QUERY regarding OANDA

[rohitys]

hi all the ukba site says this

You should use the closing spot exchange rate on the OANDA website on the last day of the period for which you have claimed earnings in that currency

my first payslip is 25th dec 2009 & i got my last payslip on 25th nov 2010,
i'm applying on dec 2

can some one pls tell me which rate i should consider from the oanda site

--> 25th nov
--> 30th nov
--> 1st dec

kindly reply

[riteshgaur]

There are 2 Oanda rates required in T1 G application:
1) Rate for previous earnings. In this case you need to submit Oanda rate for last day of your earning period, which you want to claim. So, if your last payslip is for period 24-Oct to 24-Nov, which you received on 25-Nov, then submit rate taken on 25-Nov. (Required)

2) Rate for maintainance fund, which is date of your application. In your case, its 2-Dec (Not required, rather optional)

[rohitys]

There are 2 Oanda rates required in T1 G application:
1) Rate for previous earnings. In this case you need to submit Oanda rate for last day of your earning period, which you want to claim. So, if your last payslip is for period 24-Oct to 24-Nov, which you received on 25-Nov, then submit rate taken on 25-Nov. (Required)

2) Rate for maintainance fund, which is date of your application. In your case, its 2-Dec (Not required, rather optional)

thnx ritesh i'm talking of scenario 1)

are u extremely sure abt this cos my payslip doesn't have a date as 25th and it says total no of working days as 30

so my understanding is that i shud consider 30th nov

[riteshgaur]

Yes, abosulutely sure.

If your payslip is of Nov, then 30 Nov rate, which you will get on 1 Dec.

Rule is : Rate should be of last day of claim period

Anyway, whatever rate you submit, the officer is going to cross check. So, dont worry about rates.

[rohitys]

tats the biggest worry cos he's going to cross check

cos my bank accnt has my sal credited on 25th of every month but payslip doesn't have a date and its mentioned no of working days for nov 2010 is 30

now if i check oanda's 25th nov currency rate i do not qualify cos im in that extreme border situation of hitting 50k gbp to claim 30 points

i have to wait to check the value for 30th nov

but logically i think 30th nov shud be right cos that's the last day of my claim period

[riteshgaur]

yes, for you check 30th rate.

best of luck.

[mulderpf]

You should use the rate on the 30th. I've been checking the rates (I take it that it's INR?) and it's VERY close. I'll be holding thumbs for you.

What rate do you need to make it?

[rohitys]

You should use the rate on the 30th. I've been checking the rates (I take it that it's INR?) and it's VERY close. I'll be holding thumbs for you.

What rate do you need to make it?

thnx for the support yes its INR and yes its bloody close the magical number is 0.01390 and above

[rohitys]

talk to too many ppl and u get confused, im pretty sure i need to consider the buying rate from oanda website

so ex :-

Selling 1.00000 INR you get 0.01390 GBP
Buying 1.00000 INR you pay 0.01398 GBP

i need to consider 0.01398 right ???

[geriatrix]

talk to too many ppl and u get confused, im pretty sure i need to consider the buying rate from oanda website

so ex :-

Selling 1.00000 INR you get 0.01390 GBP
Buying 1.00000 INR you pay 0.01398 GBP

i need to consider 0.01398 right ???

Reading this post should help.


regards

[rohitys]

talk to too many ppl and u get confused, im pretty sure i need to consider the buying rate from oanda website

so ex :-

Selling 1.00000 INR you get 0.01390 GBP
Buying 1.00000 INR you pay 0.01398 GBP

i need to consider 0.01398 right ???

Reading this post should help.


regards

thnx i did read but the explanation on UKBA website for spot exchange rate states the price that a buyer expects to pay for one foreign currency when buying it in another currency for delivery immediately so doesn't tat make it the buying rate ??

[geriatrix]

Don't understand why either concerns you at all (in context of Tier 1 application) but hopefully answering the following question will get you what you want: Are you buying GBP (selling INR) or buying INR (selling GBP)?


regards

[rohitys]

Don't understand why either concerns you at all (in context of Tier 1 application) but hopefully answering the following question will get you what you want: Are you buying GBP (selling INR) or buying INR (selling GBP)?


regards

it is a big concern simply cos (total gross) * Band D (5.3) * (0.01390 or 0.01398) which has to be greater than 50k gbp for me to claim 30 points

and depending on whether it is 0.01390 or 0.01398 i can take a call on if i touch 50k gbp

[mulderpf]

The closing rate is 0.01390.

You will be selling your INR to buy GBP when you go to the UK. Alternatively, to stop getting confused, just look at the BIG number at the top of the page and ignore all the details.

[rohitys]

The closing rate is 0.01390.

You will be selling your INR to buy GBP when you go to the UK. Alternatively, to stop getting confused, just look at the BIG number at the top of the page and ignore all the details.

thanks a lot, i think i just scrape thru even with that