Transferring Multicurrency Funds

From time to time, you may want to transfer funds from a local bank account to a foreign bank account, or from the foreign account to your local account. The quickest way to do this is to make a deposit into the account that will be receiving the funds.

When transferring funds between local and foreign accounts, you must use the foreign currency value of the money, rather than its value in US dollars. This may require you to convert the amount from US dollars to the foreign currency. If this is the case, you can use the Currency Calculator window to quickly figure out the money's value in the foreign currency. To display the Currency Calculator window, choose Currency Calculator from the Help menu.

To Transfer Funds - Local to Foreign

  1. Open the Spend Money window under Banking.
  2. Choose the currency associated with the foreign account by clicking on the Currency button at the bottom of the screen.
  3. Click the Exchange Rate button to display the Exchange Rate window. Click the arrow next to the Currency field and choose the currency associated with the account you want from the list of currencies that appears. Then click OK.
  4. From the list of checking accounts in the upper left corner of the window, choose the account from which the funds will be drawn (your local currency funds account).
  5. Enter the transaction date and the amount being transferred. The amount must be in the foreign currency, not in US dollars. Also mark the Already Printed option if you don't plan to print an actual check.
  6. In the scrolling list, enter the account into which the funds are being deposited (your foreign-currency account). Enter the same amount that appears in the Amount field at the top of the window in the Amount column in the scrolling list.

To Transfer Funds - Foreign to Local

  1. Open the Spend Money window under Banking.
  2. Choose the currency associated with the foreign account by clicking on the Currency button at the bottom of the screen.
  3. Choose the currency associated with the foreign account:
  4. Click the Exchange Rate button to display the Exchange Rate window. Click the arrow next to the Currency field, choose the currency associated with the account you want from the list of currencies that appears and click OK.
  5. From the list of checking accounts that appears in the upper left corner of the window, choose the account from which the funds will be drawn (your foreign-currency account).
  6. Enter the transaction date and the amount being transferred. The amount must be in the foreign currency, not in your local currency. Also mark the Already Printed option if you don't plan to print an actual check.
  7. In the scrolling list, enter the account for the account into which the funds are being deposited (your local currency funds account). Enter the same amount that appears in the Amount field at the top of the window in the Amount column in the scrolling list.

To Transfer Funds - Foreign to Foreign
It is not possible to trasfer funds directly from one foreign bank account to another foreign bank account. To be able to transfer funds from one foreign account to another foreign you need to first transfer the money to your local account and then to the foreign account of choice.

DISCLAIMER
This can require working through some math as you are going to see the currency exchange rate effect both the transfer to your local currency as well as the transfer from the local currency to the foreign currency. You may need to adjust the exchange rates as necessary.

  1. Open the Spend Money window under Banking.
  2. Choose the currency associated with the foreign account your are transaferring money from by clicking on the Currency button at the bottom of the screen.
  3. Click the Exchange Rate button to display the Exchange Rate window. Click the arrow next to the Currency field, choose the currency associated with the account you want from the list of currencies that appears and click OK.
  4. From the list of checking accounts that appears in the upper left corner of the window choose the account from which the funds will be drawn (your foreign currency acount).
  5. Enter the transaction date and the amount being transferrred. The amount must be in the foreign currency, not in your local currency. Also mark the Already Printed option.
  6. In the allocation field below the check choose your local currency bank account. Enter the same amount that appears in the Amount field at the top of the window.
  7. Record this transaction
  8. Open the Spend Money window under Banking.
  9. Choose the currency associated with the foreign currency you are transferring the money to.
  10. Click the Exchange Rate button to display the Exchange Rate window. Click the arrow next to the Currency field, choose the currency assocaited with the foreign currency you are transferring to and click OK.
  11. From the list of checking accounts that appears in the upper left corner of the window, choose your local currency bank account.
  12. Enter the transaction date and the amount being transferrred. Thea mount must be in the ofreign currency, not in you local currency. Mark the already printed option.
  13. In the allocation field below the check choose to your local currency bank account. Enter the same amount that appears in the Amount field at the top of the window.
  14. Record the transaction.