdrawn at the wrong time. Hence, you find future international students enroute Canada asking if they withdraw their Proof of Fund after been asked to submit their passport for Canada Study Visa?.
The above subject matter and more are some of the things we would discuss in this article especially as it relates to queries such as at what time can I temper or withdrawal money used as proof of fund for Canada Study Visa?.
Can I Withdraw My Proof of Funds After I Have Been Asked to Submit My Passport for Canadian Study Visa?
It is important for international students to know that when Canadian embassy requests for their passport, it is for visa approval and not study permit approval.
Study permit is usually issued to international students upon arrival in Canada and proof of funds is one of the major requirements for approving study permit.
Inotherwords, it is not right and it is risky to withdraw your proof of fund after you have been asked to submit your passport for Canada study visa.
Some international students gets lucky and immigration officials in Canada may not look at their proof of fund upon arrival, however not all are so lucky.
Most times, boarder agents at the airport, before issuing you study permit would look at couple of documents such as your passport, acceptance letter, letter of approval for your study permit that IRCC sent to you.Some can go as far as looking at your proof of funds.
To avoid unnecessary risks and to be proactive, the best time when you can withdraw your proof of fund for Canada visa is after you have been issued with study permit upon arrival in Canada.
Nevertheless, if you must withdraw your proof of fund for Canada school visa, before arriving Canada, then it should be geared towards paying your tuition.
This would certainly decrease your proof of fund but you will present the receipts and evidence of tuition payment which would complement the remaining funds in your account thereby giving a strong and needed proof of fund.
Can I Present My Canada Proof of Fund in Foreign Currency for Canada Study Visa?
A lot of future international students applying to various academic institutions in Canada usually sought to find the possibility of showing visa officials their proof of funds in foreign currency.
This is obtainable and can be accepted as you can present proof of funds in foreign currency provided they are equivalent to the stipulated amount in Canadian dollars.
Inotherwords, you can present US dollar account, Naira account or Pounds Sterling account for Canada visa proof of funds provided money in these accounts meets up to the needed fund when converted to Canadian dollars.
Can I Use Someone’s Account as Proof of Funds for Canada Study Visa?
It is possible to present account of a family member, relatives, friends or colleagues as account for proof of funds for Canada students visa approval.
However, the owner of the account would serve as sponsor to the student and would have to write to Canadian embassy notifying them of his or her intention and decision to sponsor said student all through her period of study in Canada.
This letter would be accompanied by bank statement of account of the sponsor showing the needed amount to see the student through her academic journey as stipulated in Canada official immigration ( IRCC) portal.