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Level 2

How can I properly make several foreign currency transactions (my account) to my US account via an intermediate bank (transferwise)?

I have the following accounts:
1) in PLN
2) in USD
3) transferwise borderless account.

Due to transaction limits, I issued two wire transfers from 1) to 3) in PLN, let's assume for XXX PLN and YYY PLN.  After receiving both transfers in PLN in 3), I converted it to USD in transferwise and sent the resulting amount to 2).

I tried several ways, but nothing brings desired result.  Issues I faced:
- transferwise uses different exchange rates than qbo
- each transfer is on a different date.

I'd appreciate some guidance.
Solved
Best answer March 11, 2019

Best Answers
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Anonymous
Not applicable

How can I properly make several foreign currency transactions (my account) to my US account via an intermediate bank (transferwise)?

In all cases, the best way to make accounting entries is to make them mirror the 'actual' transactions as closely as possible. In your case that means you need to be using a multi-currency version of QB and have 3 different bank account created in their respective 'base' currencies.  You should then be able to enter it exactly as it happened. Note the exchange rates for individual transactions can always be manually set - you dont have to use the default amount QB suggests

View solution in original post

3 Comments
Highlighted
Anonymous
Not applicable

How can I properly make several foreign currency transactions (my account) to my US account via an intermediate bank (transferwise)?

In all cases, the best way to make accounting entries is to make them mirror the 'actual' transactions as closely as possible. In your case that means you need to be using a multi-currency version of QB and have 3 different bank account created in their respective 'base' currencies.  You should then be able to enter it exactly as it happened. Note the exchange rates for individual transactions can always be manually set - you dont have to use the default amount QB suggests

View solution in original post

Highlighted
Level 2

How can I properly make several foreign currency transactions (my account) to my US account via an intermediate bank (transferwise)?

Hi,

 

thank you for your answer.  As transferwise account (No. 3) is pretty technical with mostly 0 balance, I'd like to avoid creation of it.  Is there any way to register such transactions shorter way?  Otherwise I need 4 accounts, I guess:

1. PLN

2. USD

3a. PLN in transwise

3b. USD in transwise

and then register 2 transfers from 1 to 3a., changing currency from 3a to 3b and transfer from 3b to 2...

Highlighted
Level 2

How can I properly make several foreign currency transactions (my account) to my US account via an intermediate bank (transferwise)?

Hi,

 

thank you for your answer.  As transferwise account (No. 3) is pretty technical with mostly 0 balance, I'd like to avoid creation of it.  Is there any way to register such transactions shorter way?  Otherwise I need 4 accounts, I guess:

1. PLN

2. USD

3a. PLN in transwise

3b. USD in transwise

and then register 2 transfers from 1 to 3a., changing currency from 3a to 3b and transfer from 3b to 2...

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