In this tutorial we are going to learn how to use multi-currency accounts in MoneyCoach.
Video tutorial
Real life example showing you how to use multi-currency
Before we go any further, learn how to change the main currency of the app.
Let's presume that you are going on vacation in Thailand. One thing not to do is changing the main currency of the app to the local Thai currency.
Instead, create a manual account called "Vacation" with a 0 amount and select the Thai currency while creating it.
Step-by-step guide
- Open the Accounts list
- Tap the + button
- If MoneyCoach asks how you want to add an account, choose Add Manual Account
- Enter the account name, for example Vacation
- Tap the currency code and choose the currency for that account
- Enter the starting balance
- Tap Save
In MoneyCoach, each account can have its own currency, and that currency can be different from your main app currency. The currency can only be changed while creating the account. After the account is saved, MoneyCoach shows that the currency cannot be changed for existing accounts.
Next, transfer money from one of your regular accounts to the new Vacation account. Then log expenses from that account in the local currency. MoneyCoach stores the transaction in the account currency and converts it to your main app currency for reports and totals.
To get current exchange rates, your device needs an active internet connection.
Edit the exchange rate for a transaction
Sometimes the rate MoneyCoach has is not the exact rate your bank or card used. For example, you might pay in Thai baht, but your bank settles the payment with a slightly different exchange rate. In that case, you can adjust the exchange rate for that specific transaction.
- Add or edit a transaction from an account that uses a different currency than your main app currency
- On the amount screen, tap the exchange-rate pill above the amount field
- In Adjust Exchange Rate, check the Current Rate
- Enter the new value in Set New Rate
- Tap Update Rate
- Save the transaction
This updates the rate used for that transaction only. It does not change the account currency, your main app currency, or the default exchange rate MoneyCoach uses for other transactions.
If the transaction belongs to an online banking account, the amount and exchange-rate controls can be locked because those values come from the bank import.
Change the received amount while making a transfer
Transfers between accounts that use different currencies show two amount fields: one for the sender account and one for the receiver account. MoneyCoach calculates the receiver amount automatically, but you can also type the exact exchanged amount yourself.
- Start a new transfer
- Select the sender account
- Select a receiver account with a different currency
- Enter the amount leaving the sender account
- Tap the receiver amount field and enter the exact amount that arrived in the receiver account
- Save the transfer
MoneyCoach updates the transfer's exchange rate from the two amounts you entered. This is useful when your bank, card, or exchange provider used a rate or fee that differs from the live rate MoneyCoach calculated.
