Do gift cards convert to my accounts currency when applied?

[StuartFM]

I use swagbucks (a survey site) that allows me to exchange points earned to purchase steam vouchers but I've never done it before because I'm not sure how it would work.
I use £ but swagbucks only allow me to buy $5 or $10 vouchers so I'm just wondering if Steam would convert the money into my currency or if my account would then have 2 separate balances for each currency?
Also currency related, I play a game which has in-game purchases but is in Euros, would they take 10 euros from my bank or would they recognise my £ balance on Steam and allow me to pay in pounds?
I've only ever bought games with a price in £ on the marketplace so I've never had to think about if accounts converted currencies or if each currency would have it's separate balance.

[Seretti]

Yes, Steam gift cards convert to your local currency when redeemed.

[cSg|mc-Hotsauce]

Originally posted by FMGuru:

Do gift cards convert to my accounts currency when applied?

Yes.

[StuartFM]

Thanks very much!

[Eldin]

When you redeem gift card code, gift card currency will be converted to your currency and money will be added to your Steam wallet.

Doesn't matter if in-game currency is in euros. On checkout page everything will be converted to your currency.

Steam will never take money from your bank if you don't choose to do so.
On checkout page you can choose how to pay (Wallet, PayPal, Credit card, etc.)
If you don't have enough money in your wallet for game you're trying to purchase, you can choose to pay remaining money with PayPal/Credit card if you want.