If you have a European bank account you save on withdrawal costs by first converting your USD to Euros at Kraken before you make a withdrawal. With a withdrawal from USD to a European account you pay $25 in fee costs. While the fee for a withdrawal from Euros to a European account is only €0.09.
Converting USD to Euros at Kraken works as follows
Login to your Kraken account https://www.kraken.com/
After that, click on “Trade” in the menu
Optional: If the market is not yet on EUR/USD, choose it by clicking on “Market”. You will then see the following screen
Now choose EUR/USD
Now you can buy Euros with USD. You can place a market order for this.
Here is an example of a market order for $100
A market order is usually executed immediately.
Optional: If you want to convert large amounts, it is better to place a limit order. Then you do not run the risk that your order will affect the price, which could result in a potentially unfavorable price.
Here is an example of a limit order for $10,000
A limit order can sometimes take a little longer.
You should now see at the top of the screen that the number of USD has decreased and the number of Euros has increased.