Date for maintenance funds

[SN]

We need to maintain 2800 GBP for 3 months as part of maintenance requirement. But what date's conversion rate on Oanda.com should be used?

This could cause problems especially if the pound keeps on appreciating and at the time of filing, I find that my account is short of the required 2800 pounds!

Please advise.

Regards,
SN

[ammu28]

I hope you may convert from the last day of your statement.


Cheers

[jagacharaja]

As of Jan 2007 I was advised by the HSMP customer service that they use the forex rate of the date on the most recent payslip provided, using the site oanda.com

We need to maintain 2800 GBP for 3 months as part of maintenance requirement. But what date's conversion rate on Oanda.com should be used?

This could cause problems especially if the pound keeps on appreciating and at the time of filing, I find that my account is short of the required 2800 pounds!

Please advise.

Regards,
SN

[geriatrix]

Forex rate on the day that the bank statement was issued.

Jgacharaja - This is for maintenance funds and not for income (previous earnings).

regards

[jagacharaja]

Jgacharaja - This is for maintenance funds and not for income (previous earnings).

sushdmehta - thanks; although i reckon the logic should be similar unless they've changed rules after jan '07...

[geriatrix]

I agree, but I am given to understand that's how it works for maintenance funds.

Either way, having some couple of hundreds over and above 2800 mark (if do-able) would take care of any forex fluctuations.

regards

[sushdmehta - thanks; although i reckon the logic should be similar unless they've changed rules after jan '07...