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Which exchange rate to use from OANDA

Archived UK Tier 1 (General) points system forum. This route no longer exists.

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googler
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Posts: 15
Joined: Sun Sep 05, 2010 11:46 am

Which exchange rate to use from OANDA

Post by googler » Mon Sep 27, 2010 1:23 pm

Hi,

I have an inquiry about converting my currency into Pound Sterling using OANDA website for previous earnings document:

1. There are several rates available on this site. Shall we use the interbank exchange rate for currency conversion? Or other rates?

2. There is a difference between the rates given by OANDA new currency conversion tool and OANDA classic currency conversion tool (www.oanda.com/currency/classic-converter) which is mentioned in Paragraph 129 of Tier 1 (General) Guidance. You can check yourself for 1000000 USD converted to GBP. Shall we use the classic converter for point evaluation?

The reason is that I want to claim 30 point for 50,000 GBP previous earning, however my earnings are quite on the edge of 50,000 GBP which gives me 25 points with modern converter and 30 points with classic converter.

Thanks for any comment or help.

googler
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Posts: 15
Joined: Sun Sep 05, 2010 11:46 am

Post by googler » Tue Sep 28, 2010 6:15 pm

Any ideas or comment?

I want to prepare a letter reagrding previous earnings and need answer to this question quite urgently.

Thanks for any help.

lindav
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Posts: 25
Joined: Mon Aug 09, 2010 11:33 am
Location: Australia

Post by lindav » Thu Sep 30, 2010 1:25 pm

For earnings use the classic converter for the date of the last day of earnings as advised by the guidance. I used the interbank exchange rate.

I printed out a copy of the exchange rate on the day and one with the amount i was claiming converted.

For maintenance funds, the OANDA rate as per guidance refers to the normal currency converter not the classic.

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