Include bank transfers in budget categories

Hi @Jams61915 & welcome :wave:

There is a very similar existing request, which currently stands at #18 in the list of open requests with 122 votes;

Tap on the blue VOTE button at the top-left of the topic to increase the vote count :+1:

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Yeah it seems like this is a logical tool Monzo needs to consider adding, it would be really helpful for me as I live with housemates and split a lot of payments with my partner

Is it just me or has this now been implemented ?

I just sent a standard bank transfer (not Monzo-to-Monzo) and it has reduced the relevant Summary budget.

(Android, app version 3.63.0)

I’ve double-checked* and it seems like outgoing bank transfers are now included in Summary (on Android at least), but incoming bank transfers are not (yet).

So as far as I can tell, all payments into or out of a Monzo account (excluding Pots and Savings Pots) are included in Summary budgets except incoming Faster Payment transfers and Bacs Direct Credit transfers.

I think this is probably because the Monzo developers don’t want people’s salaries essentially taking out a budgeting category, which makes sense. However, this means bank transfers and some refunds are left out of Summary.

It seems to me that there either needs to be an option to auto exclude certain incoming payments (i.e., salary/earning) from Summary or have a Salary/Earnings category.


*I wanted to check if incoming Faster Payment transfers only affect budgets if they are recategorised, but they affect budgets even if they are not recategorised (unless the “Exclude from spending Summary” toggle is on for the transaction).

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Interesting that you say that it now seems to be implemented. I think it has too but with sod’s law I decided to upgrade to Monzo Plus to see if it fixed the problem and it seemed to. Now you have me wondering whether Monzo fixed the problem in the base product or whether the solution came with Plus!

I don’t have Plus, so can confirm that outgoing Faster Payments are included in Summary budgets in the base product (on Android at least).

Hi

Thanks for taking the time to post that. Really helpful. Seems I didn’t need to spend £5! Though with the interest payments and the free cash deposits I probably break even!

Alistair

Wish they can implement this at some point.

I have both a contracted PAYE job and work freelance. Allowing bank transfers to be included in categories could allow me to track these income streams (using Monzo Plus custom categories).

This would be really useful to track freelance vs. PAYE income from month to month.

Let alone for handling transfers like refunds, gifts and settle-ups from friends as mentioned by others in this thread.

Has this been implemented?

Currently, outgoing bank transfers (Faster Payment + Monzo-to-Monzo outgoing payments) are included in budget categories, but incoming Faster Payments are not included in budget categories.

awjdean are you sure about that? I can assign incoming FPs to categories. I signed up to Plus to see if the function was implemented in there. But then in another thread on the forum someone said they could assign incoming FPs without signing up to Plus. so are you sure its really not working for you?

Ha ha… it was you who I had the convo with further up this stream. So now I am really confused. All I know is my partner just sent me some money from a Barclays account. Monzo assigned it to General catagory and then reassigned it to Shopping. So it looks like it is working for me. But as I say I have Plus but have no way of knowing whether that is significant.

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Have you checked to see if it made a difference to Summary ?

I can change the category of incoming Faster Payments, but it does not affect my Summary.

[Android, app version 3.63.0]

You are right. Your attention to detail exceeds mine!!!

It is not listed in the category in summary. Very disappointing. How difficult is this? I feel Monzo started so well but are really floundering now.

I do feel that improved budgeting seems to be the obvious next step once Improved Payee Management is sorted (payee management being worked on now).

However, to include Direct Credits and incoming Faster Payments in budgets takes more work then just including those transaction types and “switching on” the ability to exclude those transactions from Summary.

There would need to be one or a combination of the following so that the salary does not automatically dominate Summary every time someone is paid:

  • A Salary / Income category, where transactions are automatically excluded from Summary.

  • The ability to have recurring exclusions for a certain merchant or for transfers from certain accounts.

  • Scheduled income.

Personally, I think all of the above would be useful.


Regarding Monzo’s floundering, I think they’ve actually done loads over the last couple of years. Stuff like Monzo Plus, business accounts and Monzo USA are massive projects.

Also, regarding personal accounts, it definitely seems like there have been fewer consumer-facing improvements recently. However, stuff like Monzo Plus has a load of new features, and there appears to have been a lot of work on backend processes - especially on speeding up and reducing customer support, which was a huge issue at one point but seems to have been improved significantly based on the number of people complaining on the forum recently.

Whether a bug or new feature, I have a transfer into my account which shows as a credit for my monthly budget.

I transferred that money to a pot as it is not monthly spend.

Problem is: there is no way to flag the credit as excluded.

So my budget is now inflated by this amount, and I don’t want it to be!

I’ve created an account on this forum today to specifically vote for this feature. I’ve been using Monzo for nearly 3 years and I’ve had endless scenarios where I’ve made a payment and have either received the money from one of my other personal accounts, from a friend or a refund, etc.

Myself and my SO use Monzo and we also have a Monzo joint account, even transfers from our own Monzo accounts into the joint account can’t be included in the budgets.

Monzo prides itself on it’s budgeting features yet still doesn’t allow you to offset a payment within a budget with money that is transferred into the account.

Monzo, please make this happen!