maintenance Funds and Exchange Rate?

So we need to prove a MINIMUM of 2800GBP in one account for atleast 3 months straight.   How do we calculate this in our cover letter (and letter from our bank) of our materials we are mailing? ie, if I completed my online application today (October 6th), do I use the exchange rate at the close of business today of 2800GBP > xxxUSD? And then state I had a minimum of xxxUSD for 3 months? Or do I use the exchange rate of the day I mail in the application?

Go to the date of the most recent statement (the statement date) you are submitting and get the closing spot for that day.   

You should use one of their 'official' exchange rate sources.  I recommend making a print-out  from whatever site you are using and include it with your stuff, and make sure the print out has the http footer.

Great, thank you. Also, good idea on the print out, and I think I did write down the official site that they use for the rate conversion that was outlined in their guidelines.
THX

Use OANDA.

Make sure your latest bank statement is less than 7 days old at the time of application.

If the account has ducked below £2800 at any point int he three months you will be refused.

If you are bringing a dependent, be aware that the figure is higher.


Vicky

If the account has ducked below £2800 at any point int he three months you will be refused.


Vicky

Does this rule also apply to BUNAC entry clearance also? The minimum is 1000GBP which my friend who is applying will have on her latest statement, but not on the previous two months. She'll be including documentation saying she has free accommodation for her time there if that helps any.

No.  They are different requirements which are meant to establish different (or relatively different) facts about the applicant.  T1 is a whole lot more complex than the YMS, and the best strategy is to ignore the T1 stuff if you are doing T5 stuff. 

Thanks, that's good to know!

related question:

As Vicky mentioned, the last bank statement has to be less than 7 days old. But what if it's in fact dated several days later than the biometrics appointment?

I was counting on Bank of America to send me reference letter showing my transactions between now and the end of last statement, but when I received it today I found out that they just sent me copies of my old statements that I already had, so now I'll have to wait until the billing cycle is over to receive a new statement in the mail.

My timeline:
October, 1 - online application
October, 7 - biometrics
October, 9 (or 10) - bank statement date
I send everything out when I receive last statement (around October 15)

Will this work? What date should I use for spot exchange rate?

P.S. My next bank will be small one branch bank where I could just go in person to get required documents. This all centralized Bank of America business becomes very frustrating.

For an Inter-company transfer, is the amount still 800 (approx. 1600 USD?).  I've had that, I just want to make sure I continue to have that.

They have already agreed to change the 7 day requirement to 30 days.  It just hasn't been activated yet.  

When it does activate, it will make things a lot easier.  I told Vicky about this almost 3 weeks ago, and we're both looking for the activation.

That's good information, Garry. Can you also comment on the following: Is the 3-months of bank statements showing required funds exactly calendar months? That is October 1 thru December 31? Or can it be 90 consecutive days, for example September 26 thru December 25? (With bank statements from September thru December verifying that, of course.)

I have an account whose closing date is -- oddly enough -- every 25th of the month, rather than the end of the month.

That's fine.

But take note that the 7 day thingie is still in place until the new 30 day thingie activates. 

Thanks bunches, will do!