• exchange rate transactions vs foreign currency account

If I'm not mistaken we can create an bunq sub-account in a foreign currency (for example gbp).

when I want to do one or more transactions in gbp when my main account eur is, what is the difference between making the transactions in gbp from my eur account or create a gbp sub-account and use that for the transactions?

thanks for the help and education

    I guess one advantage of foreign currency accounts is that you can buy / sell currency at a timepoint when the exchange rate suits you best. For a EUR account, you do not have that control over the exchange rate – you just get the rate which applies at the timepoint of the transaction. Depending on rate variability and transaction amount, the difference might be "significant" (it's up to you how you define "significant").

      @New-Chestnut-Burro-3593225526#281506 The advantage is mainly for incoming transactions. You cannot receive EUR on a USD account or vice versa.

        6 days later

        Same question -which rates are applied- when you just use the foreign currency account -GBP or USD- as a Savings account.
        EUR is changed into another currency. How much do you pay / lose when you deposit an amount into a foreign exchange savings account and then withdraw it?

          @New-Salmon-Colt-1409421157#281799 0,5%

            @New-Salmon-Colt-1409421157#281799 Hi Ernst 👋 Yes, as Thijs says, a 0.5% Network fee is the only cost incurred.

              19 days later

              Thanks! We will be going to LND pretty soon, and somethimes buy from UK webstores, so then we can experiment with this.

                a year later

                @thijsoost#281800 When I calculate it, I see a 2% fee at the moment ??

                Where can I find the actual networkfees?

                  Hey @New-Salmon-Steer-2184853824#295521 👋 Thank you for participating in our vibrant community 🌈

                  For our fellow bunqers on the Easy Bank plan, there's also a 1.5% MasterCard FX fee, which is probably why you're seeing 2% ✅ You can find more information on the fees here: https://together.bunq.com/d/45500 📚

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