Pound exchange rate gained suddenly
 

I was going to submit my spouse visa application form with cash saving route . but today i saw pound rate and pound suddenly jumped and it's rate suddenly gain now amount is 200 pound shorter than 62500 from last six month should i wait? Don't know pound price will increase more or decrease

Re: Pound exchange rate gained suddenly
 

You have no option but to wait. If you submit, they will refuse the visa, it doesn't matter to them if you are shy of 200 or 2000 pounds. Must meet the threshold.

Re: Pound exchange rate gained suddenly
 

Use Oanda (https://www1.oanda.com/currency/converter/) to do the currency conversion. You should wait until it’s over £62,500 before applying. The Home Office will use the same converter to ensure your savings are over the threshold.

Re: Pound exchange rate gained suddenly
 

Yes I'm using oanda for currency conversion. My balance was above but suddenly pound went up due to brexit deal i think... Want to know do they only calculate amount according to application date or do they see all last six month chart and calculate according to highest rate

Re: Pound exchange rate gained suddenly
 

Only on the date of application.

Re: Pound exchange rate gained suddenly
 

This is an interesting one BiP, as the advice in the past has always been that the savings couldn't have dipped below the required amount at any time in the 6 months prior to application. Is that no longer (or never was) the case?

What I'm trying to say (!) is during the visa's processing, are the 6 months of bank statements still checked to determine if the required cash savings have dipped below the financial requirement amount? If so, does the ECO use the current oanda exchange rate for this? Ta.

Re: Pound exchange rate gained suddenly
 

The amount should remain above the £62,500 threshold throughout the six month period but the exchange rate used retrospectively is only calculated on the date of application.

Re: Pound exchange rate gained suddenly
 

Thanks for that :thumbup:

Re: Pound exchange rate gained suddenly
 

B rexit and whether there will be a deal will impact on an almost daily happening, if they think a deal is on the cards, the rate will go up, if it seems as though that isn't the case the rate will go down. I suspect that people will have to wait until 31st October for it to settle down.

Re: Pound exchange rate gained suddenly
 

There is a fair chance that we could see some correction next week considering that GBP went up almost 450 to 500 pips in 2 days.

As the OP is only off by 200 pounds,a minor correction should be sufficient. As BiP advised, the currency converter on Oanda should be used to check.

Re: Pound exchange rate gained suddenly
 

As stated, GBP experiencing correction, down by over 0.6% as at the time of writing. Best of luck Mfamily

Re: Pound exchange rate gained suddenly
 

Should i attach currency conversion rate print page which appear on oanda currency converter?
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Re: Pound exchange rate gained suddenly
 

Yes you should definitely.

Re: Pound exchange rate gained suddenly
 

I think pound is not coming down... Can anyone tell about pound situation will pound go up or down in coming days

Re: Pound exchange rate gained suddenly
 

Even the most expert financial analyst couldn't tell you that.