Greenie wrote:They use the currency converter on oanda.com and they use the closing spot exchange rate on the date of application
Always advisable to keep more than the required amount if you are holding it in a foreign currency
Hi Greenie,
I have a bit of a tricky question I'd appreciate some help with please.
At present, 1GBP stands at 0.46981AUD, and so 62,500GBP = 132,572 AUD.
If they use the closing spot exchange rate on the date of application to determine whether I have the 62,500 equivalent in my bank account, how would they go about determining whether I've had the equivalent in my account for the past 6 months?
In other words, if we applied at the end of November for example, and they use the closing spot exchange rate to determine the final bank figure, would they use the same rate to calculate if I have had the amount for the past 6 months, or would they check the Oanda closing figure for June 2015 to determine if I had the 62,500 equivalent six months ago?
And if someone is able to show the equivalent of 70,000GBP in their bank account with proof of where it came from, along with payslips, will the above even matter as much? Given that the amount can be traced.
The problem we're facing is the decline in the AUD. It's been plummeting over the past 6 months, so although we're able to show that we meet the 62,500 equivalent, if we use today's exchange rate, we wouldn't have had that amount in our account 6 months ago, and the more the AUD declines, the longer we have to wait to meet the 6 month rule.

It seems almost impossible to achieve!
Casa- Appreciate if you or anybody else can help too.

Thank you.