Using moneyboxapp.com to invest change from purchases (round ups). A Monzo integration would be great.
This has been bought up a couple of times -
The only comment from someone at :mondo: that I know of was from the second post (Penny Change is a great looking app!) -
I’ve been looking for something like this app! Looks similar to Acorns the US app.
If I understand Moneybox correctly, Monzo would not need to do anything to integrate to them, rather its the other way around?
I think Moneybox works by viewing your spending and then rolling it up - in this case they could integrate to the Monzo APIs to view the transaction history etc. I imagine moneybox are using one of the ‘API’ layers that allow integration to banks by logging in/scraping your transactions (ala Cleo etc) which doesnt support Monzo.
Either way I think the way it works is:
- Moneybox looks at transactions from your bank/card whichever account
- You set up deposits equivalent to an amount into your moneybox ISA via their app
Either way, this model doesnt require integration from your bank.
EDIT - should say this is just based upon me looking at their website and superficially looking at the app - i havent gone the whole way through and used it because i already have a stocks and shares ISA this year and dont want to sign up for another one
The reason Moneybox can’t create a working Mondo app yet, that transfers money from a :mondo: card (edit in italics) into their user’s ISA accounts, is the API doesn’t allow developers to move user’s funds
The list of available arguments / functions is detailed in the developer documentation.
But this is on the roadmap.
Hmm i wasnt aware that the other bank API/platform allowed money transfer. I had imagined moneybox worked a bit like:
- Use API to figure out transactions and then sum these up
- At some scheduled period take money via debit card/direct debit set up separately in the app?
Its not necessarily the case that the money transferred to the ISA would be coming from the card the spending was done on
Oh ok, the apps that I’m familiar with take the ‘change’ straight after the transaction. But looking at Moneybox, I see that the transfer of ‘change’ accumulated within a set time period is made from a nominated bank account via direct debit.
Moneybox could definitely build an app to retrieve the user’s transactions & sum them up now.
So yes I don’t see why the process that you’ve described wouldn’t work…
I’m a developer at Moneybox and I thought I would answer
Quite a few of us are also using Monzo and we really like it. Monzo integration is definitly on the roadmap and it will be added soon.
Just to clarify, with regards to Moneybox, displaying your transactions and us receiving money to invest are two separate processes.
Transactions can be read from one or more bank accounts for a given user, no money is taken here. As Monzo’s API already supports third parties to read transactions, integrating it into Moneybox should be straight forward.
On the investment side, Moneybox receives money from customers via Direct Debit only. I’ve read that Monzo is currently working on supporting Direct Debit. This is great news and once it’s in place, we will be able to offer a full service with Monzo.
Hope I’m clear
Good stuff. Signed up the other day!
I have been a beta user of Mondo since January and pretty much use it as my primary bank account. I also recently signed up for MoneyBox (great concept), and would love it if the two services could integrate ASAP.
Please please add Moneybox!!! Not having this integration is the only thing putting me off using my Monzo card for everything right now
As a user of both services, I’d also be very keen for this integration to happen.
Looks like there’s lots of interest in the integration!
(Posting this to give @baptiste a heads up, as the replies that haven’t been posted so far haven’t been sent to him).
This would be awesome - really liked the idea of MoneyBox. But because I’m using Monzo for my day to day spending I’m not able to take advantage of their ‘change’ concept. Where my change is transferred to their index funds.
Hope to see it happen!
Thanks Alex for the heads up, I was not receiving emails from this thread.
We have digged further into Monzo Api and got in touch - unfortunately what we want to do is not publicly available yet.
For those looking for more details: so far the public Monzo api doesn’t only allows us to get the transactions of all users, you can only retrieve your own transactions with the email you signed up with to the Monzo developer portal. We are investigating other ways to do this, but it may make sense for us to wait until this is publicly available. We’ll keep you posted!
This thread may be interesting:
I guess we may have to be a bit patient, as we enjoy Monzo here at Moneybox! Good news is that it should be possible in the future, we will keep an eye on their progress, Monzo definitely stays on our to do list.
Spotted on Twitter…
Would love to integrate with Moneybox
Yes this would be great for Moneybox and other rounding-up savers. Definitely interested. Keep up the good work Monzo!
Moneybox integration with monzo would be great love using the roundup feature with my NatWest account.
I also use money box. Would be great if this worked with monzo