warrencoles

Hi. Thanks for your help. I did read through all the other discussions on having the 62500 pounds split over various bank accounts but I didn't see a definitive answer in which someone got approved having the money across those several accounts. I hope therefore it is possible to raise this again.

1. I did see there was some dispute over the money having to be in the account of the applicant or sponsor, but someone replied that they were passed when the money was in their account (applicant). I guess this is now closed then?

2. So my own situation is that we have had the 62.5K in the bank for a while now, but as the pound went through the floor last year we transferred some into pounds from Taiwan dollar. The money has sat like that for a while in my wife's accounts (applicant). I have been planning for a while now to transfer the rest to pounds as it was strengthening a little and we want to protect against the exchange rate going against us. My questions are therefore these:

a) Did the money all have to be in one account? If so, then my six months will have to start again from zero.

b) If two accounts is possible, then does the money have to stay in those two accounts at the same set amounts for the full six months? Or can I now change the NT dollars into pounds and move to the pounds account without resetting the six months to zero?

Thanks again for any help.

warrencoles

Hi. Sorry. Anyone got any info on this?

Thanks you very much, Warren

angie_329

As far as I understand the amount can be in different accounts of both sponsor and applicant BUT there can be no withdrawals/and then inputs during the six months ( which would take the amount Below the £62,500 or equivalent in foreign currency ( in the case of savings route for a spouse). I think if in foreign currency it is converted at date of appplication by HO to see if it amounts to that amount in GBP. Statements over the full six months must be provided.
sandiegogirl may reply -she is very informed on the financial requirements.

warrencoles

Thanks Angie.

My plan was that during that the time the money won't ever drop below the total limit but would move between accounts.

angie_329

I cannot give you a definitive answer - see guidance page 50 onwards but this does not seem to address your point.

https://www.gov.uk/government/upload...ment_Final.pdf

Ensure the banks where money held are approved under the rules in the appendix.

my only thought is, with the backlog and short staffing, anything complicated may go on a pile to be checked by someone senior and cause you delay.

possibly write a covering letter explaining things.

SanDiegogirl

The money can be in more than one account. It can be in the name of applicant, sponsor or jointly.

In the 6 months prior to the application the monies must not, at any time, fall below the 62,500 GBP required.

The accounts must be under the full control of the applicant and/or sponsor.

If I understand correctly,you have had the equivalent of 62,500GBP in a couple of bank accounts. How long have you had these savings in these accounts?

At one time you had the monies in both Taiwan dollar and GB pounds. At one time you transferred some of the dollars into GB Pounds.
(You don't say if this first transfer has taken place in the 6 months prior to your planned application); and it sounds as though you want to do another transfer.

From reading Appendix FM-SE and appendix FM 1.7 , there is nothing in there which states that the monies in savings accounts cannot change - only that at no point must the total value of the accounts drop below 62,500 GBP.

While most forum advisers say the money should be untouched, I think this is to make the savings levels easy to identify - multiple transfers in and out may make it difficult to prove that the savings never dropped below 62,500 GBP.

Personally I think that you could transfer the dollars to pounds, as long as the total value of the accounts stayed at or above 62,500 GBP, without putting the 6 months back to zero - and you must have all the documentation to prove it.

warrencoles

Thank you very much SanDiegoGirl.

The money in total has been over the 62.5K and split between the two accounts in the same bank for way longer than six months (for various reasons I had to delay moving back to the UK). However, I should make the move around next March/April.

Now as the pound is recovering a bit it seems sensible to move the NT into pounds, hence my questions around resetting the six months. I can show the money has been there for years and is also a little bit more than the minimum - If that helps...

Interesting on the guidance it does say explicably that you could liquidate assets from a stock account or a house sale within the six months and it would be fine as long as you can prove the asset was in your name and worth 'x amount' for more than six months.

Thanks again. Warren

SanDiegogirl

Please let us know the result of your application based on your savings situation.

markm0101

Hi all I am about to apply for my wife visa from HK and using cash savings to qualify also. I note that the appendix for qualification identifies either a "current, deposit or investment account" is required. I have held stocks in a HSBC securities account and will be trying to use this in the application as the monthly balance on last 6 statements is substantially more than GBP62.5 k equivalent...has anyone tried this before?
Tx!

warrencoles

Hi Markm0101. I think if you look through the examples scenarios it mentions moving money from a stock account. You can do it within the 6 months, but you have to prove the money was in the stock account before and you moved it immediately to the bank account. Read through the file attached by Angie.