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Mfamily
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Cash saving route

Post by Mfamily » Sat Sep 14, 2019 2:46 am

I,m going to apply UK spouse visa by cash saving route but my saving is in Pakistan rupees and currency rate going up and down some time 62500 completes and some time amount go down from 62500 due to currency rate i need to apply now but want to ask what date they consider application date. Bcz somewhere i read that 62500 should be on your account on the date of application want to know what date is application date.. if the currency rate go down and 62500 comescomp can i apply or they can check the currency rate after submission of application on documents checking period if someone give me this answer I'll b very thankful 8)

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seagul
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Re: Cash saving route

Post by seagul » Sat Sep 14, 2019 6:23 pm

Mfamily wrote:
Sat Sep 14, 2019 2:46 am
I,m going to apply UK spouse visa by cash saving route but my saving is in Pakistan rupees and currency rate going up and down some time 62500 completes and some time amount go down from 62500 due to currency rate i need to apply now but want to ask what date they consider application date. Bcz somewhere i read that 62500 should be on your account on the date of application want to know what date is application date.. if the currency rate go down and 62500 comescomp can i apply or they can check the currency rate after submission of application on documents checking period if someone give me this answer I'll b very thankful 8)
In my opinion that route in your situation might be very risky because the balance must never been fallen than £62500 in any day during the last 6 months and UKVI follow their own currency rates which are considerably different than market.
The opinion expressed as above is neither a professional advice nor contesting/competing to other member's opinion/advice.

Mfamily
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Re: Cash saving route

Post by Mfamily » Sat Sep 14, 2019 8:50 pm

seagul wrote:
Sat Sep 14, 2019 6:23 pm
Mfamily wrote:
Sat Sep 14, 2019 2:46 am
I,m going to apply UK spouse visa by cash saving route but my saving is in Pakistan rupees and currency rate going up and down some time 62500 completes and some time amount go down from 62500 due to currency rate i need to apply now but want to ask what date they consider application date. Bcz somewhere i read that 62500 should be on your account on the date of application want to know what date is application date.. if the currency rate go down and 62500 comescomp can i apply or they can check the currency rate after submission of application on documents checking period if someone give me this answer I'll b very thankful 8)
In my opinion that route in your situation might be very risky because the balance must never been fallen than £62500 in any day during the last 6 months and UKVI follow their own currency rates which are considerably different than market.
But if my saving on my application date will be above than 62500 from last 6 month according to oanda currency
exchange rates then? And after submission of my application currency rates go down and savings become less than 62500 from last six month then. Will they check currency rate when they will check documents or they will put application date for checking currency rate? Need help so confused 8

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seagul
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Re: Cash saving route

Post by seagul » Sat Sep 14, 2019 8:59 pm

They won't follow currency rates after the date of application to determine your cash savings in pound sterling. But remember:

All Home Office exchange rates are set at 4% above the Bloomberg opening rate. Rates
will be reviewed on a fortnightly basis and only adjusted if they have varied by more than
1% away from the set rate i.e. below 3% or above 5% from the Bloomberg opening rate.
Any variation will also only mirror the percentage change in the Bloomberg rate. All new
rates will come into effect within 5 working days to allow for the required IT changes to be
made to online application systems and Home Office websites.
The opinion expressed as above is neither a professional advice nor contesting/competing to other member's opinion/advice.

Mfamily
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Re: Cash saving route

Post by Mfamily » Sat Sep 14, 2019 9:30 pm

Is there any software that convert currency or home officer convert it own. What is Bloomberg i thought they use oanda for conversion. Is there any option on the application form when i put amount in pkr currency it convert it automatically into pounds or what?

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Re: Cash saving route

Post by Korekt » Sun Sep 15, 2019 8:17 am

Mfamily wrote:
Sat Sep 14, 2019 2:46 am
want to ask what date they consider application date....

want to know what date is application date..
The date you submit the application online and pay the visa fees.
"Facts are sacred. Opinions are free."

secret.simon
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Re: Cash saving route

Post by secret.simon » Sun Sep 15, 2019 4:01 pm

Can you move your savings into a GBP demoninated account (when the exchange rate is right)? That way you can eliminate the worry about the exchange rate going up and down, which is likely to get worse with the Brexit kerfuffle.

Others will be able to advise if you can hold a GBP demoninated account within Pakistan itself. They can also advise if you would need to wait for six further months before making the application.
I am not a lawyer or immigration advisor. My statements/comments do not constitute legal advice. E&OE. Please do not PM me for advice.

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seagul
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Re: Cash saving route

Post by seagul » Sun Sep 15, 2019 4:18 pm

If that bank also offers accounts in pound sterling then switching into it might work because funds are still in your control from at least 6 months.
The opinion expressed as above is neither a professional advice nor contesting/competing to other member's opinion/advice.

Mfamily
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Re: Cash saving route

Post by Mfamily » Sun Sep 15, 2019 5:04 pm

secret.simon wrote:
Sun Sep 15, 2019 4:01 pm
Can you move your savings into a GBP demoninated account (when the exchange rate is right)? That way you can eliminate the worry about the exchange rate going up and down, which is likely to get worse with the Brexit kerfuffle.

Others will be able to advise if you can hold a GBP demoninated account within Pakistan itself. They can also advise if you would need to wait for six further months before making the application.
Thanks for your reply really appreciate
We can't switch our this account into pounds sterling we have to open new account for that
Actually my wife has a account in UK and she has savings in it 13000 pound and we(me and my wife) have a account in Pakistan a joint account and have almost 49500 to 50000(depends on pound rate) savings from the starting of last six month and now we have 52000 to 52500 at this time
But pound rate is going up in pakistan and we have to apply bcz my wife is pregnant and she needs me in the month of December so confused what to do

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seagul
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Re: Cash saving route

Post by seagul » Sun Sep 15, 2019 5:45 pm

Mfamily wrote:
Sun Sep 15, 2019 5:04 pm
bcz my wife is pregnant and she needs me in the month of December so confused what to do
Is/Was your wife working?
The opinion expressed as above is neither a professional advice nor contesting/competing to other member's opinion/advice.

Mfamily
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Re: Cash saving route

Post by Mfamily » Sun Sep 15, 2019 8:13 pm

seagul wrote:
Sun Sep 15, 2019 5:45 pm
Mfamily wrote:
Sun Sep 15, 2019 5:04 pm
bcz my wife is pregnant and she needs me in the month of December so confused what to do
Is/Was your wife working?
No she doesn't work she used to work 3 year ago but not now

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seagul
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Re: Cash saving route

Post by seagul » Sun Sep 15, 2019 9:36 pm

Maybe then you have to do your own extensive research over the bloomberg's past six months currency rates and then add 4% extra to their rates. Bloomberg is a 24 hour financial & trading news. You even can take assistance from someone expert in your local stock market. Preferably only apply if you feel that your cash savings can comfortably meet the requirement.
The opinion expressed as above is neither a professional advice nor contesting/competing to other member's opinion/advice.

Mfamily
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Re: Cash saving route

Post by Mfamily » Mon Sep 16, 2019 11:13 am

seagul wrote:
Sun Sep 15, 2019 9:36 pm
Maybe then you have to do your own extensive research over the bloomberg's past six months currency rates and then add 4% extra to their rates. Bloomberg is a 24 hour financial & trading news. You even can take assistance from someone expert in your local stock market. Preferably only apply if you feel that your cash savings can comfortably meet the requirement.
Will they check your savings according to last six months currency rate? because i know before 2 month ago 1 pound sterling was equal to 210 pakistani rupees and now 1 pound sterling is equal to 195 pakistani rupees and if they will consider 2 month ago exchange rate aswel then I'm sure I'm not eligible if they will not see 2 month ago rate and only will look application date rate then according to this rate I'm not low then 62500 from last six month

Mfamily
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Re: Cash saving route

Post by Mfamily » Mon Sep 16, 2019 11:16 am

If casa,croo1 or other senior guide me on this issue I'll b thankful to them

raykwan121
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Re: Cash saving route

Post by raykwan121 » Mon Sep 16, 2019 11:37 am

I suggest you put more money into your account in case the currency rate changed . The submission date is the date you submit your online application .

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seagul
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Re: Cash saving route

Post by seagul » Mon Sep 16, 2019 1:57 pm

raykwan121 wrote:
Mon Sep 16, 2019 11:37 am
. The submission date is the date you submit your online application .
Yes but required amount of savings need to be held in account from last 6 months from the date of application.
The opinion expressed as above is neither a professional advice nor contesting/competing to other member's opinion/advice.

geoeng
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Re: Cash saving route

Post by geoeng » Mon Sep 16, 2019 2:16 pm

From Section 3.5 (Conversion of foreign currency) of Appendix FM 1.7 Financial Requirements:

3.5.1. Income or cash savings in a foreign currency will be converted to pounds sterling (£) using
the closing spot exchange rate which appears on www.oanda.com on the date of
application. Where there is income or cash savings in different foreign currencies, each
will be converted into pounds sterling (£) before being added together, and then added
to any UK income or savings, to give a total amount. Any fluctuation in the exchange
rate prior to the date of application will be disregarded: the decision-maker will base the
conversion of the foreign currency income or cash savings into sterling on the exchange
rate as at the date of application.
(Emphasis added)

Mfamily
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Re: Cash saving route

Post by Mfamily » Mon Sep 16, 2019 2:37 pm

geoeng wrote:
Mon Sep 16, 2019 2:16 pm
From Section 3.5 (Conversion of foreign currency) of Appendix FM 1.7 Financial Requirements:

3.5.1. Income or cash savings in a foreign currency will be converted to pounds sterling (£) using
the closing spot exchange rate which appears on www.oanda.com on the date of
application. Where there is income or cash savings in different foreign currencies, each
will be converted into pounds sterling (£) before being added together, and then added
to any UK income or savings, to give a total amount. Any fluctuation in the exchange
rate prior to the date of application will be disregarded: the decision-maker will base the
conversion of the foreign currency income or cash savings into sterling on the exchange
rate as at the date of application.
(Emphasis added)
Will they check your savings according to last six months currency rate? because i know before 2 month ago 1 pound sterling was equal to 210 pakistani rupees and now 1 pound sterling is equal to 195 pakistani rupees and if they will consider 2 month ago exchange rate aswel then I'm sure I'm not eligible if they will not see 2 month ago rate and only will look application date rate then according to this rate I'm not low then 62500 from last six month

Mfamily
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Pakistan

Re: Cash saving route

Post by Mfamily » Mon Sep 16, 2019 2:40 pm

geoeng wrote:
Mon Sep 16, 2019 2:16 pm
From Section 3.5 (Conversion of foreign currency) of Appendix FM 1.7 Financial Requirements:

3.5.1. Income or cash savings in a foreign currency will be converted to pounds sterling (£) using
the closing spot exchange rate which appears on www.oanda.com on the date of
application. Where there is income or cash savings in different foreign currencies, each
will be converted into pounds sterling (£) before being added together, and then added
to any UK income or savings, to give a total amount. Any fluctuation in the exchange
rate prior to the date of application will be disregarded: the decision-maker will base the
conversion of the foreign currency income or cash savings into sterling on the exchange
rate as at the date of application.
(Emphasis added)
Seagul brother what is your opinion according to this paragraph

geoeng
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Re: Cash saving route

Post by geoeng » Mon Sep 16, 2019 2:49 pm

Mfamily wrote:
Mon Sep 16, 2019 2:37 pm
Will they check your savings according to last six months currency rate?
I honestly don't know and wouldn't want to guess at what the officer reviewing the application would do. They are required to follow the guidance. The guidance says the value of the cash savings is determined by the exchange rate on the date of application and that the cash savings being relied upon must have been held for 6 months, it does not specifically state that the value of the cash funds must have been above £62,500 the entire time anywhere that I can find.

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seagul
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Re: Cash saving route

Post by seagul » Mon Sep 16, 2019 3:12 pm

Mfamily wrote:
Mon Sep 16, 2019 2:40 pm
geoeng wrote:
Mon Sep 16, 2019 2:16 pm
From Section 3.5 (Conversion of foreign currency) of Appendix FM 1.7 Financial Requirements:

3.5.1. Income or cash savings in a foreign currency will be converted to pounds sterling (£) using
the closing spot exchange rate which appears on www.oanda.com on the date of
application. Where there is income or cash savings in different foreign currencies, each
will be converted into pounds sterling (£) before being added together, and then added
to any UK income or savings, to give a total amount. Any fluctuation in the exchange
rate prior to the date of application will be disregarded: the decision-maker will base the
conversion of the foreign currency income or cash savings into sterling on the exchange
rate as at the date of application.
(Emphasis added)
Seagul brother what is your opinion according to this paragraph
See also ukvi currency exchange policy.
https://www.gov.uk/government/publicati ... ate-policy
The opinion expressed as above is neither a professional advice nor contesting/competing to other member's opinion/advice.

geoeng
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Re: Cash saving route

Post by geoeng » Mon Sep 16, 2019 3:51 pm

From the text of the document, the Home Office Exchange Rate Policy is used to set exchange rates for Home Office fees charged in foreign currencies to ensure it doesn't over- or under-collect fees rather than being applicable to exchange rates used to calculate the value of income or cash savings in foreign currencies.

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seagul
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Re: Cash saving route

Post by seagul » Mon Sep 16, 2019 4:14 pm

If that perception is correct than op totally might not be able to meet financial requirement because now PKR rupee is more devalued against pound sterling than previous 6 months.
The opinion expressed as above is neither a professional advice nor contesting/competing to other member's opinion/advice.

Mfamily
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Re: Cash saving route

Post by Mfamily » Mon Sep 16, 2019 5:53 pm

in our joint account before 6 month in the march 16th the amount was 9750000 pkr which are 50257gbp according to today's currency rate and in my wife's account in uk was 12840 pound before 6 month at this date
Seagul brother pkr rupee was more devalued before 2 month as one pound was equal to 210pkr rs now one pound is equal to 194rs

Mfamily
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Re: Cash saving route

Post by Mfamily » Thu Sep 19, 2019 4:50 pm

Mfamily wrote:
Mon Sep 16, 2019 5:53 pm
in our joint account before 6 month in the march 16th the amount was 9750000 pkr which are 50257gbp according to today's currency rate and in my wife's account in uk was 12840 pound before 6 month at this date
Seagul brother pkr rupee was more devalued before 2 month as one pound was equal to 210pkr rs now one pound is equal to 194rs
Waiting for your reply Seagul brother

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