Tier1 - Currency conversion Fluctuations

meatdd · Post by **meatdd** » Fri Sep 19, 2008 9:49 am

i would like to know that...when you apply for tier1......BA take which rate of conversion...on the day which you finish your year...or the day you have applied.....

since i am from Pakistan and i would like to know that Pak Ruppee value is fluctuating every day....one day is 140 other day is 138 and one day is 145.....so i would like to know has they given us some set rule on this......or we have to bear the infaltion cost with us......becuz it is very difficult......infact what i beleive not many ppl can qualify with this flucutating of ruppee..

looking forward for your feedback.....

hussainkothari · Post by **hussainkothari** » Fri Sep 19, 2008 10:04 am

Please read the guidance notes carefully -
http://www.ukba.homeoffice.gov.uk/sitec ... idance.pdf

112. An applicant should use the closing spot 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.

So for your earnings section, the date of the last day of your earnings should be considered for conversion. Hope it is clear.

-H

sri_sunny · Post by **sri_sunny** » Fri Sep 19, 2008 12:10 pm

Hey,

Sorry I am lost... think meatdd is asking about exchange rate to be considered to prove u have 2800 GBP. Oanada should be referred for exchange rate on the date of statement ..... could be any day within a week before the date of application.

Am I right?

hussainkothari · Post by **hussainkothari** » Fri Sep 19, 2008 12:33 pm

Well I guess the notes do not say about this. I would take a minimum figure of x and have excess money in my account than to worry about such scenarios.

niw2 · Post by **niw2** » Fri Sep 19, 2008 8:28 pm

Yes the notes do explain this, as do the instructions contained on most if not all BHC web sites.

As stated, the exchange rate is the rate on the last day of the three months' bank statements provided by you.

vijaymaghnani · Post by **vijaymaghnani** » Sat Sep 20, 2008 3:31 am

I am getting 2 Salaries on Different Dates, My Salary from Permanent Job usually credited on 25th of every month while my 2nd salary from Contractual Employement credited on 8th of ervy month...

In this senario which rate to use for earning?

Vijay Kumar

hussainkothari · Post by **hussainkothari** » Sat Sep 20, 2008 1:21 pm

Hi Vijay Kumar,
As mentioned in my above post, for your earnings section, the date of the last day of your earnings should be considered for conversion.

This means that if you are submitting earnings from Oct07 - Sept08, then conversion rate as on 30th Sept 08 should be used.

vijaymaghnani · Post by **vijaymaghnani** » Mon Sep 22, 2008 6:50 am

OH I C..

it means The Claim period decide the date for RATE, i was thinking the date on which my last salary gets credited to account...

It means i should not take rates of 25th for my 1ST employment and 8th for 2nd employment...i will be applying on 15th NOV.... and will be showing earning period from NOV07 TO OCT08...

The Rate for calculation will be 30th OCT...Right?

Vijay Kumar

hussainkothari · Post by **hussainkothari** » Mon Sep 22, 2008 8:56 am

Hi Vijay Kumar,

The applicant should use the closing spot exchange rate from the last day of the period of earnings claimed.

In your case, this is how it would look -

Emp1 - (assuming last sal is credited on 25th of Oct08) - Earnings claimed would be from 25th Nov 07 to 25th Oct 08 - Use the exchange rate as on 25th oct 08

Emp2 - (assuming last sal is credited on 8th of Nov) - Earnings claimed would be from 8th Dec 07 to 8th Nov 08 - Use the exchange rate as on 8th nov 08

-H

coolwp · Post by **coolwp** » Mon Sep 22, 2008 9:51 am

Hi

Is it the last date of transfer into the bank account or last date of claim?

If I am claiming earning till 8 July 2008 and the salary is credited to account in August 12, the conversion rate will be considered for 8 July or august 12?

hussainkothari · Post by **hussainkothari** » Mon Sep 22, 2008 10:02 am

As per the guidance notes
tier1generalguidance.pdf

118. If, during the period for which we are considering the applicantâ€™s previous earnings, he/she has earned money from outside the United Kingdom, he/she can include these in the calculation to score points for
earnings. The applicant should provide details of the overseas earnings, in the original currency in which they were paid. The applicant should convert these earnings into pounds sterling by using the closing spot exchange rate on the OANDA website for the last day of the period for which he/she has claimed earnings in that currency.

coolwp · Post by **coolwp** » Mon Sep 22, 2008 10:08 am

Hi Hussain

Thanks for the reply
So that means I would consider the conversion rate of 8 July irrespective of the date it is credited to my bank account.
Also if i am claiming Prev earning from period 15 August to 15 September and claiming overseas earning only till 8 July, I will consider conversion rate of 8 July, irresepective of the period of claim.

Please correct me if my understanding is incorrect.

Thanks for your help.

Regds

hussainkothari · Post by **hussainkothari** » Mon Sep 22, 2008 10:28 am

Hi Coolwp,

Yes, you have to claim
emp1 - from 15th August 07 to 8th July 08 - use conversion rate as on 8th July 08.

emp2 - from 9th july 08 - 15th Sept 08- use the appropriate conversion rate (if non GBP) as on 15th Sept 08.

In my opinion, the BIA will use the information to check the points generated by their system. So even if you make a clerical error, it should be fine, it would be corrected. You should make sure that this clerical errors should not result in less points and denial of T1.

-H

coolwp · Post by **coolwp** » Mon Sep 22, 2008 10:32 am

Thanks mate!!!

nishantchawla · Post by **nishantchawla** » Mon Sep 22, 2008 10:56 am

Confused.

Should it not be the Forex rate on the date of the Statement.

If my claim period is October 07 to September 08. I am applying on the 15th of October 2008. In this case, since the bank statement should not be older than 7 days, I take the statement on the 10 October.

My understanding is that I should consider the Forex rate on 10th October and not 30th September.

hussainkothari · Post by **hussainkothari** » Mon Sep 22, 2008 11:12 am

Hi nishantchawla,

We are talking about prev earnings and not maintainance funds.

In case of prev earnings, as per pt 118, The applicant should convert these earnings into pounds sterling by using the closing spot exchange rate on the OANDA website for the last day of the period for which he/she has claimed earnings in that currency.

For maintainance funds, all evidence must be dated no more than 7 days before the application is submitted. In your case, you can use conversion rate as on 10th Oct.

prev earnings and maintainance funds are different.

-H

Chipungu · Post by **Chipungu** » Mon Sep 22, 2008 11:43 am

I would like to find out if an offshore in pound account could be used for the maintenance funds I don`t want the stress of watching the exchange rates, please tell me if this would be okay.

hussainkothari · Post by **hussainkothari** » Mon Sep 22, 2008 11:59 am

Yes, offshore in pound account would be ok. It should be in your name, have funds for more than 3 months.

manail · Post by **manail** » Sun Oct 19, 2008 5:22 pm

hi all,

if i file by november 1st, i can claim 40 points for earnings, total of 80 points for attributes. if i wait one more month till december 1st, i can claim 45, total of 85.

is there any advantage to having more points? should i wait, or just go ahead and file?

thanks,
manail

grant1 · Post by **grant1** » Sun Oct 19, 2008 7:38 pm

Hi,

extra points doesnt give u any extra credit, till the time u can score 75points u are good to apply. the only advantage of extra points is that, if they dnt give u points for something u expected them to, than the extra points can cover u up that gap. on the other hand they are changing rules everyday so u might wana apply when its all good.

ur call

manail wrote:hi all,

if i file by november 1st, i can claim 40 points for earnings, total of 80 points for attributes. if i wait one more month till december 1st, i can claim 45, total of 85.

is there any advantage to having more points? should i wait, or just go ahead and file?

thanks,
manail

ramgsk · Post by **ramgsk** » Mon Oct 20, 2008 7:33 am

Hi,
For Previous Earnings we check using the closing spot 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 (acc to 112 in tier1 general guidance)

How about the calculation for Maintenance funds, is it the same closing spot rate on the OANDA website for the last day of the claim period. It is not specified clearly in the tier1 guidance whether we have to use the same calculation here also, I am asking this question since BHC uses some other rate for Tier1 fees, which it currently is using Rs 90/- for a Pound

manail · Post by **manail** » Mon Oct 20, 2008 11:39 am

hi grant1, thanks for your comments, they're quite useful.

i'm not sure i'd have anything else in my application they could possibly deduct points for:

Age - 5 points - 31
Qualifications - 35 points - US Master's degree
Income - 40 or 45 points, depending on if I wait till Nov 1 or Dec 1 to file -

maintenance funds - 10 points
english language - 10 points - US Master's degree

so in total, i could have between 40 and 45 points for attrib's, or between 100 and 105 points total.

am i splitting hairs here?

thanks again, manail

grant1 wrote:Hi,

extra points doesnt give u any extra credit, till the time u can score 75points u are good to apply. the only advantage of extra points is that, if they dnt give u points for something u expected them to, than the extra points can cover u up that gap. on the other hand they are changing rules everyday so u might wana apply when its all good.

ur call

manail wrote:hi all,

if i file by november 1st, i can claim 40 points for earnings, total of 80 points for attributes. if i wait one more month till december 1st, i can claim 45, total of 85.

is there any advantage to having more points? should i wait, or just go ahead and file?

thanks,
manail

ramgsk · Post by **ramgsk** » Mon Oct 20, 2008 2:03 pm

Hi niw,
For the previous earnings, the notes do say about the exchange rate to be the rate on the last day of the earnings claim period (acc to paragraph 112 of tier1 general guidance)

But for maintenance funds I did not find any such specific note, could you please give me a reference.

Actually, I am looking out for applying for my wife just after mine, maintaining some funds, now since the rate has risen a lot, I might be in a problem if I have to take the rate of BHC which is 90 Rs a pound, if I take OANDA rate which is currently swinging at 87, I am fine with that.

The reference to the point above (reg maintenance funds calculation) would give me a lot of relief.

niw2 wrote:Yes the notes do explain this, as do the instructions contained on most if not all BHC web sites.

As stated, the exchange rate is the rate on the last day of the three months' bank statements provided by you.

heyyou007 · Post by **heyyou007** » Mon Oct 20, 2008 10:49 pm

Hi Guys
I am planning to apply in the first week of Nov.
I will be showing my indian salary.
Please tell me how latest does the indian bank statement needs to be before applying ?
If my UK payslip is an internet copy do I need to authorize the same ?
Thanks

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Tier1 - Currency conversion Fluctuations

Tier1 - Currency conversion Fluctuations

Two Salaries

waiting to score more points - good idea?

Re: waiting to score more points - good idea?

Maintenance funds conversion

Re: waiting to score more points - good idea?

Can you please quote the reference