Maintenance Fund 2800 for all time is daily closing balance?

[piro]

Hi All,

I am going to apply for tier 1 general visa soon. All documents completed except a doubt.

I see the oanda conversion rate makes my balance slightly dip below 2800 gbp after a transaction in a day while in the same day another transaction makes it go over 2800 and then never going back. Although my closing balance for the day was above 2800 and it always remained above 2800.

What is confusing me is whether a closing balance for the day is what is required for the maintenance fund or it is the running balance (after every transaction) that is considered?

I would really appreciate to hear some real time experiences about this particular point. I hope this will help end the confusion for everybody who will be applying in the future .

This point has been rarely touched in detail in forums and no clear direction is available.

Please do comment.

Thanks

Piro

[geriatrix]

1. Not closing balance of the day but the minimum account balance at any time should be equal to / above the required maintenance fund amount. If multiple accounts are used then the minimum balance of (all) accounts combined should be equal to / above the required sum.
2. The exchange rate of overseas currency is made using the OANDA rate conversion on the date of application.


regards

[piro]

Dear Sushdmehta,

Thanks for the kind reply. I have been researching meanwhile

While this link supports what you said

http://firstmigration.com/visas/uk/tier ... -questions

the following links show different angle

http://talk.uk-yankee.com/index.php?topic=49815.0

In this link, especially the reply #4 says "If a transaction took you below the amount needed, you fail, and unless you can prove otherwise, you will be refused.

This system is utterly pathetic."


Also this link

http://www.immigrationboards.com/viewto ... 7ad382c6df

they tell some other story

Could you please put some light on the conflicting information in multiple links and your knowledge. Also could you share the experience that convinced you to post your kind comment?

Actually I want to end this confusion once and for all and for everybody . I am quiet sure you guys are going to help us out!

Thanks,

Piro

[mulderpf]

Unfortunately you will be left to the mercy of the immigration officer. Anyone on this forum can say what they like, but you in your case, it's a closing balance that you are relying on vs a general balance.

As none of the guidance specifically states a closing balance, but rather mentions the balance (in general at any time of day, regardless of the time of day), it's up to the person reviewing your case's judgment.

I was reading through the tribunal cases today and I think it's pretty much up to the person reviewing your case's judgment whether or not you actually have the financial means. To date there's been no specific determination on a case like yours where someone fell below the required balance on one day and then made it up again. (Other than someone who actually lent a family member 12 000 GBP in which case it was determined that he had the financial means after being denied at first - although I think it was a different category of visa).

[geriatrix]

piro, apologies for not responding with an accurate answer. Was responding to similar query on a different immigration forum but inadvertently copied the response meant for that site here, and vice-versa. Have amended my response above.

As mulderpf has already indicated, since there is no clear indication in the current policy guidance whether closing / end-of-day balance is considered or general account balance at any given time the inference of what the policy document states is subject to the caseworker intelligence / understanding. Therefore, it is in the interest of the applicant that he/she maintains a minimum balance in the account (at any time) that is equal to / above the amount of funds needed. This said, do take note of the statement - the balance must always be at least £2,800 or £800, as appropriate - in the policy guidance.

Does your bank account statement show end of day account balance, or account balance for every credit / debit transaction during a given day? If the former, you should be fine. But if you wish to eliminate any risk whatsoever, you may choose either of the following:
1. Use another account, if you have one, to cover up the shortfall on the given day / period (para 214 of the policy guidance), or
2. Instead of the banks statement(s), get a letter issued from your bank to confirm availability of funds during the 90 days period (para 215(iii) of the policy guidance) as evidence of maintenance funds.



regards

[piro]

Thank you sushdmehta and mulderpf for your thoughtful input.

While I am still looking for more inputs especially some personal experience of anybody, but based on the discussion and your valuable input, here is how I have made up my mind.

The most ideal thing would have been applying within 2-3 days as things are getting tougher due to cap/limit on number of visas and the fact that the November 2010 quota has already filled and all new applications will be queued for December. This way every passing day make things harder.

But still applying and applying with correct documents is important.

----------------
If I apply within a few days as 3 months maintenance requirement of 2800 gbp met yesterday with a single day dip and raise in between as discussed in the topic,

There is a risk of

1. Refusal without right of appeal
2. Refusal with right of appeal

and in ideal state

3. Chance of Success

With 1,

Money and time is going to waste. The importance of time has increased manifold due to the cap/limit as refusal would mean a fresh apply would be required, hence putting oneself to the end of a lengthy queue with no time limit known.

With 2,

If appeal is granted then good otherwise time is going to waste and even worse if appeal is denied again as that will push me even farther in the queue with a fresh apply.

-------------------
Another way out is to wait for a month (till mid December) as in my case I can apply after a month with a perfect maintenance fund scenario having the slight transactional dip in balance washed away. And if the conversion rate gets better may be I am able to apply before a month.

In that case, although I will be late at most for a month and my application will be queued with the results of application getting late but it is still a better scenario than 1 and 2 (discussed above) as the risk factor will be eliminated and the chances of success will be brighter.

-------------------

I think waiting for the best time to apply with a risk free application and ignoring the visa cap constraints is the right way to go??? unless a clear proof of some real experience supporting the closing day balance scenario is shared here sometime soon?

Please advise.

Thanks for the patience and support .

Piro

[piro]

sushdmehta and mulderpf, please look at a new topic that I opened too if possible . That is about my earnings as self-employed.

http://www.immigrationboards.com/viewto ... 054#428054

Thank you.

Piro

[piro]

Dear sushdmehta and mulderpf

For your and all other users who might want to know the answer to the question that I raised in this thread.

I applied on Nov, 16th 2010. The format of the bank statement showed all the transactions but only End of The Day balance. After I had the statement in my hand, I thought it seems fair enough to take the risk as it covers all their requirements although the balance had dropped slightly and then shored up in a day.

I went for it and received my entry clearance today .

Thank you for the help and suggestions. Don't know if this info will be useful to anybody now as Tier 1 applications are no more accepted but still may be a useful piece of info in future for visas that require maintenance funds.

[mulderpf]

Congrats!