Question about the method of currency conversion

[caling97]

Dear All,

I have a question about currency conversion, in the guidence of tier 1, it states we need to covert according to www.oanda.com, using "the closing spot exchange rate which appears on Oanda".

What is "the closing spot exchange rate"? would someone kindly explain it?

I go to the homepage of oanda, and choose the Fxconventer, concerning the rate, there are several options to choose, such as "interbank rate, typical credit card rate, typical cash rate, interbank rate+1%, ……"

Which option should i choose, is that correct if i choose the "interbank rate" which is on the top?

Really appreciate for any guidence!

Many thanks in advance!

Best regards

[CoolestGuyC]

You have to use the following link:

http://www.oanda.com/convert/fxhistory

The date to be chosen in above link is the last earning date of your claim period(if the currency is uniform through out claim period). For example if you earned in INR throughout claim period then last date of claim period should be used for conversion.

Or else (if you are claiming earnings in more than 1 currency) the date should be the last date when you earned in that particular currency. For example if you earned both in GBP and INR, then to convert INR to GBP, you must use the date when you drew your last INR currency salary.

[caling97]

Hello,

Thank you very much for your detailed answer!:)

I still have a question, i opened the link you gave me, at the bottom of the webpage, there is still an option to choose from "interbank rate, typical credit card rate, typical cash rate,m interbank rate+1%,……"

which one should i choose? Many thanks!

You have to use the following link:

http://www.oanda.com/convert/fxhistory

The date to be chosen in above link is the last earning date of your claim period(if the currency is uniform through out claim period). For example if you earned in INR throughout claim period then last date of claim period should be used for conversion.

Or else (if you are claiming earnings in more than 1 currency) the date should be the last date when you earned in that particular currency. For example if you earned both in GBP and INR, then to convert INR to GBP, you must use the date when you drew your last INR currency salary.

[CoolestGuyC]

It should be the interbank rate.

[caling97]

Hi Thank you very much!

Have a nice weekend!

It should be the interbank rate.

[mahesh.lee]

Hi,

i have my hsmp approved and planning for EC. I am planning to show the maintainence funds from April 24- July 24( 3 months). Please confirm what entries i need to put in the calculator.

start date: April 24
Last Date:July 24
Rate: Interbank Rate.

what index would be taken into account?. will it be the average during that period?

the reason i am worried my balance came down to 2,38,000 in my savings account in May. If the rate stays at 85 then i am safe else it might be a problem.

Please let me know

[CoolestGuyC]

Conversion rate should be taken on the date bank statement is is taken. (Or in other words, the last date which bank statement covers).

[coolsats]

Hi coolest guy,

I have a question here.
For my previous earnings section, the 12 months statement that am showing is from 1/6/2007 to 31/05/2008 (dd/mm/yy).
So, on the link that you mentioned i.e, http://www.oanda.com/convert/fxhistory, what should be the starting date and ending date here.
For currency code should i use INR to GBP or something else, considering that i have always earned in Rupees.
Thanks for all your help in advance.

[CoolestGuyC]

Take INR to GBP conversion rate on 31/05/2008. You dont need to check whole period.

[geriatrix]

For my previous earnings section, the 12 months statement that am showing is from 1/6/2007 to 31/05/2008 (dd/mm/yy).
So, on the link that you mentioned i.e, http://www.oanda.com/convert/fxhistory, what should be the starting date and ending date here.

Reading the policy guidance would have helped.

An applicant should use the closing spot exchange rate on the OANDA website at http://www.oanda.com/convert/classic on the last day of the period for which he/she has claimed earnings in that currency.

regards