When you move money between two accounts in different currencies, you’re really doing two things: exchanging the currency, and then depositing that currency into the other account. This transaction has a few moving parts, which your bank does behind the scenes, and Wave can bookkeep for you.
Let’s say that you’re moving money from your Canadian checking account to your US checking account, and you have both of these accounts linked to Wave to import transactions automatically.
- Send the money to the US bank account. When this happens, you’ll see money leave the Canadian checking account, and money come into your US checking account. These two amounts aren’t the same, since they’re not in the same currency.
- When both of the transactions import, go to either of the sides of the transfer and categorize it as a Transfer from/Transfer to. You’ll see the other half of the transaction appear as an option in the drop-down menu. Select it from the list, and Wave creates the transfer for you.
If you’re creating these transfers manually, Wave will calculate the second half of the transfer based on the current mid-market rate pulled from xe.com. You can just edit the second half of the transfer to reflect the actual amount that landed in your bank account, and you’re done!
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