Cash savings

Danielle Cohen
By Danielle Cohen Immigration Law Solicitor Linkedin
Danielle Cohen has over 20 years of experience as a lawyer and a reputation for offering professional, honest and expert advice.
15 May 2024

We acted for a dual national in connection with her application together with her child as dependants of a person who is present and settled in the UK, namely her husband. Both the wife and the child made applications that were linked, in order for the decision to reach them simultaneously.

The applicant was married to a settled person who had indefinite leave to remain in the UK. He relied on Category D cash savings to meet the financial requirements. The amount of cash saving that was required to meet the financial requirements was £72,000 and we provided the necessary documents, namely personal bank statements showing at least the level of cash savings to be relied upon in the application held in the account for six months. Interestingly, in the case of this spouse visa application we relied on the cash held together and separately by the partners. We provided a declaration by the account holders as to the source of the cash savings and made sure that the conversion of foreign currency was done properly.

Income or cash savings in foreign currency will be converted into the Pounds Sterling using the closing spot exchange rate which appears on on the date of the application. Where there is income or cash savings in different foreign currencies, it will be converted into Pounds Sterling before being added together then added to any UK income or savings, to give a total amount. Any fluctuation in the exchange rate prior to the date of the application will be disregarded. The decision maker will base the conversion of the foreign currency income or cash savings into Sterling on the exchange rate at the date of the application.