mainteance funds

[mahdi]

Guys,

I have a simple question. In the guidance it says the applicant must have £2800 before he applies.

cash savings in a account overseas (we convert the amount to pounds sterling using the rate which appears on the OANDA website, which you can finds on the right of this page, and the date on your bank statement), that have been in your account for at least three months before your application.

so does that mean they use the rate when I apply or they check the rate for every day and make sure that I have the equivalent of £2800 at all times? I mean do they use a one rate which is the one at the time of the application or they use the rate for each individual day and make they I have the equivalent of £2800 for every single day?

There are many rates at the http://www.oanda.com/currency/converter/ website which one I should use? ex Min, Avg, Max

[aruni4470]

Guys,

I have a simple question. In the guidance it says the applicant must have £2800 before he applies.

cash savings in a account overseas (we convert the amount to pounds sterling using the rate which appears on the OANDA website, which you can finds on the right of this page, and the date on your bank statement), that have been in your account for at least three months before your application.

so does that mean they use the rate when I apply or they check the rate for every day and make sure that I have the equivalent of £2800 at all times? I mean do they use a one rate which is the one at the time of the application or they use the rate for each individual day and make they I have the equivalent of £2800 for every single day?

They take the exchange rate on the statement date. For example, if the exchange rate of GBP in INR is 75 on the statement date, then £2800 is 2,10,000 INR, The balance for the last 3 months should not be less than that amount on any day. (I think)

[mahdi]

Ok so they use a single rate which is the rate of the statement but which rate it is the Min, Max ,Avg?


in the guidance it says this website
http://www.oanda.org/

and in the website

http://www.oanda.com/

which one we should use?

Moreover which rate we should use the interbank rate?

[vks]

Ok so they use a single rate which is the rate of the statement but which rate it is the Min, Max ,Avg?

Hide those details in Oanda website. The amount taken would be average!


in the guidance it says this website
http://www.oanda.org/

and in the website

http://www.oanda.com/

which one we should use?

Moreover which rate we should use the interbank rate?

Again Hide the details, which is not required in the website. HO takes the Interbank rate on a specified date. The website also says the following regarding the inter-bank rate.

Note: The Interbank rate shown by this tool is seldom available to the general public. To avoid disappointment, choose a percentage add-on from the rate list to approximate the actual rate charged by your financial institution.

[aruni4470]

Ok so they use a single rate which is the rate of the statement but which rate it is the Min, Max ,Avg?


in the guidance it says this website
http://www.oanda.org/

and in the website

http://www.oanda.com/

which one we should use?

Moreover which rate we should use the interbank rate?

The guidance says www.oanda.com. Not sure where you found www.oanda.org

take the default rate which you get in the currency converter, that is the interbank rate. This is also the average.

[mahdi]

It is in the Guidance I think It is on page 19 PSW guidance

[aruni4470]

It is in the Guidance I think It is on page 19 PSW guidance

I think it is a print mistake. It is clearly mentioned as www.oanda.com in Tier 1 (G) guidance page 35.

[sumitra219]

its mentioned as www.onanda.com

a thought - why dont you maintain funds around 225000/- (@ rs80/- exchange rate to be on safe side)

Is there a problem if we show more funds than required?

[aruni4470]

its mentioned as www.onanda.com

a thought - why dont you maintain funds around 225000/- (@ rs80/- exchange rate to be on safe side) Agree

Is there a problem if we show more funds than required?Absolutely not