Sync Australian bank transactions to YNAB with Budget Feeder

Hey folks,

I've recently announced the public launch of Budget Feeder for YNAB.

Budget feeder connects to around 150 Australian Banks and credit cards, and makes use of the YNAB API (although we're not affiliated with YNAB) to sync them right into your budget automatically.

You're welcome to take it for a spin, free trial available at https://www.budgetfeeder.com/

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  • Has anyone trialed this service yet?

    Like 1
  • Hi souwalker1,

     

    I’ve been using https://www.budgetfeeder.com/ since it launched and it works great!

     

    Im using it for my CBA, ING and Amex account syncing.  
     

    The support from them is also awesome. I’d highly recommend using Budget Feeder if you are an Aussie YNABBER :)

    Like 3
      • souwalker1
      • souwalker1
      • 10 mths ago
      • 1
      • Reported - view

      Purple Filly that’s great to know. Yes, I’m a YNAB Australian user for years. I’m just concerned of 3rd party plugins. 

      Like 1
  • Hi budgetfeeder !

    Thank you for taking the time to share Budget Feeder with your fellow YNABers! :)

    I know you mentioned not being affiliated with YNAB, but I did want to clarify that Budget Feeder has been approved by our API team as an add-on that complies with our API standards and Works with YNAB.

    I hope you see a number of Australian YNABers give it a try!

    Like 3
  • Dear YNAB,

    Before you endorse this company, you need to be aware of their terms and conditions and the terms and conditions of at least one bank, Commonwealth Bank of Australia.

    Here is an extract of the terms and conditions for budgetfeeder.com:

    https://www.budgetfeeder.com/terms/

    Your obligations as a Member

    As a Member, you agree to comply with the following: (a) you will use the Services only for purposes that are permitted by: i. the Terms; and ii. any applicable law, regulation or generally accepted practices or guidelines in the relevant jurisdictions; (b) you have the sole responsibility for protecting the confidentiality of your password and/or email address. Use of your password by any other person may result in the immediate cancellation of the Services; (c) any use of your registration information by any other person, or third parties, is strictly prohibited. You agree to immediately notify Budget Feeder of any unauthorised use of your password or email address or any breach of security of which you have become aware; (d) access and use of the Website is limited, non-transferable and allows for the sole use of the Website by you for the purposes of Budget Feeder providing the Services; (e) you will not use the Services or the Website in connection with any commercial endeavours except those that are specifically endorsed or approved by the management of Budget Feeder; (f) you will not use the Services or Website for any illegal and/or unauthorised use (g) you acknowledge and agree that any automated use of the Website or its Services is prohibited.

    Commonwealth Bank also has strict conditions which prohibit the disclosure of client ID and password.

    Budgetfeeder.com expects people to honour their own terms and conditions, but is happy for customers to ignore the terms and conditions of this bank. I expect that is the case for other banks, but I am only a customer of this bank.

    I confirmed this by telephone with my bank today. 

    Cheers,

    Jonathan.

    Like 1
      • budgetfeeder
      • Sync YNAB with Australian Banks
      • budgetfeeder
      • 7 mths ago
      • 1
      • Reported - view

      Hi Jonathan (Steel Blue Tiger),

      When a customer accepts the Budget Feeder Terms, they grant a Limited Power of Attorney specifically for the purpose of accessing their bank accounts to sync transactions. This is the basis under which Budget Feeder is able to legitimately access accounts. This is detailed in our terms, and in our help article available here.

      Budget Feeder makes use of the same type of bank feeds that YNAB also use for the feeds available to their customers in the USA. Using Direct Access is the only feasible method of accessing transaction data via API in Australia.

      Commonwealth Bank has in fact been accused of misleading their customers in this matter as detailed in this article.

      It is my understanding that many Australian banks make use of the same type of Direct Access that Budget Feeder makes use of, since there's no other feasible alternative right now.

      The situation may be set to improve once the upcoming Open Banking legislation commences over the next few years, however it remains to be seen what shape this will take.

      Alan

      Like 1
    • Steel Blue Tiger Hey Jonathan!

      We review the terms and conditions, along with privacy policies, for every app that's listed on our "Works with YANB" page. If you have any concerns about a specific app, you can reach out to us directly at [email protected] or ask the developer for clarification.
      We also test each app to make sure it adheres with the guidelines we set, which includes 

      "You are NEVER ALLOWED to directly request, handle or store credentials associated with users’ financial accounts. Securely storing an access token obtained directly from a financial institution using OAuth is allowed." 

      Let me know if you have any questions about that! 

      Like 1
    • budgetfeeder thanks Alan, I am happy with that explanation.  I have signed up for the 7 day free subscription.   I do have an issue with my MISA account being credited instead of a mortgage payment going to my mortgage account, but I will raise that from your website.   I expect it will be something to do with the mortgage being a tracking account.

      Like 1
  • Hi,

    I have been using Budget Feeder for a few weeks now. It is saving me a heap of time each week and recommend it to all Australian users.

    I had an issue with one account which had letters in the account number. Alan had this fixed for me a couple days.

    Like 3
  • +1, I would highly recommend this service to all Aussie YNABBERs. Been using it for a few months now, and its seriously saved me a lot of time. The service has been reliable, and Alan is super helpful and fast to reply if there's any issues.

    Like 2
  • When is YNAB going to sort this out and either integrate it so we get what we pay for or reduce our fees for the lack of functionality we have had for YEARS now.

    Like 4
  • Hello  Faness 

    What about BankSync integration with YNAB? They seem pretty good value at $2.99/month

    https://banksyncforynab.com/

     

    Thanks

    Gary

    Like 1
    • Hi Gary !

      BankSync for YNAB is also on our Works with YNAB list. Since we don't support these add-ons directly, we can't recommend one over the other. You can give both a try and see which one you prefer! :)

      Like 1
    • Hi Gary.  I have used both.  BudgetFeeder is good.  Quite a fast turn around, but when I did my testing, was only syncing once per day.

      Banksync syncs every hour or two, but seems to have a longer delay in processing the transactions into YNAB.

      Essentially they both perform the same process within a time frame that you would expect and is acceptable.   

      If you are switching between downloaded files from your bank and a syncing service, expect a few double transactions or a few missing during the overlap.  That's normal.

      Good luck. :)

      Like 2
      • Gary
      • Navy_Blue_Wildebeest.10
      • 5 mths ago
      • 1
      • Reported - view

      Steel Blue Tiger Thanks for your reply! I've been using Quicken for the past 18 years and got used to doing manual entries. Now trialling Ynab for a week having decided to try a modern solution. Manual entry with mobile app seems pretty quick. But also would like to see how account syncing  would work with an Australian bank.

      I'm always weary of sharing online banking credential to a 3rd party and this is first time I have done it! - signed up a trial with BankSync yesterday and saw transactions pulled into register after few hours. I'm only trialling with a credit card account  and with this bank I don't have any savings account - so there's nothing to empty out in the worse case scenario :)

      I usually do pretty much all my translations on my credit  card and pay off in full each month. So if these credit card translations are auto synced that would be great. I can take care of other few normal bank and wallet (very few) transactions manually.

      Open Banking is almost here in Oz. Hopefully, with Open Banking there won't be any need to share login  credentials. What do you reckon? I've been reading about Open Banking and found these:

      1) Open Banking in Australia and timeline (roll out starts in Jul 2020)

      https://www.finder.com.au/open-banking 

      2) Further info about Open Banking

      https://www.thebalance.com/what-is-open-banking-and-how-will-it-affect-you-4173727

      Like 1
      • SgtBatten
      • SgtBatten
      • 5 mths ago
      • 1
      • Reported - view

      Gary you can use tasker on your phone to automatically enter the transactions if you use your phone to tap and pay. Hooks into the YNAB API nicely. 

      Like 1
    • SgtBatten tell me more as that would be useful to know

      Like 1
      • Gary
      • Navy_Blue_Wildebeest.10
      • 5 mths ago
      • 1
      • Reported - view

      Trainee Researcher I think he was referring to another 3rd party Tasker app to trigger a post to Ynab when you tap and pay using phone.

      https://play.google.com/store/apps/details?id=net.dinglisch.android.taskerm&hl=en_AU

      It would be nice if YNAB app itself can pick up details from a tap and pay event to complete a transaction entry on the spot. Perhaps a possible improvement for future.

      Like 1
      • SgtBatten
      • SgtBatten
      • 5 mths ago
      • 1
      • Reported - view

      Gary Trainee Researcher IndeedI was. I used this guide to update mine recently https://support.youneedabudget.com/t/809b01/how-to-automatically-create-transactions-using-tasker-autoweb-and-ynab

      I added a template in the last post currently which saves you a bit of work and includes instructions once you import it into tasker. I own a bunch of tasker apps so I don't think this is a completely free solution for someone new to tasker.

      Like 1
    • Steel Blue Tiger when you say bank syncs seems to have a longer delay in processing the transactions - how long are we talking? the price diff between $29.99- $72 is fairly hefty.

      Gary  The other difference I've noticed in my very quick testing is that bank sync allows you to have multiple logins from the same financial institution (if you are bringing multiple peoples bank accounts into 1 budget) and budget feeder doesn't, allow they offered me a second account to help out with that. 

      Like
      • Gary
      • Navy_Blue_Wildebeest.10
      • 5 mths ago
      • 1
      • Reported - view

      pullthelever7 Hi, As mentioned above I've signed up with BankSync 30day trial. The sync seems to work very well. In the last 2 days of use, I noticed it syncs every 4 hours starting each day from about 5am and works until about 8pm. For me, this is more than enough given that it's my first ever experience using a 3rd party sync.

      As you noted, it is possible to pull data from multiple bank accounts and even from different banks into the same budget file in YNAB. As shown in the attached screenshot, I have linked a Bankwest credit card and 2 Citibank accounts to different YNAB accounts in 1 budget named My Budget. It looks like I can even pull data to different YNAB budget files if you wish. Looks very flexible. As you can see, I have left 3 other unused bank accounts (1 Bankwest transation and 2 Citi accounts)  not linked to YNAB. I hope this helps.

      Like 1
      • Gary
      • Navy_Blue_Wildebeest.10
      • 5 mths ago
      • 1
      • Reported - view

      And yes, you can use multiple logins from one bank.  I have not tried budget feeder, so I don't know about that one.

      Like 1
    • pullthelever7 I looked at both, and went with BankSync.   I couldn't justify paying more than twice as much for the same function, considering US users of YNAB get the same functionality built into the app for US banks.  TBH, I did it because I can afford it and I wanted to see how the process works more than anything.   I'd be just as happy exporting OFX files from Commbank and importing them manually.  I have been doing that for three years and can download, drop them into YNAB and reconcile my accounts in less than 2 minutes.

      Like 3
    • SgtBatten Thanks. I'll have to look into adapting for iPhone though.

      Like 1
      • Gary
      • Navy_Blue_Wildebeest.10
      • 5 mths ago
      • 1
      • Reported - view

      Jonathan Holmes I was doing the same :) i.e. OFX download and then import into YNAB, pretty straight forward. I signed up with with BankSync because $2.49/month seemed reasonable and hence wanted to experience how auto sync would work and help me save little effort.

      Like 1
  • Both 3rd-party sync apps look great. BUT is YNAB really not planning to support native sync with Aussie banks? I like YNAB, but for a budget app, the cost is a bit hard to justify - US$11.99/mo is already more than AUD$18, add another $6. That's AU$24/mo! 

    Maybe it's just me, but i like YNAB for the clean interface, not because it "saved me from debt." I'm a savvy or stingy saver from the start. So as an Australian user, it will be worth it if we can at least have this feature (same as US customers). Are there any such plans?

    Like
    • Penelope Clearwater It's not in our plans for the immediate future, but we hope you see the value YNAB brings in other ways. Our CPO recently answered a similar question about international financial institutions with a few more details in the Upcoming Changes to Direct Import thread. I hope you'll check it out when you have a moment!

      Like
      • Gary
      • Navy_Blue_Wildebeest.10
      • 5 mths ago
      • Reported - view

      Penelope Clearwater Open Banking  (due in Jul 2020) in Aus should open up opportunities for better integration of financial data to 3rd party services, including YNAB. Not sure if YNAB would focus bank data syncing for Australia and New Zealand customers in the near future, but at least the  other data integration services should become very competitive. 

      I think for YNAB to support direct download outside of North America, they probably need to establish local entities to get around regulatory hurdle (i.e. an overseas business entity probably not allowed to collect data from customers of another country, unless they have a registered business locally, but I am totally sure about this legal requirement. If I am wrong,  please correct me.

      So for the time being, you and I are have no option but to use a 3rd party sync service, like BankSync or BudgetFeeder or do manual entries, or muck around in Excel, which most of give up very quickly.  Little tech savvy people could write their programming scripts  get data from their bank using banks' API and push data to their YNAB budget using YNAB's public APIs.  Currently Aus bank's APIs are not fully available, so another gateway like Yodlee, Basiq is required.  This is what BudgetFeeder and BankSync are actually doing.

      I mucked around with Yodlee  for sometime hoping to do a Python script to download data and periodically post them to YNAB, but ran into some complications. So I gave up and have  now signed up with BankSync, which seems to do a good job. Once Open Banking settles down,  I will give another try in the future. We probably don't even need to reinvent wheel, we could even find open source scripts coming from other developers. Will we.
       

      As for the cost,  it all depends on if we get 'value' out of the money we pay out. In my case, I plan to take the discounted annual sub of US$84 (~AUD140). That is about AU$12/month + BankSync AU$D2.99/month = AU$14.99/month
      In my situation, if I don't invest this AU$15 a month on this  or any other budgeting tool, I would bleed thousands of dollars every year unnecessarily.  So, it does provide value for me. But it may not be true for others. And I have to have auto bank sync, otherwise I won't keep up with manual entries. I'm tired of doing manual entries over the past 16 years on Quicken and now moved on from that desktop only application.

      Like
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