March 14, 2022
Is there a Multi Currency Personal Finance App?
Table of contents
Key Features to Look for in an
Investment App for Beginners in the UK
Investment App for Beginners in the UK
Introduction
Discover cross-border investing with a multi currency finance app
Introduction
There are a lot of different personal finance apps on the market these days. Most people end up using an app that is specific to their own currency, but those who have lived, worked or studied in multiple countries are left using multiple platforms. Historically, Mint.com was probably the most popular application out there for this. There are two slight problems with this: firstly, Mint doesn't actually support multiple countries. The second is that Mint actually closed down late last year. So where does that leave us?
The simple answer is that there still isn't one flexible multi-currency app out there. Mint and other Open Banking based investment tracking tools are great - some with more suitable features than others depending on your needs, but what happens to those people who need to manage assets across different countries?Unfortunately, there is not currently a mint app for multiple currencies. However, some of the other personal finance apps out there do offer this feature.If you are looking for an app that can manage your finances in more than one currency, take a look at these options to get you started:
- Goodbudget: This app allows you to budget money in different currencies and even sync budgets between different devices
- Trail Wallet: This app also allows you to budget money in different currencies, as well as track your net worth in multiple currencies
- XE Currency: This app is great for tracking live exchange rates and historical data for over 180 currencies
None of these are quite a multi-currency investing or portfolio tracking app, but that's where Strabo comes in!
Learn how a multi-currency personal finance app can help with international personal finance
Although some apps allow you to select a currency when signing up and manage your account in that currency, the problem many expats and internationals face is when trying to manage their finances across a number of different currencies simultaneously. What we need, then, is a currency switcher. This doesn't come without a few challenges though.
If you're pulling financial data in one currency, using a currency switcher means that the platform will have to go back through historical data and update it based on your new currency selection, which is fine if there isn't much data, but going back through months or years worth of data is a huge undertaking. What we decided to do at Strabo, is to allow users to select a base currency. Data is pulled from their financial institutions, most of which should already be in this base currency if it's the main selection - the remainder is converted at that day's rate. When you use the currency switcher, you are changing all of these balances and transactions at today's rate, for the purpose of viewing your dashboard.
Of course, this sacrifices some accuracy - some of your accounts will be converted into your base currency, and then into the new currency you select. Two changes means more places where fluctuating rates and exchange rate margins can lead to small errors. For this reason, it's important that you select a base currency that is representative of most of your accounts, which is usually the currency for the country where the person lives.
One of the idiosyncrasies about managing money in multiple currencies is the difference in risk exposure - you are introducing exchange rate risk to your portfolio and making the international chunks subject to the geopolitical and economic risks of those nations, particularly with respect to investments that are correlated to macroeconomic factors. What does this mean? Well, it's nothing to be particularly scared of, but just means that you'll want to keep an eye on where your money is, and whether some investments need rebalancing. This is where we come in - use personalised analytics tools, suggestions and individualised risk profiling to judge when and how to make rebalancing decisions across jurisdictions.
Taxes - is there a Mint app for multiple currencies that can help pay international taxes?
The other shortcoming of Mint.com is tax filing - although they have recently partnered with TurboTax, there are still very limited services available to pay taxes in different jurisdictions. Investments need to be filtered by country and tax year, and offer document wallets to save pertinent information for each one, particularly with regard to capital gains. Fortunately, we are also building this! With an end goal of automating international tax filing, we are starting with some basic tools to get you started.
What about money transfer?
Making transactions across currencies is another integral part of any international platform. Although Mint itself doesn't facilitate transactions, most users have a preferred FX platform to make these, and from there they can log back onto the dashboard to see the results. These include TransferWise, Revolut and GoCardless, as well as your deposit account banking provider.With Strabo, we're making this even simpler. By giving up our profit on each currency transfer, this ensures that we can offer you virtually the cheapest rates on the market, all available to transfer from right within the app. This is one of the main advantages of using a multi currency platform that is designed for purpose.
Conclusion: is mint the right choice for you based on your needs and preferences?
Ok, so where are we up to? Is there a mint app for multiple currencies? The short answer is no. The longer answer is that there are a few substitutes, and up until now it's probably been ideal for you to use Mint alongside one of these, such as a money transfer or tax filing platform. However, if you're interested in using a new platform specifically designed for the problem of international personal finance across currencies, sign up and check out the Strabo offering. In the interim, please do feel free to reach out with feature suggestions or product feedback. We'd love to hear from you!
Why Use Investing Apps in the UK
The UK has seen a boom in investing apps in recent years, which offer beginner investors an easy to use and accessible option to get into the market.
Investing is now simpler than ever thanks to these applications, which get rid of the need for pricy brokers or complicated procedures. Investing apps like Trading 212, Freetrade, and Revolut make it possible for young and beginner investors to take control of their investments with their user friendly interfaces, built in educational tools and minimal or no costs.
As the need for low cost investing options and financial independence continues to grow, the UK is expected to utilise mobile investing tools even more in 2025. More people in the UK are using apps to manage their money as a result of its adaptability, simplicity of use, and the growing trend towards digital financial solutions and increased awareness of personal financial planning, which makes investing apps an effective tool for beginner investors.
Investing is now simpler than ever thanks to these applications, which get rid of the need for pricy brokers or complicated procedures. Investing apps like Trading 212, Freetrade, and Revolut make it possible for young and beginner investors to take control of their investments with their user friendly interfaces, built in educational tools and minimal or no costs.
As the need for low cost investing options and financial independence continues to grow, the UK is expected to utilise mobile investing tools even more in 2025. More people in the UK are using apps to manage their money as a result of its adaptability, simplicity of use, and the growing trend towards digital financial solutions and increased awareness of personal financial planning, which makes investing apps an effective tool for beginner investors.
Benefits of Using Investing Apps for Beginners
There are a number of advantages to using investing apps for beginners, particularly for those who are just getting started. Here are a few main benefits:
- Accessibility - By providing a straightforward, mobile friendly platform that is available at anytime and from any location, investing apps have completely changed how individuals invest. You no longer have to spend hours learning complicated systems or setting up sessions with financial experts. Beginners can begin investing directly from their smartphones with a few taps. Anyone, regardless of their schedule or location, can participate in investing without any obstacles thanks to this immediate access.
- Low cost - The affordability of investment apps is one of their most notable benefits. The high commissions and administration costs associated with traditional broking services make it challenging for those starting out to invest small amounts of money. On the other hand, a lot of investment apps provide cheap fees or commission free trading, which makes them perfect for beginners. This enables beginners to invest without fear of losing a significant amount of their profits to fees, allowing them to give more money to the market.
- Adaptability - Traditional investment strategies are not as flexible as investing apps. Beginners can more easily dabble without making a significant upfront payment because many investment platforms enable users to invest in a variety of assets, stocks and shares, exchange traded funds (ETFs), and specialised investment options, allowing beginners in the UK to diversify their investment portfolios right away. Furthermore, everyday investors may manage their investments on their own terms and are not restricted to a 9 to 5 schedule thanks to the option to trade at any time and from any location.
Investment apps are a great place for beginner investors to start because they combine low-cost solutions, user friendliness, and convenience to help gradually increase wealth.
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Key Features to Look for in an Investment App for Beginners in the UK
It's crucial to search for features that can features that can facilitate your learning and make investing simple and accessible when selecting an investment app as a beginner. Here are some essential features to look out for:
- East to use interface
The design of the app should be simple and intuitive. You will find it easier to comprehend and utilise the platform without feeling overwhelmed if it has a straightforward and uncomplicated layout. - Educational Resources
The best investment apps include educational materials such as FAQs, videos, tutorials, and articles. Beginner investors can use as a guide to understand important investment strategies and make wise choices. - Platform fees
A lot of investment apps charge management fees and trading fees. To protect your investment gains, it's crucial for beginners to select an investment app with little to no costs. The best investment apps waive management fees or provide zero commission trading. - Low minimum investment
For beginners who might not have a large initial investment, apps that let you start investing with small amounts of money are excellent. Also look for apps that sell fractional shares, so you can invest in pricey stocks without having to purchase the entire share. - Portfolio diversification tools
Seek for investment apps that provide a variety of investment options, including mutual funds, index funds, and exchange traded funds (ETFs). Even with little money you can create a diversified portfolio by making a fractional investment in individual stocks. - Robo-Advisor Features
Some investment apps include robo-advisors which automatically manage your investment portfolio according to your goals and risk tolerance. For those whose may not feel comfortable choosing their own investments, this is a fantastic benefit. - Security features
It is important to ensure that the app has strong security features like encryption, two-factor authentication, and safe account recovery methods to protect personal data and information. - Current market data
The best investment apps have real time market data, charts and stock market performance metrics which are essential for beginners who wish to remain informed and make wise judgements. - Type of investment accounts
There are many types of investment accounts available, such as investment accounts for minors, individual retirement accounts and individual taxable accounts. You should choose an investment app that provides you with a range of account options that can help meet your financial objectives.
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