How much money do I need in the bank for Form I-864?

[Dante2019 9]

I currently live and work in South Korea. We are a household of 3. I'm trying to avoid a sponsor. We have about 200k in multiple Korean bank accounts. Is this enough to avoid a sponsor and move on with the application?

[Redro 4,611]

3 hours ago, Dante2019 said:

I currently live and work in South Korea. We are a household of 3. I'm trying to avoid a sponsor. We have about 200k in multiple Korean bank accounts. Is this enough to avoid a sponsor and move on with the application?

It is enough. It needs to be X3 $28,787

https://www.uscis.gov/i-864p

Is it in your name or your Korean spouse's name?

It is better if the assets are moved to the US and in dollars. But, people have been approved when all their money is in their Korean accounts. 

Make sure you are able to show you can move that amount of money within a year. 

South Korea has a $50, 000 transfer limit a year (without having to submit proof of income to your Korean bank). 

[JeanneAdil 6,505]

200K  in korean or USD?

[Dante2019 9]

Thank you for the information.

 

3 hours ago, ROK2USA said:

Is it in your name or your Korean spouse's name?

Different accounts, but I just combined the numbers together.

 

 

@ROK2USA

If you don't mind me asking, what was your experience with filing form I 864?

 

Edited August 10, 2022 by Dante2019

[Dante2019 9]

4 minutes ago, JeanneAdil said:

200K  in korean or USD?

If I convert it from Korean to USD, it's about 200K in USD.

[Redro 4,611]

2 hours ago, Dante2019 said:

Thank you for the information.

 

Different accounts, but I just combined the numbers together.

 

 

@ROK2USA

If you don't mind me asking, what was your experience with filing form I 864?

 

We moved money from Korea to the US after we filed the I-130 (over 8 months).

All the money is in the USC's two US bank accounts under the petitioner's name.

We included: proof of income (work contract), statement explaining why he has no W2s, US bank statements over 6 months, explanation stating we were using assets not income.

We were DQ'ed after our first submission.

Interview is August 22, 2022- I will write a review of the experience- both of us plan to attend the interview. 

 

ETA: You're stating you have sufficient assets but if you included all the needed documentation you'll probably be DQ'ed.

MiJunMo (the naver cafe) has several accounts of people successfully using Korean assets so I wouldn't worry. 

Just make sure your proof of intent to re-establish domicile is solid when you get to interview stage. 

Edited August 10, 2022 by ROK2USA

[Dante2019 9]

12 hours ago, ROK2USA said:

All the money is in the USC's two US bank accounts under the petitioner's name.

If you don't mind me asking, did you use a sponsor or did you do what I'm trying to do and do it without a sponsor?

 

12 hours ago, ROK2USA said:

explanation stating we were using assets not income.

How did you this part? Did you use a word document to explain your situation, print it out, and signed it with your signature?

 

12 hours ago, ROK2USA said:

MiJunMo (the naver cafe) has several accounts of people successfully using Korean assets so I wouldn't worry. 

Do you know how I can find this group of people. I tried googling it, but no luck.

 

 

 

12 hours ago, ROK2USA said:

Interview is August 22, 2022- I will write a review of the experience- both of us plan to attend the interview. 

Good luck. ^^

[Chancy 6,241]

*** Moved from IR1/CR1 Progress Reports to IR1/CR1 Process & Procedures ***

 

[pushbrk 12,883]

On 8/10/2022 at 9:41 PM, Dante2019 said:

Thank you for the information.

 

Different accounts, but I just combined the numbers together.

 

 

If you mean you combined the numbers in your original question, great. If some is in your name, and some is hers, and (maybe) some in both names, list yours and the joint as YOUR liquid assets, and hers as "hers" and the form itself will add them together for you.

 

Be sure to state your current income as zero.  You'll get a message suggesting a joint sponsor but that the Consular Officer will make the decision.  Ignore the message.  You have more than double the needed assets to qualify without a joint sponsor.

Edited August 11, 2022 by pushbrk

[Redro 4,611]

On 8/11/2022 at 1:39 PM, Dante2019 said:

If you don't mind me asking, did you use a sponsor or did you do what I'm trying to do and do it without a sponsor?

We are not using a sponsor. Historically, Seoul has been fine with assets. 

 

How did you this part? Did you use a word document to explain your situation, print it out, and signed it with your signature?

Correct.

 

Do you know how I can find this group of people. I tried googling it, but no luck.

I'll PM you a link. You need a naver account to sign up but it is a helpful site. 

 

 

 

Good luck. ^^

 

[Dante2019 9]

14 hours ago, pushbrk said:

If you mean you combined the numbers in your original question, great. If some is in your name, and some is hers, and (maybe) some in both names, list yours and the joint as YOUR liquid assets, and hers as "hers" and the form itself will add them together for you.

Do you or anyone knows if I and my wife have to print out our foreign bank statements for proof when I submit form I-864? Is there an official way to do this? Also, how can I officially convert the currency exchange rates from Korean won to USD?

 

14 hours ago, pushbrk said:

Be sure to state your current income as zero.

I'm guessing the reason why my current income is Zero is because I can't continue my current job when I move to the USA?

 

@ROK2USA did you and your spouse put income as zero because you said in an earlier post that submitted proof of income (work contract)? I'm guessing that (work contract) is a work contract from Korea.

[pushbrk 12,883]

It's best you read the I-864 itself carefully while simultaneously studying the I-864 instructions.  Then it will become clear to you that my advice is absolutely correct.  This method is far better than asking somebody else what they did.  Their circumstances might not fit yours.

 

You state your income as zero based on the actual wording of the question about current income.  Read it carefully, the entire sentence.

[Redro 4,611]

8 hours ago, Dante2019 said:

Do you or anyone knows if I and my wife have to print out our foreign bank statements for proof when I submit form I-864? Is there an official way to do this? Also, how can I officially convert the currency exchange rates from Korean won to USD?  You definitely should include proof you have the money. Generally they suggest 12 months worth of bank statements but I think you'll be okay a print out of your bank balance. You can go to your bank and have them print out your bank balance in English. It is called YegeumShintakJanEk jeungmyeongseo in Korean. You can request this bank balance in English or Korean (I believe some banks will give you the balance in US dollars but I could be wrong)- be aware this freezes your bank accounts for 24 hours! 

Then you use whatever conversion exchange rate you want (maybe the conversion exchange rate from your bank) and input the number in the I-864. 

We decided to send money to the US as sending money to your US bank account is proof of intent to re-establish domicile so we were killing two birds with one stone.    

 

I'm guessing the reason why my current income is Zero is because I can't continue my current job when I move to the USA? Correct. You aren't using that income to support your family after you move to the USA so you have no qualifying income. 

 

@ROK2USA did you and your spouse put income as zero because you said in an earlier post that submitted proof of income (work contract)? I'm guessing that (work contract) is a work contract from Korea. I've seen a few members receive RFE's for proof of income even though they indicated they made no income/were using assets to qualify. Reading the instructions on the NVC website it does explain you should provide proof of income if your income is insufficient. The work contract was a Korean work contract. They accepted that document and we were DQ'ed after our first submission. 

We are now working on proof to re-establish domicile (for the interview) as Korea seems to be fairly strict about wanting to see the USC is moving back.