Is there a Mint app for Multiple Currencies?
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. In general, Mint.com is probably the most popular application out there for this. So the question is, is there a Mint app for multiple currencies? Let's take a look at some of the options out there!
Mint is a great app for managing your finances, but what if you manage more than one currency and need to track them separately or in different currencies altogether? Is there a Mint app for multiple currencies?
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:
- 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
So a mint for multiple countries hasn't been around although there are a few alternatives!
Learn how mint can help with international personal finance
Official Mint policies can be found at the following links:
www.mint.com/managing-money-abroad
www.mint.com/traveling-with-mint
So, if you are looking for an app that can manage your finances in more than one currency, Mint is a good place to start. However, using it extensively in multiple jurisdictions is probably beyond their remit. There isn't really much in the way of alternatives specifically for this purpose, which is why we built Strabo. A portfolio tracker with in built personal finance and wealth management tools, that works across the world and in multiple currencies.
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!
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