Online Accounts is a special feature in MoneyWiz which allows you to connect your online banking directly from the app and download the transaction as soon as they appear. MoneyWiz automatically checks with your bank for new transactions, imports them and sets a proper category and payee. In summary, this feature provides you effortless money management.
In this guide we’ll cover the following areas:
- Subscription information
- Setting up Online Banking accounts
- Editing transactions in Online Banking accounts
- Creating new transactions in Online Banking accounts
- Converting regular accounts to Online Banking accounts
- Disconnecting Online Banking accounts
- Managing the subscriptions
The screenshots in this guide are made from an iPad device. Whenever there are differences between the platforms where MoneyWiz is available, these will be described. Please, do not hesitate to contact us in case you have any questions.
Online Accounts is a service that requires a paid subscription in MoneyWiz Standard. It’s included in your MoneyWiz Premium subscription fee so you don’t need to pay anything else if you’re already a Premium subscriber. More information can be found here.
The feature is available through an integration with SaltEdge and Yodlee provides connection to over 15,000 banks in over 43 countries. We are continuously working with SaltEdge to provide new connections on a daily basis. If your bank is not supported yet, please do let us know and we will provide information whether we have a scheduled integration and any other information you may be interested in.
Setting up Online Banking accounts
You can start this process the same way, as you would start setting up any new account. For more information please refer to the Managing Accounts guide.
On the Select Account Type page, please select Online Banking Account. It’s a guided process from here – you will be taken to a page where you can search for your bank. You need to type at least 3 letters. Please, note that you can search by the bank name, by the online banking URL as well as by the country code (i.e. FR for France).
Each available bank is displayed with its name and the country flag. If you see the bank name but the flag is different from the flag of your country, this means we have an integration with another branch of the same bank and the integration with the same bank in your country is not done yet.
There is one important thing to note regarding account types. If you are connecting through a Yodlee provider (you can see the provider name under the bank name) then you need to use the Bank name – Banking position on the list to connect your regular banking accounts, Bank name – Credit cards to connect credit cards, Bank name – Investments to connect investments, etc. If you cannot see a particular suffix for your bank name (i.e. Credit cards) then it might mean that credit card feed for your bank is not supported even though the regular banking accounts can be tracked.
Our Salt Edge partner provides just one position for each bank, without showing different positions for different account types.
If you see your bank, just tap on its name and you will be taken to a new page, where you are asked to enter your online banking username and password. For the purpose of this guide, we will connect with CHASE (United States).
If you don’t already have the subscription, at this point MoneyWiz will request from you to subscribe (see Subscription information above).
Some banks may require more than just username and password – answers to security questions, jumping codes provided by a special device, etc. If your bank requires such items to login, the app will ask you to enter them as well.
Once you enter those, you will see a page similar to the one below. Please, wait until this completes and do not quit the app.
After this step completes MoneyWiz will show what accounts are available and what their balances are – basically what MoneyWiz would import if your decide to finish the process. If one or more of your accounts are not visible on this page, it means this account and the transactions in it will not be imported. Please, contact us if that is the case, we may be able to fix this integration.
Additionally on this page you can choose which accounts you want to import, as you may not need to import all of the available accounts. Also the app gives you the option to automatically put the accounts in group with the name of the bank.
If everything appears to be correct on this page you are safe to finish the process. To do that just press the Next button on the top right corner. Note that on MoneyWiz for Desktop, it is located at the bottom right.
If you do have the subscription, the app will finish the process and it will start importing the transactions. You do not need to do anything else, but since the process takes some time, please notice that the balance box of your accounts will show “Updating…” instead of an actual balance and the refresh button on the bottom right corner will be blue and rotating.
This is an indication that your accounts are still not ready. The refresh button will turn black and will stop rotating when the import process completes.
After this initial setup, the app will regularly check for transactions in those accounts. If you need to force the app to check for transactions, you can tap on the refresh button on the bottom right corner. You can’t request updates too often, so if the app needs more time, it will notify when is the next time you can request a refresh.
Editing transactions in Online Banking accounts
MoneyWiz has a number of algorithms to try and properly categorize your transactions. However, the system is not always correct, so you may want to edit your transactions and change the categories. Note that MoneyWiz learns how you link categories to transactions and it tries to give you better suggestions after every download it makes.
Same goes for providing you with payees – most banks do not provide payees, so MoneyWiz is trying to extract a payee name of the description of your transactions. This works much better if you already have a list of your most regular payees.
Additionally, you can change everything about your transactions in the online accounts, including to convert them to other types of transactions. There are no limitations. Please note that if you change or delete a transaction in your online account, MoneyWiz will not download the same transaction again. So please, be careful to not lose data.
Creating new transactions in Online Banking accounts
Unlike other applications, MoneyWiz allows you to keep your personal accounts in check and create transactions in those manually. To access this feature:
- iOS & Android – select the account to see its list of transactions, then tap on the 3-dotted button on the top right corner; then select New Transaction,
- Mac and Windows – right click on the account name in the left side menu, then select New Transaction.
Converting regular accounts to Online Banking accounts
If you have a regular account, that you used to enter transactions manually, you can always convert it to an online account. Simply open the account for edit and you will see a button titled “Connect to Online Banking”. For more information on how to open account for edit, please refer to the Managing Accounts guide.
Tap/click on this button and you will be taken through the exact same process as when setting up a new online banking account. There are few notes that are worth mentioning here:
At the end of the process you will be able to select just one account, so if you have to convert multiple accounts, you will have to go through this process multiple times.
MoneyWiz will only download transactions from the online banking that have more recent date than your most recent manually created transaction. If you don’t have a good history of your transactions, this may result in having a wrong account balance at the end of the process – the app will notify you about this.
Converting to online account requires the same subscription as when setting up new online bank accounts.
Disconnecting Online Banking accounts
If you have an online account and you no longer wish to use the service, the app allows you to disconnect it from online banking. Simply open the account for edit and you will see a button titled “Disconnect from Online Banking”. For more information on how to open account for edit, please refer to the Managing Accounts guide.
Tap on this button and you will be asked if you wish to delete the downloaded transactions or to leave them in the account. Please, note that if you want to delete the downloaded transactions, your manually created transactions will not be affected. However, if you had downloaded transactions and you manually changed them, those are still considered downloaded transactions and will be deleted if you choose this option.
Managing the subscriptions
MoneyWiz provides a convenient option to subscribe and manage your in-app purchases. You can access it via the Settings menu, then select Subscriptions (iOS and Android). On Desktop, this is located in the Preferences/Settings > Subscriptions.
On this page you can:
- make a new subscription
- change your existing subscription from monthly to yearly and vice versa
- restore subscriptions made on another device with the same iTunes account
- cancel subscriptions