Which OANDA rates do they use for exchange rates?

[loft]

The guidelines clearly state that if you are using funds from overseas as proof of maintenance funds the amount of those funds will be converted using the GBP exchange rate on Oanda.com's website on the date of you application.

http://www.oanda.com/currency/converter

My question is:

Which Oanda exchange rate?

For the exchange rate on a single day Oanda offers both "Bid" and "Ask" prices and of those categories, they have further differentiating rates for "Min", "AVG", and "Max."

In addition, they also have INTERBANK +/- options that range from 0-5%.

So how do you know what setting you should be using to calculate your exchange rates?

[Lucapooka]

29. The spot exchange rate which will be used is that which appears on www.oanda.com*

This translates to the OANDA Midpoint rate for historical rates (because it is always viewed historically). Bid and Ask rates are only relevant for transactions that are taking place now/immediately or a specific time of the day in the past.

[crazy_ram]

Hi,
Use the first tab in your link. Give amount, the currency u have & currency u want. Keep the bank rate as it is, select your visa application date in the date field. Thats it.

Hope it helps,

RAM

[geriatrix]

Please continue in the existing topic.