which exchange rate from Oanda should I use for earnings

concept · Post by **concept** » Wed Jun 02, 2010 11:16 am

Hi Everyone,
The BHC says oen should use 'closing spot exchange rates on the end of earning period' for coversion. My date is may 31. But if enter may 31 it shows the 'exchange rate for period ending may 30'. Only if I select june 1, it shows the 'exchange rate for period ending may31'. Kindly suggets which date I should choose. This is critcal for my application since I will eleigible if I use the latter and not eligible if use the former.

thanks,
Vishnu

aliq09 · Post by **aliq09** » Wed Jun 02, 2010 12:14 pm

concept wrote:Hi Everyone,
The BHC says oen should use 'closing spot exchange rates on the end of earning period' for coversion. My date is may 31. But if enter may 31 it shows the 'exchange rate for period ending may 30'. Only if I select june 1, it shows the 'exchange rate for period ending may31'. Kindly suggets which date I should choose. This is critcal for my application since I will eleigible if I use the latter and not eligible if use the former.

thanks,
Vishnu

Hi ,

Once , i applied for my TIER1 , i woke up in the morning just before going to VFS .. open the website and make a print ...place the paper inside my big documents folder and that's all. It's simple

Good Luck!

aspirant99 · Post by **aspirant99** » Wed Jun 02, 2010 12:38 pm

concept wrote:Hi Everyone,
The BHC says oen should use 'closing spot exchange rates on the end of earning period' for coversion. My date is may 31. But if enter may 31 it shows the 'exchange rate for period ending may 30'. Only if I select june 1, it shows the 'exchange rate for period ending may31'. Kindly suggets which date I should choose. This is critcal for my application since I will eleigible if I use the latter and not eligible if use the former.

thanks,
Vishnu

I think it should be June 1 you should select. Seniors please correct me if I am wrong..

krishna153 · Post by **krishna153** » Thu Jun 03, 2010 9:08 am

Hi, I can see oanda rate on 31st may is : 67.0228

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

reply me for any more specific queries u have.

ChetanOjha · Post by **ChetanOjha** » Thu Jun 03, 2010 9:25 am

This thread should help.

http://www.immigrationboards.com/viewto ... ht=#288776

concept · Post by **concept** » Thu Jun 03, 2010 3:26 pm

krishna153 wrote:Hi, I can see oanda rate on 31st may is : 67.0228

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

reply me for any more specific queries u have.

Krishna,
You get 67.0228 rupees when you buy a UK pound. But to buy a UK Pound you need to shell out 68.16 Rs. Ideally we should use tha latter for converting indian earnings to UK pounds. Correct me if I am wrong.

thanks,
Concept

concept · Post by **concept** » Thu Jun 03, 2010 3:28 pm

chetanojha wrote:This thread should help.

http://www.immigrationboards.com/viewto ... ht=#288776

Chetan,
That thread doesn't answer my question. I know that last day of earnings should be considered. But i am confused about whether the opening values on may31st(rates at end of may30) or closing rates on may31(the one you get when u select june 1). Kindly clarify my doubt

thanks,
concept

rupeshmg · Post by **rupeshmg** » Fri Jun 04, 2010 5:51 am

concept wrote:
chetanojha wrote:

Chetan,
That thread doesn't answer my question. I know that last day of earnings should be considered. But i am confused about whether the opening values on may31st(rates at end of may30) or closing rates on may31(the one you get when u select june 1). Kindly clarify my doubt

thanks,
concept

Concept,

I guess you are referring to wrong URL for conversion. I think you are looking at following URL -

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

While you should check exchange rate from following URL -(Tier-1 General guidance - Section 129 )

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

Regards

concept · Post by **concept** » Fri Jun 04, 2010 8:03 am

thanks. But the data is same there as well. when i press may31 it shows closing rates of may30.

ChetanOjha · Post by **ChetanOjha** » Fri Jun 04, 2010 8:26 am

I would consider closing rates.

concept wrote:thanks. But the data is same there as well. when i press may31 it shows closing rates of may30.

concept · Post by **concept** » Fri Jun 04, 2010 1:01 pm

Yes chetan. that makes sense to em as well. But I am hanging on the balance here. Unless I am sure that it is the closing rates I cannot apply since the i would risk the 50K spent. So I am looking for some definitive reply here. Please help.

aspirant99 · Post by **aspirant99** » Sun Jun 06, 2010 9:02 am

concept wrote:Yes chetan. that makes sense to em as well. But I am hanging on the balance here. Unless I am sure that it is the closing rates I cannot apply since the i would risk the 50K spent. So I am looking for some definitive reply here. Please help.

This is wt the classic converter says:

Monday, May 31, 2010

1 Indian Rupee = 0.01492 British Pound

1 British Pound (GBP) = 67.02280 Indian Rupee (INR)

Interbank rate +/- 0%

This means:
You buy 1 Indian Rupee : 0.01492 British Pound
You sell 1 Indian Rupee : 0.01467 British Pound
You buy 1 British Pound : 67.02280 Indian Rupee
You sell 1 British Pound : 68.16805 Indian Rupee

Median price = 0.01467 / 0.01492 (bid/ask)

So u have to consider....01492...does that help??

concept · Post by **concept** » Sun Jun 06, 2010 10:54 am

thanks Aspirant. If what you said is right I will be the happiest. But I just want to make sure that my happiness will be justified.

Excuse for being pushy. But my concern is that I have Indian rupees and I need to convert that to GBP. So if I sell one INR to buy GBP, I will get only 0.01467 GBPs. So it makes sense to use 0.01467 right? correct me if I am wrong.

The thing is that I cannot accept people getting their VISAs using the buy rate as a proof because I heard that the embassy uses its own claculations if wrong rates are used. I also rememeber that i somewhere read in official website that one should use the buy rates and not sell rates. So please clarify me. once agin sorry for being buggy.

thanks for all the help,
Concept

aspirant99 · Post by **aspirant99** » Sun Jun 06, 2010 11:01 am

concept wrote:thanks Aspirant. Excuse for being pushy. But my concern is that I have Indian rupees and I need to convert that to GBP. So if I sell one INR to buy GBP, I will get only 0.01467 GBPs. So it makes sense to use 0.01467 right? correct me if I am wrong.
The thing is that I cannot accept people getting their VISAs using the buy rate as a proof because I heard that the embassy uses its own claculations if wrong rates are used. I also rememeber that i somewhere read in official website that one should use the buy rates and not sell rates. So please clarify me. once agin sorry for being buggy.

thanks for all the help,
Concept

hmm..i think u r correct on this...but let the ones who have already applied comment on the post.

pakhal123 · Post by **pakhal123** » Sun Jun 06, 2010 11:44 am

1. Logic wise, the conversion rate of INR to GBP means the rate at which you sell INR to buy GBP. And that rate should equal 0.01467.

2. For an experiment, if you use the other converter on the oanda site, it shows just one rate. We have confusions because the classic converter gives us 2 rates. If it gave us 1, we wouldn't be confused, right? So may be its a good idea to see which of these 2 rates match with the single rate returned by the modern converter, and use that rate. I think it will again be 0.01467

3. At times of confusion, it is probably wiser to use the conversion rate which is lower. Which is again 0.01467

So, in absence of any definitive information, i think 0.1467 is the rate to go with. Seniors can correct me if i'm wrong.

regards

concept · Post by **concept** » Sun Jun 06, 2010 11:59 am

pakhal123 wrote:1. Logic wise, the conversion rate of INR to GBP means the rate at which you sell INR to buy GBP. And that rate should equal 0.01467.

2. For an experiment, if you use the other converter on the oanda site, it shows just one rate. We have confusions because the classic converter gives us 2 rates. If it gave us 1, we wouldn't be confused, right? So may be its a good idea to see which of these 2 rates match with the single rate returned by the modern converter, and use that rate. I think it will again be 0.01467

3. At times of confusion, it is probably wiser to use the conversion rate which is lower. Which is again 0.01467

So, in absence of any definitive information, i think 0.1467 is the rate to go with. Seniors can correct me if i'm wrong.

regards

Thanks Pakhal. I would happily go with 0.01467 if I become eligible when I use that rate, but that is not the case here. I am eligible only if I use 0.01492 or the closing rate on 31st[one taht comes when you select june 1] that is 0.01485. So experts/moderators kindly give a definitive answer and close this.

thanks,
Concept

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