Pound exchange rate gained suddenly

Old Oct 11th 2019, 8:45 pm
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Default 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
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Old Oct 12th 2019, 7:23 am
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Default 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.
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Old Oct 12th 2019, 9:38 am
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Default 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.
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Old Oct 12th 2019, 5:43 pm
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Default Re: Pound exchange rate gained suddenly

Originally Posted by BritInParis View Post
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.
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
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Old Oct 12th 2019, 6:20 pm
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Default Re: Pound exchange rate gained suddenly

Originally Posted by Mfamily View Post
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
Only on the date of application.
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Old Oct 12th 2019, 11:03 pm
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Default Re: Pound exchange rate gained suddenly

Originally Posted by BritInParis View Post
Only on the date of application.
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.

Last edited by spouse of scouse; Oct 12th 2019 at 11:12 pm.
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Old Oct 13th 2019, 1:12 am
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Default Re: Pound exchange rate gained suddenly

Originally Posted by spouse of scouse View Post
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.
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.
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Old Oct 13th 2019, 1:28 am
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Default Re: Pound exchange rate gained suddenly

Originally Posted by BritInParis View Post
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.
Thanks for that
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Old Oct 13th 2019, 10:40 am
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Default 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.
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Old Oct 13th 2019, 11:22 am
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Default 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.
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Old Yesterday, 8:43 am
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Default Re: Pound exchange rate gained suddenly

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

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Old Yesterday, 1:58 pm
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Default Re: Pound exchange rate gained suddenly

Originally Posted by blackscholes View Post
As stated, GBP experiencing correction, down by over 0.6% as at the time of writing. Best of luck Mfamily
Should i attach currency conversion rate print page which appear on oanda currency converter?
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Old Yesterday, 3:09 pm
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Default Re: Pound exchange rate gained suddenly

Originally Posted by Mfamily View Post
Should i attach currency conversion rate print page which appear on oanda currency converter?
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Yes you should definitely.
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