Currency conversion for previous earnings

[GeneNZ]

Hi there,

I'm curious regarding currency conversions and previous earnings. The rules for Tier 1 specify that you will calculate your previous earnings using on the spot currency conversions via the OANDA site and multiply the result by the appropriate uplift ratio for your country. I'm wondering: is the currency conversion rate used by the case worker when reviewing your application:
(1) The rate used on date of application, or
(2) The date they actually review your application?
Where I'm applying, I have to apply online and pay online. But the application is sent off and considered a couple weeks after I have paid. I would assume that it is the rate used on date of application, but haven't found any evidence to back this up.

I ask because I'm on the border between two previous earnings brackets. Using the New Zealand rate to UK pound rate from five days ago and the appropriate uplift ratio of 2.3, I was 2200 pounds over the bracket. Using the currency conversion rate from Friday and appropriate uplift ratio, I'm now only 300 pounds over that bracket. When I am filling in the VAF9 Appendix form for the Tier 1 General, I need to specify which previous earnings bracket I am claiming for and the subsequent points. I'm paranoid that they may decline my application if I choose the incorrect bracket, due to me choosing the wrong bracket primarily because of currency fluctuations. I know that regardless of which bracket I fall into, I am still eligible.

Thanks in advance if you can advise.

Gene

[aruni4470]

Exchange Rate for Previous earnings : Rate on the last day of your earnings.
Exchange Rate for Maintenance Fund : Rate on the day of application.

127. An applicant should use the closing 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. This is an independent website, for which we are not responsible.

195. In order to qualify for entry clearance, or leave to remain under Tier 1 an applicant must show that he/she has enough money to support himself/herself. The maintenance requirements are detailed below:
• Applicants outside the United Kingdom seeking entry clearance must have at least £2,800 of personal savings which must have been held for at least three months prior to the date of application.
• Applicants in the United Kingdom seeking further leave to remain must have at least £800 of personal savings which must have been held for at least three months prior to the date of application
The exchange rate of overseas currency will be made using the OANDA rate conversion on the date of application. www.oanda.com

[GeneNZ]

Exchange Rate for Previous earnings : Rate on the last day of your earnings.
Exchange Rate for Maintenance Fund : Rate on the day of application.

127. An applicant should use the closing 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. This is an independent website, for which we are not responsible.

195. In order to qualify for entry clearance, or leave to remain under Tier 1 an applicant must show that he/she has enough money to support himself/herself. The maintenance requirements are detailed below:
• Applicants outside the United Kingdom seeking entry clearance must have at least £2,800 of personal savings which must have been held for at least three months prior to the date of application.
• Applicants in the United Kingdom seeking further leave to remain must have at least £800 of personal savings which must have been held for at least three months prior to the date of application
The exchange rate of overseas currency will be made using the OANDA rate conversion on the date of application. www.oanda.com

Thank you I must have skipped over this when reading the guidance notes. I know I can always rely on this board!

One last thing, if you can help me. Although English is my first language, I'm getting confused over the wording for currency rate used for previous earnings (i.e. use the currency rate on the last day of period of claim):
- I'm actually paid on the 14th of every month.
- I'm paid two weeks in advance and two weeks in arrears.
- My payslips are dated on the last day of every month to reflect the immediate point above.

I'm pretty sure that I use the rate from the OANDA website on the last day of the month, in this case 31/3/2010 since I am claiming 12 consecutive months prior to and including March 2010. This is the last day of the period I am claiming. Is this correct?

I shouldn't use the rate from 14th of the month (which is when I'm actually paid) as this not the last day of the claim period (this is where I'm getting confused).

[cooltt_18]

Exchange Rate for Previous earnings : Rate on the last day of your earnings.
Exchange Rate for Maintenance Fund : Rate on the day of application.

127. An applicant should use the closing 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. This is an independent website, for which we are not responsible.

195. In order to qualify for entry clearance, or leave to remain under Tier 1 an applicant must show that he/she has enough money to support himself/herself. The maintenance requirements are detailed below:
• Applicants outside the United Kingdom seeking entry clearance must have at least £2,800 of personal savings which must have been held for at least three months prior to the date of application.
• Applicants in the United Kingdom seeking further leave to remain must have at least £800 of personal savings which must have been held for at least three months prior to the date of application
The exchange rate of overseas currency will be made using the OANDA rate conversion on the date of application. www.oanda.com

Thank you I must have skipped over this when reading the guidance notes. I know I can always rely on this board!

One last thing, if you can help me. Although English is my first language, I'm getting confused over the wording for currency rate used for previous earnings (i.e. use the currency rate on the last day of period of claim):
- I'm actually paid on the 14th of every month.
- I'm paid two weeks in advance and two weeks in arrears.
- My payslips are dated on the last day of every month to reflect the immediate point above.

I'm pretty sure that I use the rate from the OANDA website on the last day of the month, in this case 31/3/2010 since I am claiming 12 consecutive months prior to and including March 2010. This is the last day of the period I am claiming. Is this correct?

I shouldn't use the rate from 14th of the month (which is when I'm actually paid) as this not the last day of the claim period (this is where I'm getting confused).

I had a similar question :

http://www.immigrationboards.com/viewto ... highlight=

I think we have to use the exchange rate as of the last day of the last month of earnings claimed.

[aruni4470]

Exchange Rate for Previous earnings : Rate on the last day of your earnings.
Exchange Rate for Maintenance Fund : Rate on the day of application.

127. An applicant should use the closing 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. This is an independent website, for which we are not responsible.

195. In order to qualify for entry clearance, or leave to remain under Tier 1 an applicant must show that he/she has enough money to support himself/herself. The maintenance requirements are detailed below:
• Applicants outside the United Kingdom seeking entry clearance must have at least £2,800 of personal savings which must have been held for at least three months prior to the date of application.
• Applicants in the United Kingdom seeking further leave to remain must have at least £800 of personal savings which must have been held for at least three months prior to the date of application
The exchange rate of overseas currency will be made using the OANDA rate conversion on the date of application. www.oanda.com

Thank you I must have skipped over this when reading the guidance notes. I know I can always rely on this board!

One last thing, if you can help me. Although English is my first language, I'm getting confused over the wording for currency rate used for previous earnings (i.e. use the currency rate on the last day of period of claim):
- I'm actually paid on the 14th of every month.
- I'm paid two weeks in advance and two weeks in arrears.
- My payslips are dated on the last day of every month to reflect the immediate point above.

I'm pretty sure that I use the rate from the OANDA website on the last day of the month, in this case 31/3/2010 since I am claiming 12 consecutive months prior to and including March 2010. This is the last day of the period I am claiming. Is this correct?

I shouldn't use the rate from 14th of the month (which is when I'm actually paid) as this not the last day of the claim period (this is where I'm getting confused).

Correct

[keepsmilinyaar]

Exchange Rate for Previous earnings : Rate on the last day of your earnings.
Exchange Rate for Maintenance Fund : Rate on the day of application.

127. An applicant should use the closing 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. This is an independent website, for which we are not responsible.

195. In order to qualify for entry clearance, or leave to remain under Tier 1 an applicant must show that he/she has enough money to support himself/herself. The maintenance requirements are detailed below:
• Applicants outside the United Kingdom seeking entry clearance must have at least £2,800 of personal savings which must have been held for at least three months prior to the date of application.
• Applicants in the United Kingdom seeking further leave to remain must have at least £800 of personal savings which must have been held for at least three months prior to the date of application
The exchange rate of overseas currency will be made using the OANDA rate conversion on the date of application. www.oanda.com

Hi Aruni,

This may come out as a dumb question, but based on what you are saying that the exchange rate for the maintenance fund should be taken based on the rate on the day of the application. (does this mean the day we submit our application at the VFS centre ?)

Well, for example if I am applying lets say tomorrow, 28 Apr 2010, I would have got a maintenance fund statement from the bank already in which the bank would have taken the rate on the day the statement was prepared by them.

Am I reading too much into the statement ? OR does it obviously mean that since the maintenance fund statement from the bank can be maximum a month old, the exchange rate could be either of the days within the month long period?

Thanks for your response in advance.

Regards
Rahul