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OANDA

Archived UK Tier 1 (General) points system forum. This route no longer exists.

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harakiri
Member
Posts: 118
Joined: Sun Jun 17, 2007 2:53 pm

OANDA

Post by harakiri » Mon Oct 27, 2008 12:42 pm

I think OANDA website is not showing the correct exchange rate from British Pound (GBP) to Indian Rupee (INR). For eg. currently 1 GBP = Rs. 85.57015 on OANDA, however it is Rs. 77.021, Rs. 76.81042 and Rs. 76.xxxx on Yahoo!, MSN and XE.com respectively.

I got the rate of Rs.85.57015 on OANDA using the option 'Interbank rate' from the drop down menu. Hope I'm using the right option as I could not find the 'Spot rate' option anywhere on it. Or is interbank rate the same as spot rate?

I'm sure the GBP rate as at today is much lesser than Rs.80 !
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apply4hsmp
Member
Posts: 237
Joined: Mon Nov 21, 2005 6:19 pm

Post by apply4hsmp » Mon Oct 27, 2008 1:10 pm

From Tier1 guidance

112. An applicant should use the closing spot
exchange rate on the OANDA website at http://www.
oanda.com/convert/classic on the last day of the
period for which he/she has claimed earnings in that
currency. This is an independent website, for which we
are not responsible.
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tier_1_aspirant
Newly Registered
Posts: 3
Joined: Mon Oct 27, 2008 11:09 am

Re: OANDA

Post by tier_1_aspirant » Mon Oct 27, 2008 7:33 pm

harakiri wrote:I think OANDA website is not showing the correct exchange rate from British Pound (GBP) to Indian Rupee (INR). For eg. currently 1 GBP = Rs. 85.57015 on OANDA, however it is Rs. 77.021, Rs. 76.81042 and Rs. 76.xxxx on Yahoo!, MSN and XE.com respectively.

I got the rate of Rs.85.57015 on OANDA using the option 'Interbank rate' from the drop down menu. Hope I'm using the right option as I could not find the 'Spot rate' option anywhere on it. Or is interbank rate the same as spot rate?

I'm sure the GBP rate as at today is much lesser than Rs.80 !
Hi Harakiri,

You are right. Its very confusing. Oanda is not showing the correct rate. Maybe this is not the first time it has happened thats why HO has chosen this particular website. :twisted:
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harakiri
Member
Posts: 118
Joined: Sun Jun 17, 2007 2:53 pm

Re: OANDA

Post by harakiri » Tue Oct 28, 2008 6:03 am

tier_1_aspirant wrote:
harakiri wrote:I think OANDA website is not showing the correct exchange rate from British Pound (GBP) to Indian Rupee (INR). For eg. currently 1 GBP = Rs. 85.57015 on OANDA, however it is Rs. 77.021, Rs. 76.81042 and Rs. 76.xxxx on Yahoo!, MSN and XE.com respectively.

I got the rate of Rs.85.57015 on OANDA using the option 'Interbank rate' from the drop down menu. Hope I'm using the right option as I could not find the 'Spot rate' option anywhere on it. Or is interbank rate the same as spot rate?

I'm sure the GBP rate as at today is much lesser than Rs.80 !
Hi Harakiri,

You are right. Its very confusing. Oanda is not showing the correct rate. Maybe this is not the first time it has happened thats why HO has chosen this particular website. :twisted:

I think this is precisely the reason why BHC has chosen this website! But nothing can be done about it. Anyways I have written to guys at OANDA. Waiting for their reply.
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sri_sunny
Member
Posts: 127
Joined: Mon Sep 08, 2008 10:57 am

Post by sri_sunny » Tue Oct 28, 2008 8:10 am

My concern is not about using Oanda for previous earnings since my last working day was May 8th which is in the past and the xchange rate is fixed.

But for maintenance funds it is a great concern since I am concerned as to what would be rate on the date of my statement which is within previous 7 days from the date of my application.

I am using www.oanda.com/convert/classic and selecting British pound on the left and INR on the right. Is there any other place on this site where I could find the 'spot xchange rate'?
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sri_sunny
Member
Posts: 127
Joined: Mon Sep 08, 2008 10:57 am

Post by sri_sunny » Wed Oct 29, 2008 3:34 am

any answers?
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harakiri
Member
Posts: 118
Joined: Sun Jun 17, 2007 2:53 pm

Post by harakiri » Wed Oct 29, 2008 4:08 am

sri_sunny wrote:any answers?
I think no one knows where to find the closing exchange spot rate on OANDA website. Also if you see the page where it gives you the conversion rate from GBP to INR, it states a note that the rate is estimated based on the Dollar price. I think it means that the GBP rate if first converted to Dollar and then Dollar is converted to INR. If this is the case, it is not a true reflection of the exchange rate from GBP to INR!

This is a trap now as no one knows how BHC will assess the previous earnings/maintenance funds of the applicant.

I'm still waiting for a reply from OANDA.
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sri_sunny
Member
Posts: 127
Joined: Mon Sep 08, 2008 10:57 am

Post by sri_sunny » Wed Oct 29, 2008 8:34 am

Thanks for your reply.

Its also a good idea to write to BHC. Theses guys are quiet reasonable if we substantiate our claims.


Let me see if I can get the contact details of BHC.

I am not positive about getting results from Oanda. They are commercially driven and would have their own reasons as to why they over-quote. Their biz intelligence team would definately know what their competitors quote in the market.
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