Currently Luno only supports Euro (EUR) wallets in Europe. This means that when you make a deposit to us using GBP, for example, your bank uses their interbank exchange rates to convert the GBP to EUR, which is then deposited into your Luno wallet.
The same is true when making a withdrawal from your Luno Wallet. If your bank account is denominated in GBP, Luno will send your funds as EUR, and your bank will convert the funds to GBP.
Banks typically charge a fee for doing the conversion from EUR to GBP or vice versa, which in turn, impacts your final deposit or withdrawal amount.
Please note: Luno charges no fees during the deposit process. When withdrawing funds, we charge a small bank charge fee to cover the international bank transfer cost, from our bank to your bank. The conversion fee converting from EUR to GBP is then added and charged by your bank.