Exchange rate and PNP settlement fund woes.
Jul 1st 2019, 12:40 am
#1
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Exchange rate and PNP settlement fund woes.
hello there, just wondering if anyone knew what the score was with exchange rates and settlement fees? when is it all calculated from?
for PNP i need to have maintain the minimum settlement funds in my account for 90 days prior to applying and support this with bank statements.
1st May I stuck £9300 into a savings account (that had £8000 in it prior to my april pay check) this at the time gave me the minimum settlement funds and a $500ish dollar buffer (1.75 exchange rate at the time),
Mid to late may as I could see the exchange rate wasn't looking too healthy, I put an extra £200 in there to keep my buffer. (£9500 x 1.71)
middle of June I did the same as the exchange rate was going the wrong way(for me at least) leaving me - £9701. unfortunately it was an expensive month with travelling to Canada to sit my CofQ exams etc. so couldn't put any more in but then the end of June I've put another £500 in there(and could potentially put another £400 in there out of this pay if required) so have £10200 sat in there now ($16900 at 1.66).
Does anyone know how the funds are calculated, do they look at what you would need in your currency on the day it was sat in your account? to use the example below - as this is my issue;
if you take the funds in my account on any given day, and use the exchange rate for that day, since the 1st May I have always kept in excess of the minimum settlement funds in my account. continually topping my account up to combat the falling exchange rate.
However if you were to look at the minimum settlement funds today 15772/1.6 = £9501.20 I potentially didn't have enough in my account till the 9th June - and on a similar thought, if the exchange rate were to drop to 1.62 in the 13 weeks following the 9th June, i then wouldn't have held enough in my account till the 28th June.
I asked the question to the saskatchewan immigration board, and got a "funds must be held in your account for 13 weeks, no exceptions" which doesn't really answer the question.
Just a little worried that with a continual drop in exchange rate I could be chasing my tail on this one for another 90+ days ( I could safeguard myself down to about 1.48 by having a really cheap month) before I can apply, which then makes timescales for applications tight before my skilled work experience etc runs out.
for PNP i need to have maintain the minimum settlement funds in my account for 90 days prior to applying and support this with bank statements.
1st May I stuck £9300 into a savings account (that had £8000 in it prior to my april pay check) this at the time gave me the minimum settlement funds and a $500ish dollar buffer (1.75 exchange rate at the time),
Mid to late may as I could see the exchange rate wasn't looking too healthy, I put an extra £200 in there to keep my buffer. (£9500 x 1.71)
middle of June I did the same as the exchange rate was going the wrong way(for me at least) leaving me - £9701. unfortunately it was an expensive month with travelling to Canada to sit my CofQ exams etc. so couldn't put any more in but then the end of June I've put another £500 in there(and could potentially put another £400 in there out of this pay if required) so have £10200 sat in there now ($16900 at 1.66).
Does anyone know how the funds are calculated, do they look at what you would need in your currency on the day it was sat in your account? to use the example below - as this is my issue;
if you take the funds in my account on any given day, and use the exchange rate for that day, since the 1st May I have always kept in excess of the minimum settlement funds in my account. continually topping my account up to combat the falling exchange rate.
However if you were to look at the minimum settlement funds today 15772/1.6 = £9501.20 I potentially didn't have enough in my account till the 9th June - and on a similar thought, if the exchange rate were to drop to 1.62 in the 13 weeks following the 9th June, i then wouldn't have held enough in my account till the 28th June.
I asked the question to the saskatchewan immigration board, and got a "funds must be held in your account for 13 weeks, no exceptions" which doesn't really answer the question.
Just a little worried that with a continual drop in exchange rate I could be chasing my tail on this one for another 90+ days ( I could safeguard myself down to about 1.48 by having a really cheap month) before I can apply, which then makes timescales for applications tight before my skilled work experience etc runs out.
