![]() This means that Iranians applying to come to the UK as visitors need to be particularly careful. However the Immigration Rules relating to Visitor Visas do not stipulate that OANDA will be used. Some visa categories specifically state that the Home Office will use OANDA when calculating the level of funds available in foreign currency accounts. There is no mention of OANDA in the visitor visa rules or published policy guidance (as opposed to other visa routes), so it is presumably quite legal for the Home Office to adopt this position. Recent Home Office Visa DecisionsĪ visitor visa refusal decision we have recently seen states as a reason for refusal of the visa “ I am aware from information in the public domain and other currently conversion tools, such as that while the OANDA website shows the official exchange rate, it is not possible to exchange currency at the official rate”. However recently the Home Office have changed some of their decisions and we have become aware that the Home Office, when considering visitor visa applications, is using the black-market rate for Iranian Rial to UK GBP Pound conversion calculations. That was of course favourable for most Iranian applicants as it elevated the real value of the money they held in savings accounts. Until recently the Home Office Entry Clearance Officers continued to use the official OANDA rate of exchange. Which rate does the Home Office use to calculate the value of these savings? The problem arises for visa applicants who have their funds in recognised banks in Iranian currency. A huge disparity no matter what the situation might be. That means that there is an almost 600% price difference between the two rates. However at the same time the black-market rate today is 295,500 Iranian Rials to £1 Pound Sterling. To give you an example of how wide the values are, today at the time of publishing this blog post the OANDA site is quoting 54,208 Iranian Rials to £1 Pound Sterling. The black-market value of the Iranian Rial – which many consider to be the real value of the currency – is significantly lower in the black market than the OANDA rate. Ordinary Iranians cannot purchase foreign currency at the official rates of exchange without a permit and as you can imagine such permits are almost non-existent The official Iranian Rial exchange rate is only available to individuals and companies approved by the Iranian Government.There is a second ‘black market’ rate of exchange which is basically the street exchange rate (the rate at which ordinary people are buying and selling foreign currency) There is the formal rate of currency exchange quoted on the Tehran Stock Exchange and that is also quoted by OANDA. Iran runs what amounts to two separate rates of exchange.In the last 2 years alone the Iranian currency has depreciated 750% against Sterling and the US Dollar The Iranian Rial currency has suffered hugely from depreciation and the effects of inflation – much of this has been because of sanctions unilaterally imposed by America against Iran.The reasons can be summarised as follows: Well there are a number of reasons why the conversion and calculation of the Iranian Rial (or Toman) is extremely complicated. What is the problem for Iranian Visa Applicants: However for Iranian visa applicants this system presents huge complications and it is important to get the facts right at the start of an application, because this can lead to refusal decisions. The Home Office has even incorporated the OANDA system into its published policy guidance for certain visa categories. OANDA exchange rates are more or less “ official exchange” rates. This is a widely-respected currency conversion program that appears on the internet which provides current and historical exchange rates for all currencies. Very often these funds will be held abroad in foreign currency accounts.įor most people this is not a problem and normally the Home Office uses the “ OANDA” exchange rate. Sometimes this is an exact amount that needs to be evidenced by bank statements. The Home Office & UKVI require applicants for most visas to prove that they have certain levels of funds available for their financial maintenance costs.
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