1. Right now I'm using Plaid to connect to bank accounts which currently only supports US and Canada-based banks (but even then, some banks are not supported fully). The next plan is to allow people to manually import their bank transactions via CSV, and after that, look into a European-based and/or Asia-based version of Plaid. That being said, anyone can use Lunch Money to add transactions manually in any of the 150+ currencies currently supported.
2. So we do a couple of things under the hood– auto-categorization and picking out your recurring (monthly) expenses. Our auto-categorization gets smarter as you make any fixes (via Category Rules). We also offer a lot of transaction management features such as splitting and grouping which you can use to make sense of your own spending habits.
3. Yes, our latest feature, grouped transactions, exactly fits your use case. You can use grouped transactions to link up credit card payments (i.e. -$200 from your chequing account, +200 to your credit card combines to $0 in your transactions list!) or track friends paying you back (i.e. you picked up the $200 tab for a dinner with 6 friends. You can group together that big transaction plus all your Venmo transactions to reflect how much your share actually was).
Really great job and I'm digging the UI. I see that Plaid has just launched in the UK so hopefully you can add support for us Brits soon (if we haven't self-combusted in a Brexit meltdown by then).
FYI, EU is enforcing PSD2 directive from mid-September (yes, that's in two weeks). After that, all bank accounts in EU should - at least in theory - be available to 3rd party aggregators. I am sure Plaid is looking into it. This should allow you to easily expand to EU in near future.
(Obligatory note: the reality is that not all banks are yet ready for PSD2 and opening the APIs for their customer's accounts. But from mid-September, banks that are still dragging their feet will be eligible for fines, which should act as a good motivation.)
Anyway, it looks really amazing what you've done, and I'm really looking forward to services like yours expanding to EU.
1. Right now I'm using Plaid to connect to bank accounts which currently only supports US and Canada-based banks (but even then, some banks are not supported fully). The next plan is to allow people to manually import their bank transactions via CSV, and after that, look into a European-based and/or Asia-based version of Plaid. That being said, anyone can use Lunch Money to add transactions manually in any of the 150+ currencies currently supported.
2. So we do a couple of things under the hood– auto-categorization and picking out your recurring (monthly) expenses. Our auto-categorization gets smarter as you make any fixes (via Category Rules). We also offer a lot of transaction management features such as splitting and grouping which you can use to make sense of your own spending habits.
3. Yes, our latest feature, grouped transactions, exactly fits your use case. You can use grouped transactions to link up credit card payments (i.e. -$200 from your chequing account, +200 to your credit card combines to $0 in your transactions list!) or track friends paying you back (i.e. you picked up the $200 tab for a dinner with 6 friends. You can group together that big transaction plus all your Venmo transactions to reflect how much your share actually was).
Thanks for the questions!