Pls help me out about the financial requirements

Guys, I was about to apply for my spouse visa in afew days but I just heard horrible news! We were going through the savings route with regards to the financial requirements and had $80,600 in our bank for th last six months. I have be en waiting for six months just for this and its finally six months but then I just found out today that th dollar has fallen and the currency rate makes the amount we have to £62,100 and we are missing just £400!!!!!! I am feeling so helpless and have no idea what to do! Because afew months ago, we were meeting the requirements but it seems that the pound is getting stronger. Do you think the entry officer will have a problem with us just missing £400 which isnt out fault but the fault of the world market! And also which date do they convert from? The day that I apply ? Please someone help me out as I am stressing out so bad.

Do you think the entry officer will have a problem with us just missing £400 which isnt out fault but the fault of the world market! And also which date do they convert from? The day that I apply ?

They use the Oanda exchange rate on the date you submit and pay for your online application: https://www.oanda.com/currency/converter/

And yes, the entry clearance officer will have a problem if it's £62,100... it will be an automatic visa refusal because you won't meet the requirements.

So, you're going to have to wait to submit your online application until the exchange rate goes up again and the exchange rate shows that it equals £62,500 or more on that date.

If you submit now, when it's £400 short, you will not qualify for the visa.

Today's Oanda exchange rate shows that $80,600 is £61,946.00... which is £554 short.

The thing is can I use my tanzanian joint bank account that I share with my father  which has $2000 and he is willing to write a letter saying that I can take all of the money together with my orginal bank account that has the 80,000$
Btw thank you so much for replying so fast and giving me such great great advice honestly! You have no idea how much you helped me. Bless you ksanda!

The thing is can I use my tanzanian joint bank account that I share with my father  which has $2000 and he is willing to write a letter saying that I can take all of the money together with my orginal bank account that has the 80,000$

The thing is, the money has to be in a bank account in your/your spouse's name ONLY. If it's in a joint account with your father, you cannot use it.

So, your father could either take his name off the account, or you could transfer it to a different account in your name only, but you would have to wait another 6 months before you can use it.

They are very strict about the requirement as ksand has explained.

You have to use the closing spot rate from Onada.com on the day you apply.

(f) Income or cash savings in a foreign currency will be converted to pounds sterling using the closing spot exchange rate which appears on www.oanda.com* on the date of application. 

Try sitting tight a while and monitoring the rate on a daily basis so that you know when you are getting close to being able to apply.

https://www.gov.uk/guidance/immigration-rules/immigration-rules-appendix-fm-se-family-members-specified-evidence

What do you guys suggest i do then?
Should my father take his name off and then I can submit the bank statements

What do you guys suggest i do then?
Should my father take his name off and then I can submit the bank statements

We've both suggested that you monitor the exchange rate for a bit to see if it comes back within range.
If you remove your dad's name from the account, you'll need to wait a full 6 months before you can use the money.

1- how come I have to wait 6 months if I remov my dads name when the money has been in the account for over six months in the joint account?
2- what does closing spot rate mean?

What do you guys suggest i do then?
Should my father take his name off and then I can submit the bank statements

As we've both said, you'll just have to keep checking the Oanda exchange rate every day and then submit the application on a date when it equates to above £62,500.

I would also get the $2,000 in an account in your name only (either by moving it or taking your dad's name off it).

That way, if the exchange rate does not improve enough to use the $80,600 in the next 6 months, you can apply using the $80,600 + $2,000 once it has been in your account for 6 months.

1- how come I have to wait 6 months if I remov my dads name when the money has been in the account for over six months in the joint account?

Because the requirements state:

7.4.1. Savings must be held in cash in a personal bank/savings account in the name of the applicant, their partner or the couple jointly. The savings can be from any legal source, including a gift from a family member or other third party, provided the source of the cash savings is declared. The applicant and/or their partner must confirm that the money, which cannot be borrowed, is under their control and evidence that it has been held in their bank account for at least the 6 months prior to the date of application

If your father's name is on the account, it is not in 'the name of the applicant, their partner or the couple jointly', and it is not under your control, because it is also owned by your father and he could choose to spend it at any time.

2- what does closing spot rate mean?

I believe it's the closing exchange rate at the end of the day you submit the application.

Have you checked today?  The pound has been slipping over the past week or two, so if you were close before, you might just make it today.  If you're still not quite there, keep watching it.  I show that US$80600 is £62728.60 at the moment.

Have you checked today?  The pound has been slipping over the past week or two, so if you were close before, you might just make it today.  If you're still not quite there, keep watching it.  I show that US$80600 is £62728.60 at the moment.

Hi there! Yes Ive been checking Oanda every single day! Thank God Its reached the requirement now just waiting for bank statements to arrive and then finally i can apply. I just hope the dollar doesnt fall again next week!

What if during the date of submission, the dollar rate meets the requirement for spouse visa but say a week after submitting the online application, th dollar rate goes down n no longer meets the requirement, would that be an issue? But then there is nothing i can do then as it would be out of my control completely and unpredictable.

The only rate that matters is the closing rate on the day you submit the online application.

That is your official application date and that is the date on which your savings and related documents must meet the requirements (I.e. The latest statement must be dated within 28 days of the online application date).


Sent from my iPhone using Tapatalk

How do you check the closing rate of the date you submit? What if I submit in the morning and the rate changes at the end of the day on oanda? Is that possible?