How To Use Multi-Currency

Use multi-currency in MoneyCoach by keeping your main app currency as your home currency and creating separate accounts in other currencies. MoneyCoach records transactions in the account currency and converts totals back to your main currency for reports and balances.

TL;DR

• Keep your main app currency stable.
• Create a separate account for each currency you actively use.
• Choose the account currency while creating the account.
• Use transfers when moving money between currencies.
• Adjust the exchange rate on a transaction only when the real bank rate is different.

Video Tutorial

Step-by-step guide

1. Open Accounts.
2. Tap the + button.
3. Choose Add Manual Account if MoneyCoach asks how you want to add the account.
4. Enter the account name, for example Vacation.
5. Choose the account type.
6. Tap the currency code and select the currency for this account.
7. Enter the starting balance.
8. Choose an icon, group, or business usage if needed.
9. Tap Save.

The account currency can only be selected while creating the account. After the account is saved, MoneyCoach locks the currency so historical transactions, transfers, reports, and exchange-rate conversions stay consistent.

Travel example

If you are going to Thailand, do not change the main app currency to Thai baht. Instead:

1. Create a manual account named Thailand Trip.
2. Set that account currency to Thai baht.
3. Transfer money from your checking account to the Thailand Trip account.
4. Add expenses from the Thailand Trip account while you travel.

MoneyCoach stores those expenses in Thai baht and converts them back to your main currency when calculating reports and totals.

Edit the exchange rate for one transaction

Sometimes your bank or card provider uses a slightly different exchange rate than the live rate MoneyCoach has. You can adjust the rate for that transaction only.

1. Add or edit a transaction from an account that uses another currency.
2. Tap the exchange-rate control above the amount field.
3. In Adjust Exchange Rate, review the Current Rate.
4. Enter the value you need in Set New Rate.
5. Tap Update Rate.
6. Save the transaction.

This does not change your account currency, main app currency, or future exchange rates. It only changes the selected transaction.

Multi-currency transfers

Transfers between accounts with different currencies show the sender amount, receiver amount, and exchange rate. MoneyCoach calculates the receiver amount automatically, but you can type the exact amount that arrived if your bank used a different rate or fee.

1. Start a new transfer.
2. Select the sender account.
3. Select a receiver account that uses another currency.
4. Enter the amount leaving the sender account.
5. Edit the receiver amount if the exact received amount is different.
6. Save the transfer.

Additional information

To change your default reporting currency, see How To Change Main App Currency. To set up the receiving side correctly, see How To Add a New Transfer.