I have contacted support multiple times (5+) asking this question and they havent answered it for weeks so I will try here.
The monthly free exchange limit is something like 500 GBP.
I need to spend 700 USD.
Because this amount of 700 dollars is more than 500 pounds I know I will be charged an exchange fee.
My question is will I be charged a fee for the whole 700 USD or will they break out the part that is over 500 pounds and charge a fee of 2% on just that amount or will the system be unable to do this kind of split and charge me 2% on the whole 700 USD?
I spent 750 USD and it looks like I was only charged a fee for the amount exceeding 500 GBP so it looks OK. Although I was unable to get a receipt for the transaction without a manual verification of my email via support. So I guess it will take some time! But Im good for now I guess. I would like it if someone confirms my experience though. And the monthly limit is reset on the first of the month not a month from the last transaction hopefully.