Author Topic: 401k and foreign bank statements  (Read 560 times)

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Offline mathremuk

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Re: 401k and foreign bank statements
« Reply #15 on: March 20, 2017, 08:34:36 PM »
Thats brilliant! I am so happy at the minute. Once I get the oaperwork im going to submit instead if waiting until the last min in May!!!

Thank you so so much!

Offline mathremuk

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Re: 401k and foreign bank statements
« Reply #16 on: March 21, 2017, 08:53:19 PM »
One last question!!!

So my husband dod manage to find the original statements. They are yearly. Jan to Jan.

The amounts changed from 67k to 72k in that year.

What amount do we use? I dont know if we can find out the amount 6 months ago as its yearly statements. Should i just use the 67k?

Also the financial requirements specify regular statements. Are yearly statements considered regular? 😣

Online ksand24

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Re: 401k and foreign bank statements
« Reply #17 on: March 21, 2017, 09:21:58 PM »
I would try to find out when the amount rose from 67K to 72K... in fact, if you can get a letter from the 401K people, you can try to get them to specify exactly when the amount increased.

If it only increased in January, then you will have to use the 67K. If it was more than 6 months and you have this in writing you should be able to use the 72K.

Right now, on Oanda (which is what will be used on the date you apply), the exchange rates are as follows:
$72K = £58,128
$67K = £54,092

£58,128 converts to £16,851 towards the income requirement... so you would only need £1,749 in rental income to meet the requirement.

£54,092 converts to £15,237 towards the income requirement... so you would need £3,363 in rental income to meet the requirement.

You mentioned above that you have £5,830 in rental income over the last 11 months. Using that figure as annual rental income (for the sake of argument)... if you use all of that, the minimum savings you can have and still meet the requirement are:
£16,000 + (2.5 x (£18,600-£5,830)) = £47,925, which is currently $59,350.

So as long as the exchange rate doesn't rise to more than 1.39 dollars to the pound in the next two months, you'll be fine. Currently it's 1.24 dollars to the pound. Just looking at the stats, it hasn't been above 1.39 since before the Brexit vote and hasn't been above 1.30 since October 2016.


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Online ksand24

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Re: 401k and foreign bank statements
« Reply #18 on: March 21, 2017, 09:23:17 PM »
Since it doesn't say monthly statements, I'm assuming they mean 'regular' in terms of the period of statements that the bank/institution issue, whether that be monthly, quarterly, biannually or annually.


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Offline mathremuk

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Re: 401k and foreign bank statements
« Reply #19 on: March 21, 2017, 09:43:58 PM »
Thats great. Thank you for that information! Once we get the letter from the 401k guys i am gonna submit. I will ask them to write the figure at 6 months prior if there is a change then. If not i will submit at lowest like you said.

Thanks again!!!

Offline mathremuk

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Re: 401k and foreign bank statements
« Reply #20 on: March 21, 2017, 09:46:29 PM »
As for the exchange rate well i guess thats worked out to our favour lol. Even though our trip out this year will be more expensive 😁😂

Online ksand24

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Re: 401k and foreign bank statements
« Reply #21 on: March 21, 2017, 09:56:17 PM »
Yeah, the exchange rate sucks for going abroad from the UK, but it's great for changing US dollars to GBP!

I expect the exchange rate will drop again next week when Theresa May triggers Article 50... I'm off to Asia next weekend so I've made sure to exchange my money early before it drops again :P.


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Offline mathremuk

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Re: 401k and foreign bank statements
« Reply #22 on: March 21, 2017, 11:10:05 PM »
Have a great trip!!!

Offline jessmed3

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Re: 401k and foreign bank statements
« Reply #23 on: March 29, 2017, 02:58:16 AM »
Hang on, if you have the 401K......

All you need to do is apply under Category D and include the evidence of the 401K. That's it.

Category D: Cash Savings is the absolute easiest category to qualify under in terms of paperwork and many people would happily just use that category instead of having to worry about whether they meet the £18,600 by income alone (which you don't anyway).

So, forget about his employment income and your rental income and just use the 401K.




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Ok ok...sorry to be snooping but I learn so very much on this forum! It's jessmed3 again...still just preparing to apply, and was going to use the Category B (hubby starting job in Scotland next week) and was going to have to do all the bank statements/ pay stubs etc...but we meet this requirement too thankfully! His 401k account was hovering around $100k 6 months ago!

My question is, what do we get? Everything is paperless and all handled with companies we don't normally deal with (i.e. Not his former US employer but an investment company they use for the retirement accounts)

Hubby leaving me to go get started day after tomorrow. What should we request and get prior to him leaving?

Thank you both for the eye opening and potentially great news for me too :)
Application: April 5
Biometrics: April 13
Received: April 19
Decision email ??
Decision ??

Online ksand24

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Re: 401k and foreign bank statements
« Reply #24 on: March 29, 2017, 08:31:40 AM »
For a 401K you would have to contact the company who deals with the account and get an official statement from them and probably also a letter stating how long the money has been in the account in full (must be at least 6 months) and that the money is immediately accessible.


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