Record a transfer or currency exchange

A transfer moves money between two of your own accounts, such as from your card to your savings. It isn’t spending or income: one balance goes down, the other goes up by the same amount, and your total stays the same.

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Move money between your accounts

finerd asks which account the money left, how much, which account it went to and how much arrived. Then it opens the transfer so you can check it. Nothing is recorded until you select Save. If both accounts use the same currency, finerd fills in the amount that arrived with the amount you sent. The transfer appears in Transactions as Internal transfer. The first account’s balance goes down and the second one’s goes up by the amount. If you close the transfer before saving and choose Discard, nothing is recorded.

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Withdraw or deposit cash

Taking money out of an ATM is a transfer from your bank account to your cash account. It isn’t spending yet: record the expense when you spend the cash. Paying cash into your bank is a transfer the other way. To record it yourself, follow the steps in Move money between your accounts. For a withdrawal, choose your bank account first and your cash account second; for a deposit, the other way round. Cash accounts are under Cash in the list. If you don’t have one yet, add a cash account. If the ATM charged a fee, enter the amount that left the card and the amount you got: see When the amounts differ. If your bank is connected, the withdrawal arrives from the bank. Don’t record it again: open that transaction and, if To shows a category, choose your cash account instead. For a deposit, change From the same way. The bank’s line stays as it was. The transaction becomes a transfer, and your cash account’s balance changes by its amount.

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Exchange currency

An exchange is a transfer in which the money leaves in one currency and arrives in another, for example 100 USD handed over at an exchange office and 86 EUR received. finerd records both amounts as they were, and each account’s balance changes in its own currency. The money can stay in one account. An account can hold several currencies, so if you exchanged cash in your wallet, choose your cash account on both sides: it keeps a separate balance for each currency. When the account you exchange to holds another currency, the Android and iOS apps show what you’d get at finerd’s current rate, for example 89,26 € at current rate. Tap Apply to use it, or enter the amount you actually received. If your amount is far from finerd’s rate, see When the amounts differ. The exchange appears in Transactions as Internal transfer. In the account, each currency has its own balance: after this example the wallet holds 86 EUR more and 100 USD less. Internal transfer or ATM and Currency exchange record the same kind of transaction; the exchange only names its steps differently.

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When the amounts differ

Sometimes less arrives than left: the ATM charged a fee, or the exchange office took a commission. finerd records the difference as a separate expense line in To, so it counts in your spending, and picks a category for it, such as Bank fees. Check that line before saving: if it shows Uncategorized Expense or Choose category, choose the category yourself. If more arrived than left, finerd adds the extra to From as income, such as Cashback & Rewards. In one currency, the Android and iOS apps add the fee line as soon as the amounts differ. On the web, a small difference shows as … left unassigned under To, and Save stops with Transaction Inconsistent until you add the line yourself. In different currencies, finerd compares the two amounts with its exchange rate. A small gap is saved as entered. If the gap is large, finerd asks whether the difference is a fee:

• Add fees records the difference as a fee line in To.
• Keep as is records only the two amounts. finerd then values what you received at exactly what you paid, and the difference doesn’t count as spending. On the web, Save asks again with Exchange rate difference; select Keep as is to save.

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Transfers between connected accounts

When both accounts are connected, each bank sends its own half of the transfer: the money leaving one account and the money arriving in the other. finerd looks for the matching half, even in another currency or a few days later, and joins the two into one Internal transfer. You don’t need to record such a transfer yourself. If the halves arrived as separate income and spending, see If a transfer is recorded wrong. Until both halves meet, finerd keeps the amount in Money on the way. It’s an account finerd creates for each pair of your accounts and names after both of them; you can’t choose it in a transaction or edit it. When the other bank’s half arrives and finerd matches it, the amount leaves Money on the way. If you record a transfer between two connected accounts yourself, it shows Pending until the banks confirm it, and the amount waits in Money on the way too. The sending account’s balance already counts the transfer, and Current under it shows the balance the bank reports.

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If a transfer is recorded wrong

A transaction from your bank keeps the bank’s account, amount and date. What you can change is the other side: the category, or the account it went to or came from.

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Fix several at once

When many transactions need the same account, change them together.