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Are we supposed to monitor exchange rates after AOR?

arcticbeans

Star Member
Feb 4, 2015
93
6
Category........
Visa Office......
London
Job Offer........
Pre-Assessed..
Hi All,

We are PNP applicants, got our PR ITA on 29th June and submitted app 1st July, AOR 1st July currently eligibility review in progress. The morning of the day we were going to submit our application I went to our bank (two hours drive away from us) and got all of our proof of funds stamped and signed by the bank manager as we have online banking and I wanted to make sure it looked official.

Just before we were going to submit our application in the afternoon, the exchange rate changed which meant that we were $70 Canadian dollars under the POF lico. In the meantime our bank balance had increased due to some money being paid in, and was over the lico again, so I downloaded a PDF bank statement from our online banking account and wrote a letter of explanation, including PDFs of the exchange rate before and after the change. I couldn't get the updated bank balance stamped however as the bank was then closed, will this be ok do you think?

Also, the exchange rates are all over the place at the minute, some days we have several hundred dollars over the lico, but today its dropped again and we are $30 under the lico. Does everyone else monitor the exchange rates daily? Am I supposed to keep track?

After the EU referendum we had to transfer and extra £1000 GBP into our pof account, and we have had to keep transferring more until we submitted our PR application. I have explained all of this in the letter of explanation but I don't know whether I'm supposed to be continually monitoring exchange rates.

Any advice would be appreciated thanks.
 

manidhatt

Champion Member
May 30, 2013
1,257
592
Ontario
NOC Code......
2281
App. Filed.......
Feb 03
Doc's Request.
Feb 26 - Submitted March 03
AOR Received.
Feb 03
Med's Done....
Feb 12
Passport Req..
Aug 03
arcticbeans said:
Hi All,

We are PNP applicants, got our PR ITA on 29th June and submitted app 1st July, AOR 1st July currently eligibility review in progress. The morning of the day we were going to submit our application I went to our bank (two hours drive away from us) and got all of our proof of funds stamped and signed by the bank manager as we have online banking and I wanted to make sure it looked official.

Just before we were going to submit our application in the afternoon, the exchange rate changed which meant that we were $70 Canadian dollars under the POF lico. In the meantime our bank balance had increased due to some money being paid in, and was over the lico again, so I downloaded a PDF bank statement from our online banking account and wrote a letter of explanation, including PDFs of the exchange rate before and after the change. I couldn't get the updated bank balance stamped however as the bank was then closed, will this be ok do you think?

Also, the exchange rates are all over the place at the minute, some days we have several hundred dollars over the lico, but today its dropped again and we are $30 under the lico. Does everyone else monitor the exchange rates daily? Am I supposed to keep track?

After the EU referendum we had to transfer and extra £1000 GBP into our pof account, and we have had to keep transferring more until we submitted our PR application. I have explained all of this in the letter of explanation but I don't know whether I'm supposed to be continually monitoring exchange rates.

Any advice would be appreciated thanks.
Once you submit your application then this fluctuation shouldn't be an issue. Just to be on a safer side put some extra money in your account. A couple hundred dollar fluctuation shouldn't be an issue.
 
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arcticbeans

Star Member
Feb 4, 2015
93
6
Category........
Visa Office......
London
Job Offer........
Pre-Assessed..
Thank you for your reply.

The thing is we cant put any extra money into the account now. We are limited for tax reasons to how much money we add to the account in any given tax year, and we have to pay a penalty if we want to move it into another account. I suppose I will just have to keep the extra in our current account and show proof of that too if need be.
 

Pippin

VIP Member
Mar 22, 2010
4,254
530
The money doesn't have to be in a single account as long as you prove it is yours. It would definitely be a good idea to keep a higher balance to offset currency changes. I am sure you will find refusals for not showing an adequate balance. Calculate the lowest Exchange rate at which your new balance will still meet the requirements. Good luck