We use cookies to help make this website better, to improve our services and for advertising purposes. By accepting this message or continuing to browse our site you agree to accept cookies. To find out more read our Cookie Policy. Accept
Knowledge Base Getting Started Frequently Asked Questions Webinars

Migrating to a foreign currency bank account in FreeAgent

If you’ve been using a separate FreeAgent bank account in your base currency* to record your foreign currency bank transactions, you should migrate the balance to a new foreign currency bank account in FreeAgent by following these simple steps:

1 Create a new foreign currency bank account in FreeAgent

Follow these instructions to create a new foreign currency bank account in FreeAgent. You should set the opening balance of the account to zero.

2 Select 'Add transaction' from your existing account

Navigate to the account that you’ve been using to record your foreign bank transactions until now, then select 'More', and ‘Add transaction’.

3 Enter the transaction details

Set the transaction type as ‘Transfer to another account’, and enter the balance of the account you’re transferring the money from (i.e. the account you’ve been using until now to record your foreign currency bank transactions) in the ‘amount’ field. FreeAgent the converts this figure into the currency of your new foreign currency bank account using the latest exchange rate from xe.com.


4 Select ‘Create and Finish’

Once you’ve made the transfer, the balance of the base currency account that you transferred the money out of will go down to zero. If you wish, you can hide this account from view by selecting the account, choosing ‘Edit’, then selecting ‘Hide Account’.

*If you have a UK FreeAgent account, your base currency will be GBP, if you have a US account, it will be US dollars, and if you have a Universal account, it will be the currency you selected when you first set up your FreeAgent account.

Did you find this article useful?