How do I use untied to deal with foreign currency transactions (USD, EUR etc)?

General

untied supports accounts and transactions in over 100 currencies.

These are converted at appropriate exchange rates based on HMRC-permitted third party sources, or where appropriate HMRC's own rates.

Managing this in untied

Foreign currency bank accounts

The most common USD, EUR and other foreign currency support is for accounts with Revolut and Wise. Some non-UK banks and other institutions may also be able to be connected.

Transactions are automatically converted into pounds when you claim them at an appropriate exchange rate for that date.

Manual transactions

You may also want to add a manual transaction.

Manual transactions in the browser

You can specify the currency when you add a manual transaction in untied in the browser.

Manual transactions in the mobile app - must be converted

Foreign currency In these cases, convert the amounts into pounds and enter the pound amount into untied as a manual entry (press the plus button and add money in/money out). You may want to include the original currency amount in the description, and to add evidence so you have a note of where it all came from (you may need to click on advanced to get to this).

It's reasonable to use any exchange rate that you have been charged. So if you withdraw dollars from an ATM and have a rate of 1.24, that is the rate to apply to your cash expenses during a US trip (rather than the formal exchange rate which may be significantly higher).

If you have a foreign currency account for lots of small level expenditure, eg that you use for business travel, then take a reasonable average exchange rate.

There are lots of websites that allow you to convert amounts on given dates. If you're in doubt, then HMRC produce their own set of exchange rates.