Exchange Rate @ HO

[Nousky]

Please does the HO calculate the exchange rate at the time an application was sent or does it at the moment when the application is being processed

I work in Cote D'Ivoire and by 28 May 2004 when my applcation was sent to the HO, the exchange rate was 1GBP = 908 CFA but as at today 1 GBP = 941 CFA. Though I still meet the minimum income of 3500 GBP. My fear is that our currency down here in Africa is never stable.

Many thanks for your answers.

Nousky

[sohail]

no need to worry at all!!!! it will be calculated at the older rates.

[Nousky]

Thanks soheil for the info.

Nousky

[f2k]

yep. everything is at the time you applied. also interesting thing is you should check the exchange used when they deducted payment (if you used credit card) that will probably be the one that they will use

[EdgeHillMole]

Hi,

Are you guys positive about this? Do we have this from an authority source or website somewhere? The exchange rate here is beginning to look pretty unstable too. I am worried that in 6-10 months it will be so high that I will no longer be able to meet the HSMP criteria under the salary category!

[f2k]

dont worry Julia9ca, all your information and supporting evidence is of the date you submit your applications. so if you applied two months ago when the dollar was much stronger, thats the rate that they will use

[Alagomeji]

And now the currency here is dropping like a pebble in a well. I'm curious, can you show evidence of funds not local to your country in your application for EC? I am considering taking out a large chunk of my savings and converting it, so that I don't lose it all

[EdgeHillMole]

Alagomeji,

When I bought my rental property in the UK, I opened a bank acount in the Isle of Man. It's called an Offshore Account, and it's in British Pounds Sterling. I transferred money into this account as proof of savings to live off of for HSMP & EC documentation.

You do not have to be a British citizen or resident to open one of these offshore accounts. You do however have to provide quite a bit of documentation, but it is worth it to be able to mobilize all your money into British Pounds Sterling when the time comes (i.e., when you get the HSMP approval letter).

The big question here (Rhetorical): Will the currency value keep dropping or will it go up again? Without an answer to this question, it is hard to know whether to move all money now or wait out the 'storm' for a better rate.