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In my opinion that route in your situation might be very risky because the balance must never been fallen than £62500 in any day during the last 6 months and UKVI follow their own currency rates which are considerably different than market.Mfamily wrote: ↑Sat Sep 14, 2019 3:46 amI,m going to apply UK spouse visa by cash saving route but my saving is in Pakistan rupees and currency rate going up and down some time 62500 completes and some time amount go down from 62500 due to currency rate i need to apply now but want to ask what date they consider application date. Bcz somewhere i read that 62500 should be on your account on the date of application want to know what date is application date.. if the currency rate go down and 62500 comescomp can i apply or they can check the currency rate after submission of application on documents checking period if someone give me this answer I'll b very thankful
But if my saving on my application date will be above than 62500 from last 6 month according to oanda currencyseagul wrote: ↑Sat Sep 14, 2019 7:23 pmIn my opinion that route in your situation might be very risky because the balance must never been fallen than £62500 in any day during the last 6 months and UKVI follow their own currency rates which are considerably different than market.Mfamily wrote: ↑Sat Sep 14, 2019 3:46 amI,m going to apply UK spouse visa by cash saving route but my saving is in Pakistan rupees and currency rate going up and down some time 62500 completes and some time amount go down from 62500 due to currency rate i need to apply now but want to ask what date they consider application date. Bcz somewhere i read that 62500 should be on your account on the date of application want to know what date is application date.. if the currency rate go down and 62500 comescomp can i apply or they can check the currency rate after submission of application on documents checking period if someone give me this answer I'll b very thankful
All Home Office exchange rates are set at 4% above the Bloomberg opening rate. Rates
will be reviewed on a fortnightly basis and only adjusted if they have varied by more than
1% away from the set rate i.e. below 3% or above 5% from the Bloomberg opening rate.
Any variation will also only mirror the percentage change in the Bloomberg rate. All new
rates will come into effect within 5 working days to allow for the required IT changes to be
made to online application systems and Home Office websites.
Thanks for your reply really appreciatesecret.simon wrote: ↑Sun Sep 15, 2019 5:01 pmCan you move your savings into a GBP demoninated account (when the exchange rate is right)? That way you can eliminate the worry about the exchange rate going up and down, which is likely to get worse with the Brexit kerfuffle.
Others will be able to advise if you can hold a GBP demoninated account within Pakistan itself. They can also advise if you would need to wait for six further months before making the application.
Is/Was your wife working?
Will they check your savings according to last six months currency rate? because i know before 2 month ago 1 pound sterling was equal to 210 pakistani rupees and now 1 pound sterling is equal to 195 pakistani rupees and if they will consider 2 month ago exchange rate aswel then I'm sure I'm not eligible if they will not see 2 month ago rate and only will look application date rate then according to this rate I'm not low then 62500 from last six monthseagul wrote: ↑Sun Sep 15, 2019 10:36 pmMaybe then you have to do your own extensive research over the bloomberg's past six months currency rates and then add 4% extra to their rates. Bloomberg is a 24 hour financial & trading news. You even can take assistance from someone expert in your local stock market. Preferably only apply if you feel that your cash savings can comfortably meet the requirement.
Yes but required amount of savings need to be held in account from last 6 months from the date of application.raykwan121 wrote: ↑Mon Sep 16, 2019 12:37 pm. The submission date is the date you submit your online application .
Will they check your savings according to last six months currency rate? because i know before 2 month ago 1 pound sterling was equal to 210 pakistani rupees and now 1 pound sterling is equal to 195 pakistani rupees and if they will consider 2 month ago exchange rate aswel then I'm sure I'm not eligible if they will not see 2 month ago rate and only will look application date rate then according to this rate I'm not low then 62500 from last six monthgeoeng wrote: ↑Mon Sep 16, 2019 3:16 pmFrom Section 3.5 (Conversion of foreign currency) of Appendix FM 1.7 Financial Requirements:
3.5.1. Income or cash savings in a foreign currency will be converted to pounds sterling (£) using
the closing spot exchange rate which appears on www.oanda.com on the date of
application. Where there is income or cash savings in different foreign currencies, each
will be converted into pounds sterling (£) before being added together, and then added
to any UK income or savings, to give a total amount. Any fluctuation in the exchange
rate prior to the date of application will be disregarded: the decision-maker will base the
conversion of the foreign currency income or cash savings into sterling on the exchange
rate as at the date of application. (Emphasis added)
Seagul brother what is your opinion according to this paragraphgeoeng wrote: ↑Mon Sep 16, 2019 3:16 pmFrom Section 3.5 (Conversion of foreign currency) of Appendix FM 1.7 Financial Requirements:
3.5.1. Income or cash savings in a foreign currency will be converted to pounds sterling (£) using
the closing spot exchange rate which appears on www.oanda.com on the date of
application. Where there is income or cash savings in different foreign currencies, each
will be converted into pounds sterling (£) before being added together, and then added
to any UK income or savings, to give a total amount. Any fluctuation in the exchange
rate prior to the date of application will be disregarded: the decision-maker will base the
conversion of the foreign currency income or cash savings into sterling on the exchange
rate as at the date of application. (Emphasis added)
I honestly don't know and wouldn't want to guess at what the officer reviewing the application would do. They are required to follow the guidance. The guidance says the value of the cash savings is determined by the exchange rate on the date of application and that the cash savings being relied upon must have been held for 6 months, it does not specifically state that the value of the cash funds must have been above £62,500 the entire time anywhere that I can find.
See also ukvi currency exchange policy.Mfamily wrote: ↑Mon Sep 16, 2019 3:40 pmSeagul brother what is your opinion according to this paragraphgeoeng wrote: ↑Mon Sep 16, 2019 3:16 pmFrom Section 3.5 (Conversion of foreign currency) of Appendix FM 1.7 Financial Requirements:
3.5.1. Income or cash savings in a foreign currency will be converted to pounds sterling (£) using
the closing spot exchange rate which appears on www.oanda.com on the date of
application. Where there is income or cash savings in different foreign currencies, each
will be converted into pounds sterling (£) before being added together, and then added
to any UK income or savings, to give a total amount. Any fluctuation in the exchange
rate prior to the date of application will be disregarded: the decision-maker will base the
conversion of the foreign currency income or cash savings into sterling on the exchange
rate as at the date of application. (Emphasis added)
Waiting for your reply Seagul brotherMfamily wrote: ↑Mon Sep 16, 2019 6:53 pmin our joint account before 6 month in the march 16th the amount was 9750000 pkr which are 50257gbp according to today's currency rate and in my wife's account in uk was 12840 pound before 6 month at this date
Seagul brother pkr rupee was more devalued before 2 month as one pound was equal to 210pkr rs now one pound is equal to 194rs