expense tracking app in nz

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Forums › Finance and wealth management › expense tracking app in nz

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ANglEAUT

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#2741551 9-Jul-2021 00:08

You might also be interested in TillerHQ.com

They use Yoodlee for their financial data aggregation and import financial data from over 21,000 banks, credit cards, mortgages, loans, brokerages.

What I like about Tiller is that they use a spreadsheet. That means you can add your own columns & sheets to customise the imports to your liking

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sud0

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#2742579 11-Jul-2021 18:19

Kiwibank replied:

Hi Lucas,

Thanks for your enquiry.

We don’t recommend providing your Internet Banking details such as an access number and password to third party companies as we cannot guarantee the security of your account.

It is a personal decision on your part to provide these details to pocketsmith.com, but it does make you liable for any unauthorized payments that come out of your account.

Kind regards,

Cynergy – Digital Team

Kiwibank

So... yeah.... I'm not comfortable on giving any software my login credentials... and looks like there isn't any other option here, but to manually export and import my expenses into these apps... which I'm not really in the mood of doing.. I was looking for something more automated.

For me, tracking expenses and organizing my financial life is something that I hate, and having to do that manually is not a good incentive

Lucas

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michaelmurfy

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#2742708 11-Jul-2021 20:11

I'd say they'll also flag you if you even attempt to use it also. It isn't worth it.

If you ever use any screen scrapers then change your password straight away, ensure you've got 2FA enabled via your bank even if it is just SMS based and basically don't use it again.

But I also disagree regarding exporting the CSV's - it only takes you a few moments so it isn't a big deal. Just get in the habit each night or something. It will be a thing of the past once open banking comes in and companies integrate with it though.

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alasta

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#2742727 11-Jul-2021 20:41

michaelmurfy:

But I also disagree regarding exporting the CSV's - it only takes you a few moments so it isn't a big deal. Just get in the habit each night or something. It will be a thing of the past once open banking comes in and companies integrate with it though.

I agree. I manually load my transactions into YNAB on a weekly basis and it usually only takes five minutes. The only problem that I occasionally encounter is my bank reconciliation failing due to backdated credit card transactions that I miss when I do the extract/load, so I have to enter them manually.

schweppesBottle

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#2759072 12-Aug-2021 15:14

michaelmurfy:

It will be a thing of the past once open banking comes in and companies integrate with it though.

Do we have any indications as to when that will be?

michaelmurfy

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#2759073 12-Aug-2021 15:17

schweppesBottle:

Do we have any indications as to when that will be?

Like anything - when you see official news from banks.

phrozenpenguin

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#2763078 19-Aug-2021 14:24

michaelmurfy:

schweppesBottle:

Do we have any indications as to when that will be?

Like anything - when you see official news from banks.

It is a shame NZ is behind (internationally) on the Open Banking side of things. We use Open Banking with PocketSmith for international accounts and it works reasonably well. Look forward to it coming to NZ but haven't seen anything useful (although haven't been looking).

As mentioned, Xero is an option if you really want something automated and supported, but potentially a bit expensive and overkill for a personal account.

Whilst I appreciate the CSV method might be the "safest", it is also 2021 and manually reconciling CSV transactions seems a bit old-fashioned (and tedious) to me!

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schweppesBottle

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#2763083 19-Aug-2021 14:27

phrozenpenguin:

Whilst I appreciate the CSV method might be the "safest", it is also 2021 and manually reconciling CSV transactions seems a bit old-fashioned (and tedious) to me!

Couldn't agree more. It leads to it just not happening. What's the point of the pocketsmith mobile app when I can't code any transactions in it because I need to wait for a CSV download on my laptop once a week (or whenever I procrastinate from work and can get that CSV downloaded....). So frustrating.

Dynamic

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#2763092 19-Aug-2021 14:44

I believe PocketSmith are about to move away from screen scraping transactions. I think they have a beta open for anyone who wants to help test.

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schweppesBottle

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#2763094 19-Aug-2021 14:48

Dynamic:

I believe PocketSmith are about to move away from screen scraping transactions. I think they have a beta open for anyone who wants to help test.

They'd be happy for you to believe that, but they're still needing your login details. Scroll down to "Re-linking your bank feeds" at https://learn.pocketsmith.com/article/1311-migrating-to-data-connections

chevrolux

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#2763098 19-Aug-2021 15:00

phrozenpenguin:

Whilst I appreciate the CSV method might be the "safest", it is also 2021 and manually reconciling CSV transactions seems a bit old-fashioned (and tedious) to me!

Totally agree. It's not the 90s anymore, we shouldn't have to download/upload CSVs manually.

I have the same issue with direct debits. Our bank, the system is all based around uploading files for that too. And if you want the "automated" option, its $5k/month - simply to get an FTP facility to at least automate the upload/download process. How old is FTP again?... and that's more secure than a modern API?!

Of course... all in the name of security. And "things might be happening" but they are happening EXTREMELY slowly.

chevrolux

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#2763101 19-Aug-2021 15:02

schweppesBottle:

michaelmurfy:

It will be a thing of the past once open banking comes in and companies integrate with it though.

Do we have any indications as to when that will be?

It will be when the banks work out where to hide the costs of developing/running such systems in the fees charged to customers.

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