Uk partners visa savings

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Uk partners visa savings


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Old 22nd January 2014, 04:44 PM
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Default Uk partners visa savings

Dear all,

Myself and my fiancée have been putting things together for the partners visa application for the past year. This includes setting aside savings to meet the financial requirements (~£62k) in Australian dollars.

However, we have just stumbled upon what seems to be a fairly catastrophic problem in that, what was equivalent to £62k is now worth significantly less at ~£54k, due to either appreciation of GBP, depreciation of the Australian dollar or a combination of the two.

If and when we do apply, will the UKBA consider out savings from the point they were placed into the account we made for them or from the time in which we actually apply? I have a feeling that it's the latter myself but I thought it best to check regardless.

As a further question, if the Australian dollar were to pick up again, would this alleviate our problems?

Thanks for any and all help,

Dominic

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Old 22nd January 2014, 05:18 PM
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They work out the sterling equivalent using Oanda closing rate for the date of application.
If Aussie dollar improves, yes, but it's a speculation and a dangerous one at that. UK economic recovery is strongest in the world according to OECD and sterling is expected to continue appreciating for the foreseeable future.

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Old 22nd January 2014, 06:45 PM
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Quote:
Originally Posted by Joppa View Post
They work out the sterling equivalent using Oanda closing rate for the date of application.
If Aussie dollar improves, yes, but it's a speculation and a dangerous one at that. UK economic recovery is strongest in the world according to OECD and sterling is expected to continue appreciating for the foreseeable future.
Hi Joppa,

Sorry to just jump into this thread, but I have a similar concern. If I had savings in Dollars equivalent of 62.500 GBP from the start of the six months period and during that six month in between it went up and down but by the time i apply I have 62.500 GBPor more, will there be a problem?

Thank you..

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Old 22nd January 2014, 07:59 PM
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No, but as I said, you are taking a gamble. Wise thing to do is to have more than the equivalent of £62,500 at the start of the 6-month period (say 10% more), then you are insured against adverse exchange rate movement up to 10%. Even better is to hold the savings in sterling.

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Old 22nd January 2014, 08:09 PM
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Originally Posted by Joppa View Post
No, but as I said, you are taking a gamble. Wise thing to do is to have more than the equivalent of £62,500 at the start of the 6-month period (say 10% more), then you are insured against adverse exchange rate movement up to 10%. Even better is to hold the savings in sterling.
Thank you Joppa for your kind reply..

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