Support multiple currencies

  • 41
  • Idea
  • Updated 4 years ago
  • Not Planned
Hi there,

I have bank accounts in both Pound Stirling (£) and Euro (€). At the moment I can't include my Pound Stirling account because as there is no exchange rate in reporting the figures would be wrong.

Are there any plans to support multiple currencies?
Photo of Matt Morris

Matt Morris

  • 34 Posts
  • 4 Reply Likes
  • thankful

Posted 9 years ago

  • 41
Photo of cmchien

cmchien, Official Rep

  • 610 Posts
  • 44 Reply Likes
Hi Matt,

Thanks for taking the time to give your feedback. We need to think carefully about this one. It might be rather tricky to implement for the following reasons:

1. With envelopes and accounts we are keeping two separate sets of balances.
2. However, envelopes are a "virtual" overlay over your actual accounts, which means that the funds in one envelope can in fact be split across multiple accounts. You can think of it as a pool of money that sits in various accounts but that you can allocate across your various envelopes.
3. Given this, we can't have conflicting currency denominations for envelopes and for accounts.

One possibility might be to consider envelopes always to be denominated in one currency only and do conversions to get to accounts but I can imagine that getting very complicated *very* quickly and also be unreliable since transactions happen at different times an different exchange rates.

Those are my initial thoughts. Being from the U.S., we have the luxury of not living in a multiple currency environment, which also means that we haven't been forced to think much about these types of issues.

Do you (or others) have thoughts about how you might envision it working based on your experience with other products?
Photo of Steven Tafzil

Steven Tafzil, Employee

  • 1494 Posts
  • 82 Reply Likes
Hi jbtibor,

Thanks for the thoughtful feedback. You give a lot of detail in your suggestions, which helps us tremendously. I've added your comments to our internal requested features tracker, thanks!
Photo of Ian White

Ian White

  • 3 Posts
  • 0 Reply Likes
I do not agree that the US has no need for multiple currencies, the US is not doing so well lately and I am in business in the UK, many American companies are busting for European and worldwide business, you can still have your elite currency and convert it in other accounts
Photo of Chi-En Yu

Chi-En Yu, Official Rep

  • 514 Posts
  • 36 Reply Likes
@Ian White - thanks for the insight about how multiple currencies may be helpful to US users also because of multinational business.
Photo of JasonK

JasonK

  • 1 Post
  • 0 Reply Likes
@cmchien - I like your idea of having envelopes for the different currencies. It's less convenient than having envelopes that can handle all currencies, but it's a solution that I have used in the past. When I lived in S Korea I used US Dollars (USD) and Korean Won (KRW) and tracked expenditures using KMyMoney on Linux. I created budget categories that tracked expenditures in KRW. When I bought KRW, KMyMoney allowed me to set the exchange rate for that exchange. I believe there was a way to spend KRW against budget categories that were USD, but it was less accurate than I wanted. I see below that Matt Morris confirms this, I just never used it.

One thing you may consider is looking at the code for KMyMoney or GnuCash since they are both open source Linux products and they both handle multiple currencies. Why reinvent the wheel?

Thanks for your attention to this subject.

Sincerely,

Jason
Photo of Becky Huang

Becky Huang, Official Rep

  • 1560 Posts
  • 78 Reply Likes
Hi Jason,

Thanks for your input! We've added your voice to our tracker.
Photo of Matt Morris

Matt Morris

  • 34 Posts
  • 4 Reply Likes
Hi cmchien,

Previously I've been using KMyMoney. It handles multiple currencies by having a base currency for instance Euros and this currency is used for income/expense categories (envelopes) and reporting. So if a transaction is made from an account which is setup in another currency the days exchange rate (xe.com have an API I believe) is also saved in the transaction and used to calculate the amount in the base currency. So on the account ledger I would see the amount in the accounts currency but in the categories and reports the exchange rate saved with the transaction would be used to create the amount in the base currency.
Photo of cmchien

cmchien, Official Rep

  • 610 Posts
  • 44 Reply Likes
Thanks, Matt for this additional information. We'll noodle on it for a bit. I can't promise anything, but we will think about it.
Photo of Bill

Bill

  • 1 Post
  • 0 Reply Likes
I regularly work with three different currencies. I know EEBA doesn't check and do currency conversions, and that the currency setting is global, but it would not be hard to ASK for the exchange rate for transfers between accounts or between envelopes with different currencies or have the option of accepting an exchange rate from ex.com etc (with this option one should be able to activate or deactivate it and have the option of an adjustment factor - in some countries the exchange rate is different from the global sources or a credit card may give a different rate). Best to have envelopes and accounts that are always in a particular currency. One can have two or more envelopes for the same "category" that has money in two or more different currencies. Total equivalent assets would be calculated from a chosen base currency using optionally the exchange rate for the most recent transactions or using the latest exchange rate from an internet feed. One could also give total equivalent assets in all currencies used using the above method. This would be an extremely helpful feature for me, and others as well I believe.
Photo of Karim

Karim

  • 23 Posts
  • 2 Reply Likes
we are in the world wherein boundaries seems to exist no more.. one might live in another part of the world, while having accounts in another country.. or even have two accounts in the same country with different currencies.. a US dollar account perhaps in a non-US country is pretty much common..
Photo of EdoKun

EdoKun

  • 1 Post
  • 0 Reply Likes
I shop a lot on internet (eBay, amazon, etc.), but not only in France. I bought from Europe (Euro), USA (US dollar), and sometimes England (Stirling Pound). On Android, when we enter an amount for an expense by using an calculator, but it would be great if it does currency converter.
Photo of Steven Tafzil

Steven Tafzil, Employee

  • 1494 Posts
  • 82 Reply Likes
Thanks to everyone for their input. Though we may not respond to every post, we do read these and take suggestions seriously.

Our main concerns are still what Chi-Ming described above. Keeping Envelopes "virtual" so that the money in them may come from multiple Accounts makes multiple currencies a problem.

As Bill noted above, one option would be to keep certain Envelopes/Accounts a particular currency. This would be like having two EEBA accounts in one. You might have USD accounts with USD Envelopes, and Euro Accounts with Euro Envelopes. If you made a transfer between the two, you could tell EEBA what exchange rate was used.

Would this be a workable solution for others?

I don't know when we could implement something like this, but I'm curious if it would be a welcome solution for those looking for multiple currency support.
Photo of Marla Sue Forgues-Kostis

Marla Sue Forgues-Kostis

  • 7 Posts
  • 2 Reply Likes
How about it, EEBA? Allow those of us who have a paid subscription to have two sign - ins without having to pay for two subscriptions? Sounds equitable to me.
Photo of roxydiva

roxydiva

  • 20 Posts
  • 1 Reply Like
The suggestion Stephen mentions above would be perfect for me ie to have two accounts in one, but unless/until that comes along (and I can understand us multi-currency people are in the minority of the EEBA population) Maria's suggestion would work for me :-)
Photo of vsevolod.ukrainsky

vsevolod.ukrainsky

  • 5 Posts
  • 3 Reply Likes
Hmmm... Having multiple accounts seems weird to me. It totally subverts the paradigm of single sign-on and managing all (!) transactions from a single place. What if I have 3 currencies (like I currently do)? Shall I use 3 accounts? That is not an option.

I am sure the idea of managing multiple currencies is easy. Each account should have a 'currency' property. Querying a global exchange rate provider will do the rest. At the end of budgeting period (or even more frequently) EEBA may do an account state reconciliation.

This is exactly what I do these days. My primary currency is EUR. When I spend, say, Rubles or USD I go to Google each time and ask for "100 rub to eur". Sometimes it may be inaccurate but it works. At the end of the budget period I actualize accounts state.

Despite this 'manual' approach fairly works for me I still desperately miss multiple-currencies functionality in EEBA.
Photo of jbtibor

jbtibor

  • 218 Posts
  • 6 Reply Likes
roxydiva, multi currency people are minority because there is no such feature in EEBA. If there would be such feature EEBA would have a chance to have those people as their customers instead of forcing them to either make serious compromises or choose one of their competitors.
Very few are willing to give up the possibility to record all their transactions, or pay for more accounts only to have all their transactions but no consolidation of them.
Photo of Audrey Chau

Audrey Chau

  • 85 Posts
  • 4 Reply Likes
thanks all for your comments and feedback. We are continuing to take them seriously and find it helpful to hear how you budget and find work-arounds that make EEBA work for you.

@Marla and roxydiva, the suggestion to offer one paid subscription for 2 or 3 logins when handling multiple currencies is an interesting one, and I have recorded it in our feature request tracker.
Photo of sophia.darpine

sophia.darpine

  • 1 Post
  • 4 Reply Likes
All multiple-currency financial software that I've seen keeps a base currency. Budgets, and in this case Envelopes, would be in that base currency (specified by the user of course) and the exchange rate would be provided automatically (either by a global value previously set by the user or an online exchange rate) with the option for the user to adjust the rate on a per-transaction basis.

The user would understand that once multiple-currencies were enabled the value of their envelopes wouldn't be EXACTLY spot on -- but certainly pretty close -- and for those of us who live with multiple always-fluctuating currencies, you don't usually get much better than that!

Thanks for taking the time to think about this!
Photo of vsevolod.ukrainsky

vsevolod.ukrainsky

  • 5 Posts
  • 3 Reply Likes
@Dayspring Tech:
So what is the current status for this consideration started about a year ago? Any decisions so far?

Using the _base currency_ concept and a service converting the secondary currency "on-the-fly" might be a good idea.

Myself I am a bit stuck when started using EEBA with two bank accounts in € one account in Russian rubles and one in $. Everything is now in a disorder and a cant wait to clear it all off befor the new budgeting period.
Photo of Steven Tafzil

Steven Tafzil, Employee

  • 1494 Posts
  • 82 Reply Likes
Hi vsevolod.ukrainsky,

Thanks for the feedback. We don't have anything to announce yet regarding support for multiple currencies, but we certainly haven't forgotten about it. Thanks to everyone for the feedback they've provided so far!
Photo of jbtibor

jbtibor

  • 218 Posts
  • 6 Reply Likes
Look at https://www.clearcheckbook.com/.
They have multiple currencies, envelopes (categories+budget), web, Android and iPhone client.
Photo of Steven Tafzil

Steven Tafzil, Employee

  • 1494 Posts
  • 82 Reply Likes
Hi jbtibor,

Thanks for the reference! That's definitely interesting. I haven't looked at their implementation of multiple currencies yet, but is there anything in particular that you like about how they handle it?
Photo of jbtibor

jbtibor

  • 218 Posts
  • 6 Reply Likes
I like that they have it and it works. I'd say they follow the standard of other personal finance apps by having a base currency and converting other currencies to that when aggregation is required (i.e. reports, budgets). Exchange rates are updated automatically, this is also a must.

The only reason I'm also trying out EEBA is that CC's iPhone app is not so good, and I still have to give a serious try to their Android app.
Their web interface is far more advanced than EEBA, not only because having multiple currencies but usability wise too. Usability and lack of multiple currencies are the two biggest issues with EEBA. The next one is the lack of proper exports and imports.
Not to mention that they have an API so there are extensions like recording transactions using IM clients (i.e. Google Talk), or iGoogle gadget.
Photo of Steven Tafzil

Steven Tafzil, Employee

  • 1494 Posts
  • 82 Reply Likes
Hi jbtibor,

Thanks for the honest feedback. Knowing your perspective helps us think about this issue, so thanks for taking the time to let us know!
Photo of MarkM

MarkM

  • 43 Posts
  • 4 Reply Likes
Let me throw my two cents in and say that this is a critical issue for EEBA to address. I live in China and make Chinese Yuan (RMB) but I travel to the US for 2 months every year. My saving, checking, and credit card, and IRA are in USD. I have bank accounts, plus 10 months of living expenses in RMB...and then 2 months in USD. I just started using EEBA and find no way to deal with this well. Especially in an increasingly-global world, this is a must for EEBA to be a good budgeting solution.

I understand the concerns you noted and wanted to give some feedback to it. The suggestion so far seems to be to have different envelopes dedicated to different currencies. That would work, practically, especially in cases like mine where I spend USD for 2 months and make and spend RMB for 10 months. It would work, but is far from elegant, especially for annual/irregular expenditures.

The other suggestions people are making of a "base currency" are probably the most elegant and would be rather simple to implement. What you'd need to do is to give the option of specifying a currency for each account. So, I would have several accounts (petty cash, bank, etc.) in RMB and several accounts in USD. Then I would choose a base currency (RMB) so that my envelopes would appear functionally as RMB and there'd be no need for duplicating the budgets. To fill the virtual envelopes, then, would require converting the non-base currency (USD) account into the base currency (RMB). You could do this with automatic feeds, as other suggest, but my recommendation would be to make this optional. If you only rarely transfer between accounts (I only exchange RMB to USD every few months), then it makes sense to let the user set the exchange rate at the time of each transfer (increasing the accuracy of the amount in the envelopes). Or, if people regularly make purchases in multiples, then they could have it automatically calculated.

It seems like this thread is a little old. It absolutely shouldn't be.
Photo of Marla Sue Forgues-Kostis

Marla Sue Forgues-Kostis

  • 7 Posts
  • 2 Reply Likes
I agree with Mark. I use PocketMoney for my chequebook and account balancing, and the way that they handle this issue is as described in Mark's post. I spend part of my time in the US, part in Canada, and part in Mexico. My income arrives in Canada, and then is filtered out to my accounts in the other countries as needed. PocketMoney handles this beautifully, with Canadian dollars as my base currency, and a dropdown list of other currencies to choose from, with me manually setting the exchange rate with each transaction.

Currently, I use EEBA only for my Canadian envelopes, and use one of your (free) competitors for my foreign envelopes since I refuse, on principal, to pay for two or three EEBA subscriptions. I'd love to switch everything to EEBA, though, since I like it very much.
Photo of roxydiva

roxydiva

  • 20 Posts
  • 1 Reply Like
I like Mark's solution too - it does annoy me that I have to pay for two subscriptions in order to be able to use EEBA in two currencies. Maybe there's be a buy-one-get-one-free offer sometime ;-) to keep us going until it allows multiple currencies.

I still love it though, even with this drawback.
Photo of Steven Tafzil

Steven Tafzil, Employee

  • 1494 Posts
  • 82 Reply Likes
Thanks for the feedback everyone, discussions like this are really helpful for us. I don't have an ETA on when we might add support for multiple currencies, but we do sincerely appreciate the feedback.

@roxydiva Are you paying for two subscriptions? Send us an email at support@eebacanhelp.com with the EEBA Household names you're using and we'll work something out.
Photo of MarkM

MarkM

  • 43 Posts
  • 4 Reply Likes
@Steven -- any chance another arrangement can be made for multiple accounts? I'm trying to figure out how to budget during the 2 months I'll be in the US. Right now my solution is pooling money into one envelope that I'll then convert to USD for expenses in the US...but this means I won't have any budget in the states. If I could start another account for US-only expenses, I think I could make that work. Do you think that could be arranged
Photo of roxydiva

roxydiva

  • 20 Posts
  • 1 Reply Like
Hi Steven - thanks for the comments - I'll send an email in a moment.. :-)
Photo of Steven Tafzil

Steven Tafzil, Employee

  • 1494 Posts
  • 82 Reply Likes
Hi roxydiva,

Thanks! Got your email, responded to you over email as well.
Photo of Marc Reynolds

Marc Reynolds

  • 1 Post
  • 1 Reply Like
+1 on this. I have a paid account, am from the US, but live in Southeast Asia. This means that I regularly deal in 4 currencies. I have been converting all my account balances and transaction amounts to a 'base' currency, but find that the extra step actually prevents me from immediately entering the transaction. It also makes reconciling my USD account balances tough... I know this feature isn't an easy one, but would be a huge plus for folks like me.

Love the iPhone app... heads and shoulders above many of the other competing solutions.
Photo of Becky Huang

Becky Huang, Official Rep

  • 1560 Posts
  • 78 Reply Likes
Hi Marc,

Thanks for the praise! We're glad that you love EEBA on iPhone so far. I understand that it's time-consuming to constantly convert transactions from one currency to another. I've added your thoughts to our tracker and will let you know if we have more to share about this suggestion.
Photo of MarkM

MarkM

  • 43 Posts
  • 4 Reply Likes
I just wanted to post and hopefully bring some new life into a necessary subject. I've posted before, and I'm glad this is under consideration, but my experience this summer has convinced me that this needs to be high priority for EEBA. I want to share a bit of what happened so that others can see how important this is for EEBA to solve.

Ten months of the year I live overseas and two months I live in the US. I started EEBA overseas and saved for those 2 months in the US, but because EEBA lacks multiple currency support, it was really difficult to use in the US since everything was keyed to my currency overseas. I tried, alternatively, to just "make good decisions" about spending, but without a budget, I spent way too much.

Further, because I didn't log those 2 months of expenses into EEBA, when I got back overseas, my budget was such a disaster--from overspending and from missing data--that I had to wipe all the data and start over. My overspending and failure to add data into EEBA is my fault. But the reason for the overspending and lack of data was it is so hard to use EEBA with multiple currencies.

I appreciate EEBA because it makes budgeting simple and easy, but the failure to support multiple currencies made budgeting excessively complex and so tremendously difficult that I just didn't budget. It's precisely that complexity and difficulty that EEBA wants to fix yet, ironically, due to a lack of features, EEBA created that complexity and difficulty.

I had hoped to keep using EEBA, but multiple currencies is a huge part of my life. I'm encouraged to know that multiple currencies is "under consideration", but this is a crucial issue that needs to be addressed, and soon. If it isn't, I'm going to need to look at other programs which support multiple currencies.
Photo of jbtibor

jbtibor

  • 218 Posts
  • 6 Reply Likes
If you are only using EEBA because of envelopes you should know that using budgets is very similar to using envelopes. You need of course an app what allows different budget for every month.
You set the budget for the coming month to the amount you'd add to an envelope in EEBA and you can track spending exactly like you were tracking using an envelope.
Photo of Becky Huang

Becky Huang, Official Rep

  • 1560 Posts
  • 78 Reply Likes
Hi MarkM,

We can definitely see that you and others in your situation would need to have a way of managing two different types of currency. We don't have an ETA on this feature right now, but our developers are always working on new updates.

Feel free to email support@eebacanhelp.com if you'd like to look into using multiple Households.
Photo of Nikola Novak

Nikola Novak

  • 35 Posts
  • 8 Reply Likes
The way I do this is I convert all "foreign" currencies into my primary currency and set up my accounts with the amounts in my primary currency. I try and use a lower rate than actual, so I don't suddenly find my money supply has dwindled should the value of my foreign currency drop. Then each month - or however often I like - I recalculate based on the new rates and adjust my envelope values, particularly if the exchange rate has fallen below the one I used.

Then again, I mainly spend my primary currency only, and just accumulate foreign currencies, so I have no trouble with having to do many exchanges.
Photo of Karisa Russell

Karisa Russell, Official Rep

  • 1720 Posts
  • 223 Reply Likes
Hi Nikola, 

Thanks for sharing your work-around! That does sound like a great way to track all of your accounts in your Goodbudget Household. 

Thanks, again.  
Photo of John Vander Stel

John Vander Stel

  • 282 Posts
  • 85 Reply Likes
Hi Karisa,

Just a quick note that users only need GoodBudget to offer a way to sign into one of two or more different GoodBudget accounts on a user's sole smart phone when mobile.  

Each currency can already be handled and managed separately with its own unique sign-in ID and budget on the website with a laptop computer at home, but GoodBudget currently limits the user to only one sign-in ID for the app on a smartphone.  

It's completely out of the question for the user to carry and juggle two or more different smartphones when mobile to deal with alternate currencies while on the road.  Dealing with the GoodBudget website on the small screen of a smartphone is far too time-consuming and sometimes completely impossible due to bad reception for quick transactions while mobile.

Simply allowing the user to sign into a number of possible GoodBudget accounts on the user's sole smartphone would allow the user to access their GoodBudget account that corresponds to the currency at hand, and keep all of the transactions separate by currency.  The user could easily convert one currency into another outside of GoodBudget.  GoodBudget is already fully capable of tracking and managing different currencies separately while at home.

This would also solve the problem for other users who must also handle more than one budget (another for a spouse and/or child) while mobile on their sole smartphone.

Each of the user's GoodBudget accounts could have a unique log-in ID and share the same password to make it fast and easy to log into the correct GoodBudget account representing the currency at hand or for the correct family member.

Does anyone have any other thoughts on this?  It seems to me that this small change could easily solve the primary problem.

Cheers!

John Vander Stel
Grand Rapids, Michigan
(Edited)
Photo of Karisa Russell

Karisa Russell, Official Rep

  • 1720 Posts
  • 223 Reply Likes
Hi John,

Thanks for your thoughts! If I'm understanding you correctly, Goodbudget can already do this.

Folks can have as many Goodbudget Households as they like. However, each Household just needs to be registered to a unique username and/or email address. So, this requires folks to have two separate email addresses so they can register a second Household to use exclusively to track a different currency.

Then, while on their smartphone, they'll need to log out of their main Household in order to login and view the other.

Thanks, again!
Photo of John Vander Stel

John Vander Stel

  • 282 Posts
  • 85 Reply Likes
Exactly. :-) it's been hard to explain this, but I'm glad that you now fully understand what I've suggested in the past, Karisa. Thank you for confirming that it would be a very useful tweek to the Android app. I would suppose this would be useful for those with the apple app, as well.
(Edited)
Photo of vsevolod.ukrainsky

vsevolod.ukrainsky

  • 5 Posts
  • 3 Reply Likes
For more than 4 years this thread tiptoes around the idea of having multiple households to implement different currencies...

People of EEBA/Goodbudget, what's going on with you?!
This is totally wrong approach which is... well... just wrong. The suggestion is marketing-originated: more households - more money. What about the logic? What if I have Euro in my bank account and cash British Pounds in my pocket? Should I re-login to get my expenses tracked or what?
You will get slammed by more or less adequate software architect for proposing this!

I started to use the tool four years ago. At the beginning I fell in love with it and became a paid user. Then I found that I couldn't go on with my household because I had (and still have) multiple bank accounts in Euro, US dollars, Hong-Kong dollars, Chinese yuan and Russian rubles. Unfortunately the tool couldn't handle those and still cannot.

This was the reason I quit. These days I use my own application which can perfectly handle multiple currencies. It took me about 4 months to craft the whole thing from scratch. My app uses European Bank daily XML reports to keep an eye on the currency rates.

Again: offering your customers to implement multiple households IS WRONG. It leads to a complete chaos, requiring users to logon/logoff several times per day to manages the decentralized environment.

@Nikola Novak: converting currencies is not the way out. It will lead to the mess once the rates change. The one and only one holy idea: to implement Currency Accounts.

Another thing that surprised me very much is the reaction of EEBA people who seem to have queued the feature request but do nothing to implement it. Any comment on that?
Photo of Nikola Novak

Nikola Novak

  • 35 Posts
  • 8 Reply Likes
Vsevolod, I've given my input to help out. The rates ALWAYS change, and it with the way Goodbudget is currently, it is left to the user to mindfully keep track of them.

Very little else can be done to actually support multiple currencies, yet be useful in most scenarios.

Imagine you have $1000 and 100 EUR. You normaly use dollars, and you decide to save euros for your trip to Europe. So, you open up a goal envelope named "Trip to Europe" and you put the 100 EUR towards that goal.

But this is where it gets messy. First, you can't mix currencies. Saying I have $1000 distributed among my envelopes, and one envelope holds 100 EUR is fine, but now imagine you want to also put dollars towards your goal of going to Europe. With the excange rate varying, how do you know you have reached your goal, or that you haven't overfilled your envelope? You either need a $1000 for your trip (converted to Euros), or 1000 EUR, because, really, anything else is meaningless. So, at some point you DO need an exchange rate of some sort.

But that's also not cool, because that means that as the rates change, on some days you will find excess money in your goal envelope, and on others there will be too little money in it. You just have to be able to convert to some base currency before you can put your money into envelopes, and work with that.

Then again, suppose your Euros converted to dollars (your base currency) are spread across multiple envelopes. When the exchange rate changes, it's easy to determine what happens with your accounts - the converted amounts are simply adjusted according to the new exchange rates. But what happens to the amounts in your envelopes? The software won't know how many Euros you have in each envelope unless you tell it, that is - if you are able to bind accounts to envelopes in some way or another.

Of course, the kicker is that when you DO actually go and make the conversion of foreign currencies into your base currency (or the other way around, or any way at all, really), you probably won't find the same exchange rate as your budgeting app uses. I know I'm never able to find the same one as I find on the Internet, so I err on the side of caution - that is, I intentionally underestimate the rate.

What I'm saying is that no matter how it's done, the system will always have drawbacks, so the workaround I suggested is quite good, at least in my scenario. Sure, some support could come from the app itself, but ultimately not much. You'll always find scenarios that will require some manual adjustment.

What I would do is enable accounts in other currencies, but always have one "base" currency. With each account, a user should be able to specify the envelope from which an amount would be removed, or added to, due to the change in the rate. When transferring between accounts of different currencies, the user would have to enter both amounts - the amount being withdrawn from the account in currency X, and the amount being deposited to the account in currency Y. If, say, Goodbudget calculated that the amount from X would equal more in Y than was actually deposited, the difference would then be removed from the envelope of the user's choice, and vice versa.

Upon adding a transaction, there should be a simple way to indicate the currency in which that transaction was made, or it should be inferred from the account that was used in the transaction, and the appropriate amounts should be removed from appropriate accounts and envelopes.

And that's it. Many of the proposals here I would never use because they would uniformly lead into a budgeting mess for me.
(Edited)
Photo of Marc Reynolds

Marc Reynolds

  • 1 Post
  • 1 Reply Like
I'm also surprised that this hasn't yet been implemented.  There are API's out there that can feed currency exchange rates... given how many people have been commenting on this feature request, I would say that it's still a feature that your customers want.  I too suspended my paid account because doing exchange rate adjustments made using the application far too complex.

I realize that multi-currency is not a weekend project, but perhaps you could attract more paying customers and get back old customers if you implemented this feature.  Multiple logins really isn't a viable stopgap.  If I told my wife she had to log in and out of two accounts to manage our money, she would roll her eyes at me and tell me, "no".   I *want* to like this app... but this missing feature is still preventing me also from using it effectively.  Otherwise, well done. :-)
Photo of jbtibor

jbtibor

  • 218 Posts
  • 6 Reply Likes
Goodbudget was effectively abandoned. They spent lots of time and money on rebranding (why? what's the benefit?) but didn't implement any of the major feature request and after almost 2 years many of the bugs are still not fixed either. The answer is always a workaround or "we'll look at this sometime in the future".
Photo of John Vander Stel

John Vander Stel

  • 282 Posts
  • 85 Reply Likes
Hi all,

I've suggested allowing multiple logins as a quick and easy way to leverage GoodBudget's web page's current capabilities to be used by the mobile apps, as well. GoodBudget online can already handle multiple currencies separately with different family IDs.

A flag could be added to each GoodBudget ID's database indicating which currency it is handling, thus opening up a clear path for future database interaction capabilities.

A permanent long term solution to change the whole composition of goodBudget's databases to add integrated multiple currency handling and currency conversion capabilities would require an incredible amount of brainstorming and time to pull off and would be a major undertaking just to figure out how to best approach it, but GoodBudget is already capable of holding and managing multiple currencies separately. Why not offer simple access to those built-n functions of GoodBudget while mobile, as well?

Once GoodBudget's current capabilities are fully leveraged to offer mobile access to all of GoodBudget's relevant current online capabilities, the team could better focus on how to best approach and implement other automated multiple currency conversion calculations and database features into GoodBudget for the future.

Why hold up short-term progress on mobile apps for a long term project on the whole infrastructure?

I've suffered the same kind of problem for many years, with different circumstances, but GoodBudget already has the capability to hold and manage multiple currencies separately. Why not simply share that capability with the mobile apps? That would solve more than half of the problem with currently built-in capabilities!

This would offer a quick and easy way for the mobile apps to access the functionality as the GoodBudget web page. At the same time, it will solve part of the problem for all foreign users and show them that the GoodBudget team has been listening and has not forgotten about them.

This would also offer a clear path for the GoodBudget coding teams to better focus on the longer term project of the best possible approach to add additional currency conversion capabilities that could enable GoodBudget to automatically handle currency conversions and transfers in the future.

At the very least they might even be able to add a currency conversion capability to the amount input functions on the spot in GoodBudget so Goodbudget could directly interact with the other different ID's databases (different currency accounts) in the future to offer the same result, while continuing to keeping each currency database separate from the others.

In conclusion, GoodBudget already has the capability to handle and manage different currencies. Why deny mobile access to the same built-in functionality that GoodBudget has online, and not open up a clear path to future separate currency conversion capabilities?

I suggest leveraging the capabilities GoodBudget already has built-in before brainstorming about major projects like currency conversions and transferring multiple currencies from envelope to envelope. Multiple currencies in the same database would be a huge and long-term undertaking.

As a former programmer, I can see now how GoodBudget could easily be improved with minor tweaks to open up paths to handle all of the advanced automated currency conversion functions you have been talking about, and so much more!

Without a clear path for action and insisting on all improvements at once, we could still be debating this for many more years to come. Without a clear path for a plan, nothing will be accomplished, at all.

Just my two cents, for what it's worth. Your further thoughts and ideas are welcomed and requested. United with a plan, GoodBudget can accomplish anything! :-)

Cheers!

John Vander Stel
Grand Rapids, MIchigan USA
(Edited)
Photo of Nikola Novak

Nikola Novak

  • 35 Posts
  • 8 Reply Likes
John, that is an awful suggestion IMO. Honestly, if I were asked to do something like this I would flat out refuse because of two reasons:

1. It's not a solution. It's a way around the solution - a hack, if you will - and it doesn't solve anything. Everything your application could automate is left to the user this way (I'm picturing myself in the middle of the fun park in a foreign country trying to punch in my expense after buying a cup of coke, doing currency conversion in my head while everyone else is riding a roller coaster and my coke is getting warm, only to find out that my conversion was incorrect and I would have to postpone my next trip to a fun park because I haven't been able to save enough money because of this bad conversion).
2. I will have wasted a couple of weeks which I could've used to develop a part of an actual solution - which I will have to implement sometime in the future anyway. In fact, this half-hearted attempt to solve a problem will probably postpone the actual solution indefinitely, and will - in the long run - probably cost me customers, and therefore profit.

Moreover, it's sometimes challenging enough to keep things in sync as it is (e.g. I have some accounts where the amount of money in the account is supposed to be the same as the amount in one of my envelopes). Keeping two separate Goodbudget accounts in sync is a lot of hard work, prone to errors, and not something I would want to do on a regular basis. In fact, I'll probably be leaving Goodbudget if anything like this is developed.

Cheers!
Nikola
Photo of vsevolod.ukrainsky

vsevolod.ukrainsky

  • 5 Posts
  • 3 Reply Likes
Keeping two separate Goodbudget accounts in sync is a lot of hard work, prone to errors, and not something I would want to do on a regular basis. In fact, I'll probably be leaving Goodbudget if anything like this is developed.
+1
Photo of jbtibor

jbtibor

  • 218 Posts
  • 6 Reply Likes
to add integrated multiple currency handling and currency conversion capabilities would require an incredible amount of brainstorming and time to pull off and would be a major undertaking just to figure out how to best approach it
Goodbudget isn't the first money management application, but is among the few without currencies. My point here is that multi currency money management and budgeting has at least 25 years history if we only count software, but believe me people (and companies) were accounting with multiple currencies since money was invested so there are very clear solutions to implement, nothing has to be invented by Goodbudget.

Why not offer simple access to those built-n functions of GoodBudget while mobile, as well? 
I really don't get what multiple currency related features are there on the website except that one can create a new user account for each currency. Multiple user accounts can already be used in Android app, I assume is the same on iPhone. Go to Settings -> Log Out and there you have what you asked already implemented.
However, this approach is mostly useless because if someone has money in multiple currencies they most likely transfer money between financial accounts and this can't be recorded in Goodbudget if those financial accounts are in different user accounts, not to mention that none of the reports would be complete (ie if one sells on eBay in different currencies they couldn't get a complete income and expense report from Goodbudget).

it will solve part of the problem for all foreign users 
If by foreign you mean non-US than there's no relation to this. Many people in US have money in multiple currencies and many non-US people have money in a single currency. It affects those who invest in multiple currencies or deal in multiple currencies. And these are the people who need an app like Goodbudget the most and would be willing to pay for it, so GB is ignoring a market segment what could generate revenue for them.
Traveling alone doesn't require this feature because purchases in other currencies are registered either on a card or checking account in base currency or a cash account in base currency.

At the very least they might even be able to add a currency conversion capability to the amount input functions on the spot
This would only be useful for cash transactions because in all other cases the conversion is done by a financial institution (bank or card processor usually) and there are thousands of apps for this so GB should rather fix defects instead of this - of course this is my personal preference.

Multiple currencies in the same database would be a huge and long-term undertaking.
As a current programmer I don't see why this would be a huge or even big effort. Maybe if they would try to reinvent the wheel and spend time with analysis, but if they choose a proven approach then it should be a medium effort. 

A proven and working approach is that user has a base currency (i.e. USD) and each account has its own currency too. All budgets and reports are displayed in base currency. Balances are also displayed in base currency so that a total can be calculated, and balance in original currency is displayed as information where applicable and there's enough space available (ie in mobile app there might not be).
Users can enter the FX rates themselves, and only as a bonus there could be an option to update rates automatically on a daily basis using one of the many services available (ie xe.com).

What needs to change for this?
-Need a setting for base currency.
-Need a setting for FX rates.
-Accounts need a currency setting.
-Account currency has to be displayed on the UI, i.e. when entering a transaction, making a transfer, where a balance is displayed (and please don't forget that not all countries have currency symbol before amount like US has).
-Balances have to be converted to base currency before displayed.
-Values have to be converted to base currency when a report is built. This again is not a major change and should only affect a specific area of code.
-Budgets (envelopes) would all be in base currency. As a bonus there could be budgets and envelopes in other currencies.
-Account transfer input screen and API will need two amounts when accounts have different currency, because if the currencies are not the same the amounts will be different too. User must have the option to enter amounts and override the automatic conversion because Goodbudget has no way of knowing concrete the FX rate applied to a purchase by a bank or card processor.

Most of the changes should be to isolated areas of API and some parts of UI, definitely not a major refactoring.
(Edited)
Photo of Chi-En Yu

Chi-En Yu, Official Rep

  • 514 Posts
  • 36 Reply Likes
Official Response

Hi everyone,

Wow! Since this thread has been quiet for the last few years (until this weekend), we didn’t realize that we need to communicate more proactively. That’s clear to us now given the discussion this weekend, so thanks for weighing in, everyone.

Obviously, we have not built support for multiple currencies, and I want to be clear that we do not plan to do so. I understand that for all of you who live in a multiple currency environment, it’s simply part of your financial reality and therefore a must-have feature, so regrettably, Goodbudget may not be the right solution for you. I understand that means we may miss out on an opportunity to serve a segment of people like you who use multiple currencies. And it could be argued that more multiple currency users haven’t tried Goodbudget because we don’t offer the feature. But we’re a small team, and we have to prioritize our work.

If you’re interested to see what we have been working on in the last couple years, you can read about our efforts in our changelog. I think you’ll see a theme of us working on projects that affect the majority of our users -- things like Reports on the mobile phones. We’ve also built some of the features requested on other popular forum threads, like Goal Envelopes. And you can see what we're planning to work on in our roadmap.

For those of you who do choose to stick with Goodbudget and find the workaround of using multiple households acceptable, drop us a line via email at support@goodbudget.com. We’re happy to comp a second Plus household to our loyal subscribers who’ve already signed up for one Plus household.

Take care,

Chi-En