Bank Letter Currency ?

[cquel]

Hi,

I have one simple doubt regarding the bank letter. Should the bank letter state the amount in GBP or is it alright to state the amount in the currency it is currently in ? ( INR in my case ! )

If stating the currency in INR, do we need to provide conversion stats somewhere? ( OandA print out ? ) .. Can someone clarify if it is alright to show currency in INR in the bank letter?

[Dayyurite]

Hello,

It's okay to leave the money in the currency it is. However. You also need to state the amount available to you in GBP on that same letter. This GBP amount is a must requirement and when you do that, you are telling them the balance on the account and the amount you are claiming in GBP. In this case they will do the conversion using Oando rate to determin whether the local currency in you bank account is equivalent of the GBP amount you are claiming.

[cquel]

Thank you for the quick answer.

But I went through the guidance again and probably this might be helpful for people who might be looking for similiar information. Here is the relevant section from the policy guidance.

The total amount of available money must be either at least £200,000; or at least £50,000
as applicable. If the money is held in several financial institutions, you must supply a recent
letter from each institution. If the money is not held in pounds sterling, we will use the rate of
conversion on the Oanda website at www.oanda.com to convert the money into pounds sterling,
using the exchange rate that applies on the date of the application.

[Dayyurite]

Please check the section for the bank letter itself and read the required contents of the bank letter. Then you will see that they also want you to state the amount available to you in GBP