Currency Exchange planned?
Hello fellow YNABers,
I really love that YNAB supports Swiss Francs. But as you may know, Switzerland, where i live, is a really small country. Therefore, I often buy stuff abroad in the EU (Euro, yay) and the US. Also, I have a german bank account and some investment accounts in the EU with currency Euro.
What Id' love to see would be a multicurrency option. Like if you transfer an amount from an account in one currency to an account in another currency, there should be an option to set another incoming value on the target account. Of course, it must also be possible to define the currency per account.
As a workaround, i simply add an outgoing transaction on my main account in swiss francs and an incoming on the target euro account. Sadly this messes my repoorts a bit up.
So, now the question :). Is such a feature planned? If yes, is there an ETA?
Orchid Beat (nice name, maybe i keep it xD)
I have that issue as well. My workaround has been to define an operating currency (in my case USD) and a nominal exchange rate to the other currencies (e.g. 1.3 CAD = 1 USD or 4 NIS = 1 USD). Since the point of budgeting is not so much to have super accurate balances but rather to have a sense of how much money I have, I find that doing it this way maintains sufficient accuracy, and then I make an adjustment every now and then.
This has worked better than defining multiple budgets, one in each currency, because then the amounts in the various accounts don't participate in the same budget categories anymore, which for me defeats the whole purpose of YNAB.
I don't mind sticking with nominal exchange rates, so what I would like to see is a feature that either supports multiple currencies fully, or that supports nominal exchange rates. That is, I could enter an amount and the nominal FX rate, and YNAB would record the transaction with the amount in the operating currency. For example: I would say 43NIS and 4 NIS = 1 USD, and it would enter 10.75USD for the transaction amount (perhaps with a note somewhere about the 43NIS).
Thanks for letting us know you'd like to see this option! I'll make sure to pass your feedback along to our design team. They go through feedback data almost daily, and in regular research cycles they analyze all this collected feedback to plan for what's next in YNAB.
For now, you'll need to create a separate budget for each currency you use. For example, you could have one budget for your main currency accounts, and one budget for your secondary currency accounts. In both budgets, have a category called ‘Currency Transfer'. For our example, let’s say that you have accounts in US Dollars and Canadian Dollars. If you were to send 1000 CAD to your US account, record a transaction in the CAD budget for 1000, categorized to the Currency Transfer category. That 1000 has now left the CAD budget.
When it arrives in your US account as 600 USD (or so), add it as income and budget it to your US budget categories. When you send money the other way, the process is the same but reversed. It uses the Currency Transfer category in the USD budget, which is then Income arriving into the CAD budget.
We like this method because all the currency fluctuations and charges are simplified. You record what you send, and you record what you receive.
Cornflower Blue Tape (dd59d94b3343) said:
Since the point of budgeting is not so much to have super accurate balances but rather to have a sense of how much money I havE
Why would you not want super accurate balances? The point of budgeting in YNAB is to use your categories to make spending decisions. If they only give you a general sense of your money, you can't do that.
This is also why I doubt there will ever be meaningful multi-currency support. Because currency fluctuates, and an exchange rate is not guaranteed, you can't have a zero-based budget in multiple currencies. My $250 budgeted for dining out is worth 1657 Chinese Yuan today, but tomorrow it might be different. Even crazier, it's worth a little less today if I decide to take that money out in cash and happen to do it at the airpprt. So if I want to eat out today in China, how much do I actually have to spend? I can't know.
Pretty surprised to see a support person say they'll pass this on without at least addressing that issue, to be honest. I could ask for YNAB to automatically give me a new kitten once a year and someone could say they'll consider adding that feature, but saying "we'll consider it" doesn't mean that feature is possible to add.
To do multi currency budgets, you would have to have the currency nominated for each category, and tbb would need to be split by each currency.
And yes I have done it manually before in a single budget.
I honestly don't see YNAB implementing this, it introduces a large level of complication that only a small section of the user base would use.
I am so glad I found this topic, and thank you all! I am new to YNAB and am converting from Banktivity which has a multy-currency support. It is not a piece of cake there, but I am shocked to see that YNAB cannot do this at all. It makes sense that not everybody actually has accounts in multiple currencies (however I do, like people above), but I cannot believe that nobody uses PayPal which has a quirky system of posting transactions in the currency they were made, resulting in me having USD, EUR, GBP and more interesting currencies within the same account!
Having separate budgets is a workaround, but, as perfectly explained above, I lose the 'other budget' categories from my reports. Also, budgeting for a category 'Currency transfer' in my USD budget when I want to set aside money for family support in Russia is, well, weird.
For me, that's a major drawback, especially since I have a few thousands of transactions with transfers between accounts in different currencies. Nominal exchange rates for all major currencies are so stupid easy to get for any given day, you can do that in Excel with a simple formula - why not here?? *puzzled**
Marcelo has developed a little tool (Python script) that might be helpful to some of us, if only as inspiration for a similar "hack" 😄
I also would like to see multi-currency suppprt. The two budget approach seems too cumbersome. I have figured out a different way to meet my objectives.
I have bank and credit cards dominated in both CAD and USD (and run company expense accounts in both currencies, but that’s a different issue).
The majority of my spending is in CAD, so my budget file is CAD. However, the accounts I keep in the respective currency of the account. To keep the budget straight, I do something fairly simple when posting transactions... I added a budget category call ‘FX on Foreign Purchases”. When I enter a non-CAD transaction, the total is the foreign currency amount (i.e. USD) - since that is the real transaction amount. Then I use a split category. The real category I enter the converted total (i.e. USD 10 * 1.3 = CAD 13) and then use the FX category for the offset of CAD 3.
US Visa: ABC Store -10
FX on purchases +3
US account balance is accurate. CAD budget balance is accurate.
And I have created a budget amount where I am putting aside money to cover the exchange cost when I need to convert currencies.
What doesn’t work is the net worth reporting since I am commingling different currency balances. Since my US balances are relatively small, this isn’t a problem for me