What this guide will cover
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.
Please note that Online Banking accounts feature requires an active subscription. It's just one of the perks of having a subscription with us!
Table of contents
- Setting up Online Banking accounts
- Editing transactions in Online Banking accounts
- Creating new transactions in Online Banking accounts
- Disconnecting Online Banking accounts
- Converting regular accounts to Online Banking accounts
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 Account basics guide. For the account type, you need to choose Automatic sync type.
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 this same bank in your country is not done yet.
There is one important thing to note regarding account types. If you are connecting through the 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. Please note that if this is your first time trying our Online Banking functionality, you'll be asked to resolve a captcha. This is normal - no need to worry. We need to verify that you're not a robot before we can create an unique banking identifier for you (that is separate from your banking credentials).
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 the credentials and start syncing, MoneyWiz will try to connect. 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. 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 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. This might be caused by the fact that you're connecting to a Yodlee-supported bank, and you've picked Bank name - Banking position on the list but expected to see credit card accounts (see above). It also might be that something needs to be fixed regarding this connection - please contact is if you're sure that the account should appear here.
Please note that Loan accounts are not currently supported in Online Banking mode. In some cases, your institution might be supported in a way that would download the transactions and display loan balance. If this works for you, that's great! However, we do not receive enough information from the bank (APR, the split between interest and principal) to properly classify your payments towards the loan account. For that reason, we recommend setting up and tracking your loans using our Loan accounts feature.
If you proceed to add the account, you'll see that in the bottom-right corner of the screen, you see two arrows instead of the usual + button. This is an indicator that this account is online, not regular, and will automatically receive transactions. If those arrows are spinning, it means that the account is currently syncing. Please keep MoneyWiz open to let it finish.
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 (MoneyWiz for Desktop) or top-right corner (MoneyWiz for Mobile). 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.
Notice the new indicator appearing next to transactions - transactions recently downloaded from Online Banking that you haven't reviewed yet will appear this way after each sync.
An error appears during Online Banking sync
From time to time, you might see an error appearing during sync with your accounts:
In such cases, please use the Report problem button - this will prepare a special e-mail that will allow you to contact the relevant team, speeding up the fixing process.
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.
Editing pending transactions
Pending transactions cannot currently be modified until they have cleared with the bank. That's because pending transactions are often heavily changed by the bank before they get cleared: we've seen not only numerous cases when the description and date of the transaction got changed but also the amount. At the same time, those are the pieces of information our Online Banking partners use to identify unique transactions. If they are changing, it makes it very difficult to keep track of which transaction is which and not send duplicates to your register.
For this reason, we are deleting all pending transactions from your Account register (but not those that you created manually) during each sync and re-download fresh list afterwards. This ensures that we clear the transaction in MoneyWiz as soon as it appears cleared at the bank.
Once a transaction appears cleared, you are free to modify it.
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:
- on MoneyWiz for Desktop: use the regular keyboard shortcut or right-click on the account name in the sidebar,
- on MoneyWiz for Mobile: tap the pencil button in the top-right corner and select New Transaction.
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 Account basics 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 choose 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.
If you need to reconnect the account back after disconnecting it from Online Banking, see the next section of this guide as your account becomes regular account once it has been disconnected.
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 Account basics 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.