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Exchange rate on Coinbase


Owen1
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Hi guys,

 

I know this is a silly question for you advanced investors, and you will probably roll your eyes.  I thought I understood how this all works but I am a bit confused now.  Can anyone just give me an idea of how the exchange rate works with Coinbase when you are from the UK?  I have looked at the Coinbase website for an explanation but it still doesn't seem to fit, so I am a bit unsure.  I have substantial funds to transfer but don't want to do so and find out later that I have lost a lot through unfavorable exchange rates. 

 

I transfer from my UK bank account in Euros to Coinbase EUR Wallet.  When I do this the UK bank website uses the exchange rate at the time (0.88 it has been recently).  However when i look at my bank account a couple of days later the exchange rate seems to be closer to 0.92. ...i.e. I transfer 1000 Euros but instead of 880 Pounds going from my account about 920 gone when I look a couple of days later. HOW? is this  a Coinbase charge - using higher exchange rates?

 

Also - if I transfer money back from Coinbase to my account should I use the EUR Wallet or the GBP Wallet to do so??

 

I have totally confused myself with this and could do with some simple guidance/explanation. 

 

Thanks.

Owen

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