Integration with Amex


(Morty) #41

Completely agree.

I was thinking about this yesterday - that essentially, it’s hard to take full advantage of Analytics within the Monzo app given that I tend to spend day-to-day on AMEX. As such all I see is that I’ve spent £xxx per month on AMEX without being able to break down exactly where that cash has gone.

At the moment, I’m resigned to using a third party app like Emma to be able to do this, but would love to do this all within the same app.


(Gary Luce) #42

Hey,

I’ve made a tool that monitors my AMEX transactions and moves the value of each transaction from my current account to a Monzo savings pot automatically. Is there any other tool like this or does anybody else need something like this?

It’s very barebones but I wanted to check if members of the community would be willing to pay for a product like this (until Monzo inevitably makes this a native free solution). I imagine I would need to charge between £1 and £2 per month in order to recoup my costs and make some sort of profit, but it may not be worth the interest the average user gets from the savings pot.

Thanks


#43

Hey Gary, you’ll see there’s been a lot of talk about this in this thread. I’ve moved your post so everything’s in one place - hope that’s okay!


#44

Sounds interesting. How do you monitor the Amex transactions?
If it involves screen scraping I’d only be interested if you are an FCA-regulated AISP.


(Gary Luce) #45

Thanks, I wasn’t sure where this belonged.


(Gary Luce) #46

I use the truelayer API, so it relies on Open Banking.


#47

I personally wouldn’t use this type of service from an entity that was not FCA-regulated even if they use an intermediary that is (TrueLayer in this case). Of course, others may feel differently.


#48

Hey @gloos,

Firstly, kudos on making such a thing! :smiley:

I use amex for all of my spending (that sentence is now saved on my clipboard for the amount of times I’ve said it), but for me, this wouldn’t be useful for 1 main reason.

I don’t keep my money in my current account.

At the start of the month, all of my DD’s and SO’s come out - I think transfer the remaining money into a savings account.

At the end of the month, I transfer the money back from the savings account into the current account, and then pay off the amex bill.

With your way, I’d need to leave the money in the current account all month, which I don’t want to do.

Either way, well done for making it, and I hope you find it useful for yourself!


(Ross) #49

Even just the tracking feature without the automated transfer would be great - love the mockup!


(Christopher Brown) #50

+1 on this. This is actually the main reason holding me back from opening a Monzo account. With almost all my spending on my AMEX the Monzo spending categories wouldn’t really work.


(Ben Talbot) #51

It shouldn’t hold you back from the account! Not being able to use categories doesn’t ruin the experience (I know as I buy everything on Amex), it’s still an amazing Current Account


(Christopher Brown) #52

Thanks for the info. I’m currently torn between Monzo and Starling. Have you had any experience with Starling? Might have to give both a try. No iPad app for Monzo is a bit annoying.


(Ben Talbot) #53

I do have Starling as well, and some aspects of the app are better (payee management is the main one), but upcoming payments organisation as well as the better transparency (IMO) that Monzo has keeps me with them. If you don’t have the need to pay cash in, then Monzo is the way tbh


#54

I couldn’t get to grips with the UI on Starling. I think the only benefits over Monzo are cash deposits and foreign ATMs. Other than that, I wouldn’t touch them. I once tried to use their “Goals/Spaces” for the interest, but I couldn’t work out how to get the money out without closing them completely, so I moved it all out again.


#55

You just go to the goal and press withdraw it couldn’t be simpler and doesn’t need to be closed.

Starling now shows upcoming payments in the feed, same as Monzo.

Very much this - Starling’s payee management is something they’ve really got right. I’m waiting for Monzo on this one.

One gripe I have with Starling though is the need to authenticate every time I open the app, Monzo’s feels much cleaner.


(Micky) #56

Feels like better payee management has been something on the Monzo list for ages with little progress. Still can’t rename or assign an image to payees :-1:


#57

Maybe it’s been improved. This was back in August when a lot of people were saying the same. I haven’t used it since.


#58

Nice one. I’d be curious to see what it looks like. Well done!


(Joshua Dawson) #59

This blows my solution out of the water. I just have a Siri Shortcut set up so whenever I pay for something I hit a button and type the value for it to be moved into an Amex pot.

As @o99 said, I think I’d only be interested in such a product if it were from a regulated company.


(Matt) #60

I’m curious, how do you map a Siri shortcut to a Monzo pot?