Maintenace funds - conversion rate when applying

[ramgsk]

Hi,
I have applied Tier1 on Sep-15th, waiting for the results.
Planning to apply for my wife as dependant just after I get this Tier1.

I have been maintaining funds for us two since three months now, but at sometime the funds dropped down to INR 388056, I would be safe if BHC converts using 1GBP = 88 INR, but if they calculate it a bit above, then this amount would not be sufficient.
Though the OANDA conversion rate is somewhere around INR 83 these days, I am worried a bit since

> I have seen somebody posting that their application is refused taking conversion rate as 1 GBP = 85 INR, though the OANDA conversion rate for their statement last date is around INR 82 Rupees
> The BHC currently uses 1 GBP = 90 INR for the visa fees.

Can anybody point me to guidelines which tell about whether they use closing spot exchange rate on OANDA for maintenance funds or do they use BHC conversion they use for visa fees?
Nowhere in the tier1 guidance they specified about conversion of maintenance funds (they have mentioned conversion of previous earnings though)

[cheekychick85]

Please check with your vfs for conversion rate. VFS bangalore advised me that the conversion rate from 8th october is RS 90/- BHC uses thier own conversion rates now.

Please check with them directly.

[ramgsk]

Hi,
I called them once on this.
They do not have any idea of it, the guy who picked up my call was saying it was "OANDA conversion rate on the day of application", I told him that never would be the case, he kept on hold the call for sometime, discussed with others and said back the same.
Anyways would call them again tommorrow, will see if somebody else could give me any right information on it.
Otherwise, would be glad if somebody else has info on this, and could point me to any reference to the guideline that says it, I could not find any.

Thanks in Advance

Please check with your vfs for conversion rate. VFS bangalore advised me that the conversion rate from 8th october is RS 90/- BHC uses thier own conversion rates now.

Please check with them directly.

[cheekychick85]

Hi,
I called them once on this.
They do not have any idea of it, the guy who picked up my call was saying it was "OANDA conversion rate on the day of application", I told him that never would be the case, he kept on hold the call for sometime, discussed with others and said back the same.
Anyways would call them again tommorrow, will see if somebody else could give me any right information on it.
Otherwise, would be glad if somebody else has info on this, and could point me to any reference to the guideline that says it, I could not find any.

Thanks in Advance

Please check with your vfs for conversion rate. VFS bangalore advised me that the conversion rate from 8th october is RS 90/- BHC uses thier own conversion rates now.

Please check with them directly.

Hey its no where on the website. There was a printed paper put up in bangalore vfs that gave this info and also the guy who collected my papers advised me the same. I had also heard only of OANDA conversion rate but guys at vfs say differently. Better you check with your local VFS office.

The site also says nothing about conversion.

Cheers

[ramgsk]

Well, finally got a reply from BHC on this conversion rates, as per the mail below they use one rate for a month, October being £1 = Rs 86.
He even gave a reference url, but it doesn't have that info, neither it is published anywhere in the guidelines that BHC uses its own rate (fixed for a month) for calculating maintenance funds.

Could be useful to the guys who applied in October, also for other guys.

The mail chain below gives my mail and their response to it
-------------------------------------------------------------------------------------
Dear Mr xxxxxxx,
Thank you for your e-mail.
The rate for maintenance funds is taken the day you lodge your visa application at VFS Global our commercial partner.
The High Commission rate differs from month to month. The rate for October is £1 = Rs 86.
Please visit our website http://www.ukvisas.gov.uk/en/howtoapply ... ralmigrant for further information.
Yours sincerely,
> UK Border Agency
> Visa Services
> Visa Support Officer
> Casework Section
> British Deputy High Commission,Chennai
d

-----Original Message-----
From: xxxxxxx[mailto:xxxxxxx@gmail.com]
Sent: 31 October 2008 09:09
To: Chennai.VisaEnquiry@fco.gov.uk
Subject: Tier1(General) PBS Application - Question on Maintenance Funds
Conversion Rate

Hi,
Can I know how do you derive at the conversion rate (GBP to INR) for
Maintenance Funds to check whether they are adequate.
1) Is it the OANDA closing spot exchange rate on the final day of the
bank statement the applicant submits (as in the case of calculation of
Previous Earnings)
2) Is it the BHC conversion rate which BHC uses for visa fee (which is
currently INR 90, earlier was INR 85) as on date of the application on
which the applicant filed his application
3) Is it the BHC conversion rate as on date when the application is
being checked by the Entry Clearance Officer.
It would be great if you could also point me to the tier1 guidance or
any such reference which also describes it. I found the conversion
rate definition for Previous Earnings in tier1 guidance, but no where
I found the conversion rate definition for Maintenance Funds.
Thanks a lot,
xxxxxxx.

[sri_sunny]

For the MF, the xchange rate would be the date of bank statement.

The bank statement would be within 7 days to the prior to your application date.

Rs.90/GBP is VFS's explanation about charging 54K divid it by GBP 600.

Pl dont get confused with that. I dont have a copy of the policy guidance in my system now. If u read that it is very clear.

[vnvijay]

Hi,

My claim period would nov 07 to Oct 08, now will the BHC will consider Oct month exchange rate or Nov month exchange rate.

I checked the below website, could find the exchange rate for Nov 08.

Kindly advise.

VJ

Well, finally got a reply from BHC on this conversion rates, as per the mail below they use one rate for a month, October being £1 = Rs 86.
He even gave a reference url, but it doesn't have that info, neither it is published anywhere in the guidelines that BHC uses its own rate (fixed for a month) for calculating maintenance funds.

Could be useful to the guys who applied in October, also for other guys.

The mail chain below gives my mail and their response to it
-------------------------------------------------------------------------------------
Dear Mr xxxxxxx,
Thank you for your e-mail.
The rate for maintenance funds is taken the day you lodge your visa application at VFS Global our commercial partner.
The High Commission rate differs from month to month. The rate for October is £1 = Rs 86.
Please visit our website http://www.ukvisas.gov.uk/en/howtoapply ... ralmigrant for further information.
Yours sincerely,
> UK Border Agency
> Visa Services
> Visa Support Officer
> Casework Section
> British Deputy High Commission,Chennai
d

-----Original Message-----
From: xxxxxxx[mailto:xxxxxxx@gmail.com]
Sent: 31 October 2008 09:09
To: Chennai.VisaEnquiry@fco.gov.uk
Subject: Tier1(General) PBS Application - Question on Maintenance Funds
Conversion Rate

Hi,
Can I know how do you derive at the conversion rate (GBP to INR) for
Maintenance Funds to check whether they are adequate.
1) Is it the OANDA closing spot exchange rate on the final day of the
bank statement the applicant submits (as in the case of calculation of
Previous Earnings)
2) Is it the BHC conversion rate which BHC uses for visa fee (which is
currently INR 90, earlier was INR 85) as on date of the application on
which the applicant filed his application
3) Is it the BHC conversion rate as on date when the application is
being checked by the Entry Clearance Officer.
It would be great if you could also point me to the tier1 guidance or
any such reference which also describes it. I found the conversion
rate definition for Previous Earnings in tier1 guidance, but no where
I found the conversion rate definition for Maintenance Funds.
Thanks a lot,
xxxxxxx.

[sri_sunny]

Thats interesting....

I was under the impression that the xchange rate on the date of the bank statement would be considered. How do we exactly say that we have 2800 GBP just in case if conv rate rockets above 87/GBP lets say for example. I had always maintained INR equivalent to 2800 assuming even if GBP goes beyond or upto 86 then i am safe....

This is a real catch...

[ramgsk]

Hi,

It is the xchange rate as per BHC on the date you filed your application, since your statement is upto Oct-08, it is deemed obvious that you have applied in Oct, then BHC would take Oct rate according to their rate sheet, which is 1 GBP = 86 INR.

Hi,

My claim period would nov 07 to Oct 08, now will the BHC will consider Oct month exchange rate or Nov month exchange rate.

I checked the below website, could find the exchange rate for Nov 08.

Kindly advise.

VJ

[ramgsk]

I mailed BHC Chennai guys today asking what is the conversion rate they are using for Maintenace funds check for the month of November, they replied back saying that they did not get the November conversion rate yet. Probably they might get it by tommorrow.

Moderators, can we make this thread a sticky, as not many people know that British High Commission uses it's own rate for checking Maintenance funds against the required amount, this rate being fixed for a month (Please see the thread above for my posts for further information on this). People can update this thread every month with the latest monthly conversion rate BHC uses, can be useful to the applications who apply that month.

[vnvijay]

hi, i got a below from BHC from chennai!

Hello Visa Services,

Thank you so much for the reply.

Unfortunately, after reading it several times i could not get the answer to my question.

My questions are below:
My claim period for the past earnings would be 1st Nov 2007 to 31st Oct 2008,
What is the date of exchange rate should i consider?

Maintenance funds claim period would be 1st Aug 2008 to 31 Oct 2008.
What is date of exchange rate should i consider?

Kindly advice, as i would be applying for Tier1 this week.

Thanks,
Vijay



Dear Mr Vijay,

In this instance, you will have to take the exchange rate as on 31st Oct 08 for your previous earnings.

For the maintenance criteria, the rate which is prevailing on the day you lodge your visa application will be taken into account. The rate for the month of November 08 is £1 = Rs 81.01

Hope this clarifies.

Yours sincerely,

UK Border Agency
Visa Services
Visa Support Officer
Casework Section
British Deputy High Commission,Chennai
d

I mailed BHC Chennai guys today asking what is the conversion rate they are using for Maintenace funds check for the month of November, they replied back saying that they did not get the November conversion rate yet. Probably they might get it by tommorrow.

Moderators, can we make this thread a sticky, as not many people know that British High Commission uses it's own rate for checking Maintenance funds against the required amount, this rate being fixed for a month (Please see the thread above for my posts for further information on this). People can update this thread every month with the latest monthly conversion rate BHC uses, can be useful to the applications who apply that month.

[ramgsk]

> My claim period for the past earnings would be 1st Nov 2007 to 31st Oct 2008,
OANDA rate as on 31st Oct 2008

Maintenance funds claim period would be 1st Aug 2008 to 31 Oct 2008.
BHC rate in October, 1 GBP = 86 INR