How often do the consulates reset visa fee exchange rates?

[The Station Agent]

I have a client who paid USD 930 for a Tier 1 general app this week, plus the same for his wife. I looked on a currency conversion website and that is equivalent to £676 each, which is £76 over the £600 Tier 1 fee.

It could be explained if UK Visas fix their exchange rate every 2 months or something (the exchange rate would need to be 1.55 for the fee to be correct, and USD hasn't been that since late Jan).

Does anyone happen to know how often UK Visas sets the exchange rates for its fees?

If it was weekly, for example, then my client has certainly been overcharged.

I've also had Tier 5 entertainers charged $160 when the fee is supposed to be £99 and the exchange rate at the time was about 1.3 to the pound - again this seems to be a ripoff which could only be explained if UK Visas set the exchange rates very seldom. Cheers -

[flygirl]

I think it would be difficult for them accounting-wise to reset too often. In a recession, with world currency rates (esp. the dollar) soaring and diving every time a politician gives a speech, it wouldn't be easy to be accurate every day!

[PaperPusher]

I thought it was every quarter, so some people will do well and some will lose by the time the fees get changed.

Please don't quote me on that.