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Transfer between currencies

See how the exchange rate, the cost and the amount received work when two wallets use different currencies.

Show steps for

When the two wallets of a transfer use different currencies, the form adds the exchange rate, what the exchange cost you, and the amount that arrives.

Before you start

You need two wallets in different currencies, and you start as in Transfer money between wallets.

Steps

Web

The new transaction form of the web app, with the wallet and amount fields. For a transfer between currencies it also shows the exchange rate, the cost and the amount received. 1: Start a transfer: select Transfer, then choose the Source Wallet and the Wallet in different currencies. The form adds fields for the exchange provider, the exchange rate, the transaction cost and the amount received; 2: Start a transfer: select Transfer, then choose the Source Wallet and the Wallet in different currencies. The form adds fields for the exchange provider, the exchange rate, the transaction cost and the amount received; 3: Type the Amount, in the currency of the source wallet; 4: Select Save.The new transaction form of the web app, with the wallet and amount fields. For a transfer between currencies it also shows the exchange rate, the cost and the amount received. 1: Start a transfer: select Transfer, then choose the Source Wallet and the Wallet in different currencies. The form adds fields for the exchange provider, the exchange rate, the transaction cost and the amount received; 2: Start a transfer: select Transfer, then choose the Source Wallet and the Wallet in different currencies. The form adds fields for the exchange provider, the exchange rate, the transaction cost and the amount received; 3: Type the Amount, in the currency of the source wallet; 4: Select Save.
  1. Start a transfer: select Transfer Marker 1, then choose the Source Wallet and the Wallet Marker 2 in different currencies. The form adds fields for the exchange provider, the exchange rate, the transaction cost and the amount received.
  2. Type the Amount Marker 3, in the currency of the source wallet.
  3. Check the exchange rate. The form fills in the latest rate it has. Change it if your provider’s rate was different, or select the ✕ button next to it to go back to the suggested rate.
  4. Type the transaction cost, or type the amount you actually received, and the cost is worked out for you.
  5. Select Save Marker 4.

Mobile

The new transaction screen of the mobile app, with the type selector, the date and the amount field. 1: Tap + Transaction, then tap Transfer; 3: Type the amount, in the currency of the source wallet.The new transaction screen of the mobile app, with the type selector, the date and the amount field. 1: Tap + Transaction, then tap Transfer; 3: Type the amount, in the currency of the source wallet.
  1. Tap + Transaction, then tap Transfer Marker 1.
  2. Choose the Source Wallet and the Destination Wallet in different currencies. The form adds the FX Rate, the transaction cost and the target amount.
  3. Type the amount Marker 3, in the currency of the source wallet.
  4. Check the FX Rate, which starts at the latest rate the app has. Change it if your provider’s rate was different, and type the cost.
  5. Tap Save.

How the amount received is worked out

The wallet you send to receives the amount, converted at the exchange rate, minus the cost of the exchange:

received=amount×rate−cost

For example, sending 100 at a rate of 0.73 with a cost of 1.50 gives 100 × 0.73 − 1.50 = 71.50 in the destination wallet. The cost is in the currency of the destination wallet.

When there is no exchange rate

When the app has no rate for the two currencies, the rate starts at 1, so the amount is counted as it is, without converting it. Change the rate before you save if you know the real one.

What you see

The transaction is saved with its rate and its cost. On the web, the transaction in the list shows the Rate, the Exchange Cost and the Exchange Provider.

Wallet currencies and balances explains how wallets in different currencies are added together.