Currency transfer using CurrencyFair

You may utilize a clearing account. Visit the following reference whether you are using QBO or QBD

https://quickbooks.intuit.com/learn-support/en-us/accounts-payable/set-up-a-clearing-account/00/2037...

If you frequently convert your fund in multi currencies, I would recommend opening a business account at TW. You may have a SGD account and an Euro account to convert your fund easily, then utilize the bank feeds to your QBO account.

https://transferwise.prf.hn/l/75dqNgB

for the benefit of others, I set up a 'Currency Fair Transfer Account' and make transfers between SGD bank account to this account and then from this account to the Euro bank account.  

Hello again, @ConorIB.

You can use the Bank transfer feature so you can transfer directly from bank to bank in QuickBooks Online (QBO). Then, set the exchange rate. 

The exchange rate will determine how much will transfer to the other currency. So the exchange gain or loss will automatically be calculated if needed.

To create a bank transfer, here's what you'll need to do:

1. In the left menu, click the + New button.
2. Select Transfer.
3. From the Transfer Funds From the drop-down list, select the bank account that the funds are coming out of.
4. From the Transfer Funds To drop-down list, select the bank account the funds are being deposited into.
5. Enter the amount being transferred in the Transfer Amount field.
6. Edit the Date.
7. Choose Save and close.

For more details about this process, see this article: Transfer funds between bank accounts.

Feel free to stay in touch with me if there’s anything else you need. Have a great day.