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Exchange rate on Coinbase


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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. 




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Did you look on the site for their exchange rate info? I have seen it on there before. I'm going to preface this yet again with "remember, I'm part of the mainstream and don't know really know the technicals". 

I think my fee has been about $3 for every $100. It's not cheap, but it is so darn easy! I honestly haven't looked too closely, because while I do care about the fees, I'm not in a position to use more complex exchanges. 

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I have looked on their website - it has confused me when I thought I understood.

To buy with a card there is a 3.99% charge - i learned that and stopped using that method.

If you use funds you have transferred in to the account there is a charge of 1.49%.  Ok that isnt too astronomical - higher than I would like but I understand they want to make money.

Bank wires in and out - no charge.

SEPA charges in no charge but SEPA out $0.15. 


..... that all seems ok.  But it gets strange now.... there is a £4 charge at my bank to transfer money OUT to Coinbase account.  I guess that just has to be accepted.

The strange part is this.... When I transfer money to my Coinbase wallet it seems i have to do so in Euros.  there are two boxes, one in Euros and the other in Pound Sterling.  If i enter a figure in one of the boxes it automatically converts the money to the other currency so that both currency amounts appear together on screen.  When I press ok and proceed to send the money I have noticed that when it shows up in my account as having left my bank account the rate is in the region of 0.91GBP to 1Euro.  The problem is that lately the exchange rate has been around 0.88GBP to 1Euro. So why is it higher?


It states on the coinbase website:

"Your exchange rate for buying or selling digital currency through our Conversion Service is calculated as the market rate of the digital currency on Coinbase’s GDAX platform, plus a spread between 25 to 100  basis points determined by the size of your transaction, market volatility and length of time using Coinbase ("Exchange Rate")"


This applies unless the GDAX is unavailable for some reason which they say they use another method. 


Here is the link in case anyone wants to have a look.  https://support.coinbase.com/customer/portal/articles/2109597-buy-sell-bank-transfer-fees


Could anyone please advise me as to WHY the pound sterling showing on my bank account when transferring 1000 Euros wasnt £880 then? it was closer to £921.  How is this worked out! I am confused and any help would be appreciated.  Thanks.

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