10 Ways to Track Spending Across Multiple Currencies

Managing expenses in multiple currencies can be tricky. Exchange rate fluctuations, hidden transaction fees, and compliance rules often make it harder to stay on top of your finances. But the right tools can simplify the process. Here's a quick overview of 10 tools designed to help you track spending across currencies:

• Maybe Finance: Real-time exchange tracking, automated conversions, and account integration for $9/month.
• Revolut: Supports spending in 150+ currencies with real-time analytics and fraud prevention features.
• Wise: Mid-market rates, 40+ currencies, and fast transfers for personal and business use.
• YNAB: Zero-based budgeting with tools for currency separation and travel expense tracking.
• Personal Capital: Unified dashboard for all accounts, offering spending insights and investment monitoring.
• Monzo: Real-time notifications, fee-free withdrawals, and live exchange rates for personal and business accounts.
• Expensify: Automatic currency conversions, global reimbursements, and integration with 45+ platforms.
• Mint: Links 17,000+ financial institutions for real-time tracking and spending analysis.
• Xero: Multi-currency invoicing, real-time exchange rates, and consolidated reporting.
• QuickBooks Online: Foreign transaction tracking, exchange rate updates, and integration with accounting tools.

Quick Comparison

Tool	Currency Support	Key Features	Starting Price
Maybe Finance	10,000+ institutions	Real-time tracking, auto conversion	$9/month
Revolut	150+ currencies	Real-time analytics, fraud prevention	Free (limits apply)
Wise	40+ currencies	Mid-market rates, fast transfers	From 0.33% fees
YNAB	Manual setup	Zero-based budgeting, travel tracking	$14.99/month
Personal Capital	Unified dashboard	Account integration, spending insights	Free
Monzo	Mastercard rates	Fee-free withdrawals, live exchange rates	Free (limits apply)
Expensify	159+ currencies	Auto conversions, platform integrations	$5/user/month
Mint	17,000 institutions	Real-time tracking, spending analysis	Free
Xero	160+ currencies	Multi-currency invoicing, reporting	$13/month
QuickBooks Online	Foreign transactions	Exchange rate updates, integrations	$30/month

Choose a tool based on your needs - whether it’s real-time tracking, detailed reporting, or seamless integrations. These solutions make managing global expenses simpler and more effective.

1. Maybe Finance

Maybe Finance is a multi-currency expense tracker that helps you manage your finances across borders. With connections to over 10,000 financial institutions, it simplifies handling international transactions [2]. Here’s a closer look at its standout features.

Key Multi-Currency Features:

• Real-Time Exchange Tracking: Automatically monitors currency fluctuations to keep your financial data accurate.
• Global Account Integration: Link personal and business accounts from institutions in both the US and EU, with future plans to expand [2].
• Automated Currency Conversion: Transactions are converted into your chosen base currency, giving you a clear financial overview.

Subscriptions are available for $9/month or $90/year (save 17%) and include unlimited account connections and full currency support.

Account Management Features:

Feature	Details
Institution Coverage	Connect with 10,000+ banks and institutions
Geographic Support	US and EU, with plans to grow further
Currency Handling	Automatic conversion and live tracking
Account Types	Supports both personal and business accounts

Maybe Finance simplifies managing international finances with automated tools and precise tracking.

2. Revolut

Revolut is a powerful tool for managing expenses in multiple currencies. It supports spending in over 150 currencies and lets users hold up to 36 currencies directly within the app [5]. Its currency management features make it a go-to option for tracking international expenses.

Multi-Currency Capabilities

Feature	Details
Currency Support	Hold 36 currencies, spend in 150+ currencies
Exchange Coverage	25+ currencies with no fees (within limits)
Transfer Network	Send money to 160+ countries
Weekend Exchange	1% fee (Standard plan), 0.5% fee (Plus plan)
Exchange Limits	$1,000 per month fee-free (Standard plan)

These features form the foundation for its advanced expense management tools.

Advanced Expense Tracking Tools

Revolut provides tools to simplify managing international expenses. Users can automatically allocate funds for bills, savings, and spending. The "Pockets" feature enables the creation of dedicated sub-accounts for specific purposes, such as subscriptions or travel.

Real-Time Monitoring and Insights

Revolut goes beyond basic tracking by offering real-time analytics, including:

• Instant exchange rate updates with notifications
• Customizable spending categories
• Alerts for budget limits
• Integration with external accounts

"Revolut Business has helped our finance team become more agile, and keep track of the team's expenses in real-time."

– Adriana Sarbu, CFO, Karpaten [6]

The platform has also been effective in fraud prevention, stopping over £632 million in fraudulent transactions in 2023 [3]. With more than 50 million users worldwide [4] and a 4.9/5 rating from 868,000 reviews [5], Revolut continues to stand out.

Managing Exchange Rates

For users dealing with fluctuating currencies, Revolut offers:

• Interbank exchange rates on weekdays
• Stop and limit orders for automated currency exchanges
• Real-time rate tracking and alerts

Exchange rates are updated continuously [5], helping users decide the best time to convert currencies.

3. Wise

Wise simplifies international finance by combining automated currency conversion with business tools. Handling $13 billion monthly from 10 million customers, Wise makes managing multiple currencies easier for individuals and businesses alike [7]. Let’s dive into how Wise’s features can help streamline global expense management.

Multi-Currency Management Features

Feature	Description
Supported Currencies	Hold and convert over 40 currencies
Account Types	Access local account details in 8 major currencies
Rate Transparency	Uses mid-market rates with clear fees
Transfer Speed	Over 50% of transfers complete in under 20 seconds
Business Integration	Works with major accounting platforms

Advanced Tracking Capabilities

Wise offers tools to track spending across currencies, catering to both personal and business needs. It automatically exchanges currencies at user-preferred rates, simplifying financial management [8].

Business Integration and Automation

Wise integrates smoothly with accounting platforms, enhancing efficiency for businesses:

• Automated Synchronization: Transactions sync every 4 hours with supported accounting software [10].
• API Functionality:
  • Automate recurring payments and payroll
  • Generate payments directly from invoicing software
  • Receive real-time alerts
  • Automatically track exchange rates [11]

Cost Structure

Wise’s pricing is straightforward and competitive:

• Money transfers start at 0.33%
• Receiving payments is free after a one-time setup fee
• Wire transfers cost a flat $6.11 [9]

"Always fast transactions and good fees. An invaluable online bank for those who live outside their own country or are frequent travelers." – Megan, Trustpilot [7]

With a 4.3/5 rating on Trustpilot and 4.8/5 on both the App Store and Google Play, Wise is trusted by over 600,000 businesses worldwide [7].

4. YNAB

YNAB offers a structured approach to budgeting that directly tackles issues like exchange rate changes and conversion fees, making it a practical tool for managing multiple currencies. Its system emphasizes clarity and precision in handling international transactions.

Multi-Currency Management Strategy

Feature	How It Works
Currency Separation	Create individual budgets using YNAB's zero-based method
Transfer Tracking	Assign a 'Currency Transfer' category for easy monitoring
Travel Expenses	Use a single category for all foreign spending
Transaction Recording	Record transactions in their original currency in the memo field

Currency-Specific Budgeting

Set up separate budgets for each currency you frequently use. This method simplifies tracking exchange rate changes, conversion fees, and international transaction costs. It also works seamlessly with YNAB's tools, making it easier to monitor and manage travel-related expenses.

Practical Example

Imagine a digital nomad working with CAD, PHP, and EUR. They create distinct budgets for each currency. For example, they record a €1,000 outflow in the EUR budget, a CAD 1,500 income in the CAD budget, and log any fees separately for better transparency [1].

Managing Travel Expenses

For short-term travel, YNAB provides a simple yet effective way to track foreign spending:

• Add a 'Vacation' category to your budget.
• Flag all foreign transactions for easy identification.
• Use the memo field to note the original amounts.
• Update the amounts once bank charges are finalized.

Advanced Tools

YNAB's API opens the door for third-party integrations, offering even more control over currency management. For instance, the "Multi-Currency for YNAB" service can automate currency conversions, saving time and effort [1].

Key considerations to keep track of:

• Exchange rate changes
• Processing times for transactions
• International banking fees
• Currency conversion costs

5. Personal Capital

Personal Capital brings all your financial accounts together in one place, offering a streamlined dashboard that covers checking, savings, credit, investments, retirement, loans, and mortgages [12].

Account Integration

This tool connects to a variety of financial accounts, giving you a complete view of your financial life - from everyday expenses to long-term investments - all within a single platform.

Automated Financial Tracking

The platform updates and organizes your financial data automatically, saving you time and effort. Here's how you can get started:

1. Connect Your Accounts
   
   Link your banking, credit, and investment accounts to keep your financial data updated and organized.

2. Manage Your Finances
   
   Combine all your accounts into one view to monitor spending and track patterns effortlessly.

Key Features

Personal Capital offers a range of tools to help you stay on top of your finances:

• Net Worth Tracking: Automatically calculates your net worth by combining balances from all linked accounts.
• Spending Insights: Provides a detailed breakdown of your spending habits.
• Investment Monitoring: Keeps tabs on the performance of your investment accounts.
• Real-Time Updates: Ensures your financial data stays current across all connected accounts.

Why Use Personal Capital?

By connecting with numerous financial institutions, Personal Capital eliminates the need to juggle multiple apps. This all-in-one solution simplifies account management and helps you maintain better control over your financial health.

6. Monzo

Monzo makes managing multiple currencies straightforward with its user-friendly mobile app. It covers everything from currency exchange and transaction tracking to flexible withdrawal options, catering to both personal and business needs.

Currency Exchange Features

Monzo relies on Mastercard's exchange rate system, which updates daily [14]. This ensures users get competitive rates without hidden fees [13]. The app also displays live exchange rates, helping users make smart spending choices while traveling.

Managing International Transactions

Monzo provides several tools to handle international spending efficiently:

• Real-time notifications for transactions, helping users keep track of their spending
• Trip reports summarizing expenses during international travel
• Instant card freeze through the app in case of loss or theft [13]

Cash Withdrawal Options

Monzo offers different fee-free cash withdrawal limits depending on the account type:

Account Type	UK & EEA Area	Outside EEA
Standard (Not Main Bank)	$400 fee-free every 30 days	$200 fee-free every 30 days
Standard (Main Bank)	Unlimited fee-free	$200 fee-free every 30 days
Monzo Plus	Unlimited fee-free	$400 fee-free every 30 days
Monzo Max	Unlimited fee-free	$600 fee-free every 30 days

Withdrawals exceeding these limits incur a 3% fee [13][16]. Business accounts also benefit from similar international capabilities.

Features for Business Accounts

Monzo supports businesses with advanced international tools:

• Send money to over 70 countries
• Accept payments in more than 40 currencies
• A 1% conversion fee on incoming international payments, capped at $1,000 per transaction [15][17]

"Pay anywhere and in any currency – on your debit or credit card – with no foreign transaction fees or hidden costs. That leaves more money for souvenir T-shirts. We pass Mastercard's exchange rate directly onto you, without any sneaky fees." – Monzo [13]

Premium Features

The Monzo Max subscription, priced at $17 per month, includes:

• Worldwide travel insurance
• Higher fee-free withdrawal limits for international use [13]

With its real-time updates, transparent exchange rates, and flexible account options, Monzo makes managing multi-currency expenses hassle-free.

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7. Expensify

Expensify simplifies international expense tracking by supporting over 159 currencies and automating currency conversions.

Currency Management System

Expensify uses Open Exchange Rates to handle currency conversions automatically. Expenses are converted using the daily average exchange rates from the transaction date [18].

Global Reimbursement Capabilities

Expensify supports a wide range of global reimbursement features:

Feature	Coverage
Withdrawal Support	24 countries
Deposit Coverage	190+ countries
Supported Currencies	USD, CAD, GBP, EUR, AUD
Available Currencies	159+ currencies

These features help businesses manage expenses smoothly across multiple regions.

Workspace Organization

Expensify offers an efficient way to organize workspaces, leveraging its currency management system. Each workspace can have a default currency setting, overriding individual user preferences [18]. Here's how you can set it up:

Workspace Type	Suggested Currency Setup
Regional Office	Use the local currency as default
Global HQ	Set the primary reporting currency
Project-Based	Align the currency with project needs

This flexibility ensures that financial processes align with specific business requirements.

International Payment Features

Expensify includes integrated payment tools to simplify global transactions. For instance, the Expensify Card eliminates foreign transaction fees and automatically imports expenses into reports [19][20].

Integration Capabilities

Expensify connects with over 45 financial platforms [21], making it easy to integrate with your existing tools. Supported platforms include:

• Accounting Software: QuickBooks, Xero, Sage Intacct
• ERP Systems: NetSuite, Workday
• Payment Platforms: PayPal
• Automation Tools: Zapier

These integrations enable a smooth transfer of financial data across systems.

Advanced Features

Expensify provides additional tools to streamline international expense management:

• Real-Time Currency Updates: Daily exchange rates ensure accurate conversions.
• Historical Rate Tracking: Records expenses in their original currency [18].
• Policy Management: Create region-specific rules to meet local needs [19].
• Automated Conversions: Instantly calculates expenses in the default currency.

These features make Expensify a reliable choice for managing global expenses effectively.

8. Mint

Mint connects with over 17,000 financial institutions, providing a clear overview of your spending across multiple currencies [22][24].

Account Integration System

With Mint, you can link thousands of financial accounts in one place. This makes it easier to track and manage your transactions without juggling multiple platforms [22][24].

Transaction Management and Monitoring

Mint simplifies financial tracking with these features:

Feature	What It Does
Transaction Monitoring	Keeps tabs on all transactions from linked accounts
Category Management	Organizes expenses into categories
Spending Analysis	Highlights patterns and unnecessary costs
Monthly Insights	Offers detailed breakdowns of spending
Trend Analysis	Shows changes in spending over time
Cross-Account Search	Lets you find specific transactions easily

These tools provide a better understanding of your financial habits.

Advanced Features

Mint goes beyond basic tracking with:

• Comprehensive Search: Quickly find transactions across all accounts [23].
• Custom Categories: Tailor expense categories to fit your unique needs.
• Automated Updates: Syncs with your accounts in real time for up-to-date information.

Integration Process

To make the most of Mint, follow these steps:

1. Link all your financial accounts.
2. Regularly review and categorize your transactions.
3. Use monthly insights to spot spending trends.
4. Take advantage of the search tool to locate specific expenses.
5. Analyze your spending across different categories for better budgeting.

9. Xero

Xero simplifies managing international expenses with its multi-currency accounting tools, including real-time exchange rate updates. It supports invoicing and receiving payments in over 160 currencies, making it a valuable resource for businesses with global operations [25].

Real-Time Currency Management

Xero keeps exchange rates up to date during transactions, ensuring accurate financial data. If needed, users can also adjust exchange rates to suit specific business requirements.

Multi-Currency Features

Feature	Description
Automated Conversions	Updates currencies in real time during transactions
Contact Currency Settings	Assigns default currencies to individual contacts
Financial Reporting	Creates consolidated statements across currencies
Exchange Rate Monitoring	Tracks rate changes and their impact on cash flow
Global Invoicing	Enables quotes and invoices in over 160 currencies

These features provide businesses with better control and clarity over their finances.

Financial Visibility

Xero builds on its currency tools to offer a clear view of international accounts. According to a survey, 87% of users reported improved financial visibility [25]. With Xero, businesses can:

• Track how exchange rates impact profits
• Monitor cash flow across borders
• Keep precise financial records
• Generate detailed, currency-specific reports

International Transaction Management

Xero streamlines global financial tasks by adhering to international standards and reducing paperwork.

"Xero became a really critical tool for us as we took on more staff." - Kate, Xero User [25]

Advanced Currency Controls

Xero's currency management tools allow users to:

• Assign default currencies to specific contacts
• Monitor exchange rate changes in real time
• Create consolidated financial statements
• Track profits across multiple currencies
• Handle international invoicing with ease

10. QuickBooks Online

QuickBooks Online helps businesses manage transactions in different currencies through its Essentials, Plus, and Advanced plans [26].

Multicurrency Management Features

Feature	Description
Foreign Currency Recording	Track transactions in various foreign currencies
Exchange Rate Updates	Updates exchange rates every 4 hours via Wall Street On Demand
Currency Assignment	Assign specific currencies to customers and vendors
Bank Integration	Handle deposits in multiple currencies
Manual Controls	Input custom exchange rates when needed

Core Functionality

QuickBooks Online automatically converts foreign transactions into your home currency using updated exchange rates every four hours. To keep things organized, you can create separate accounts for each foreign currency and assign them to specific customer or vendor profiles [26][27].

International Payment Processing

If your business deals with global transactions, QuickBooks Online offers:

• Foreign currency invoicing
• Multi-currency expense tracking
• Cross-border payment handling
• Automated bank feed integration

Advanced Currency Controls

QuickBooks Online provides tools to simplify international financial management:

1. Set default currencies for individual contacts.
2. Track exchange rate changes with automatic updates every four hours.
3. Create financial reports tailored to specific currencies.
4. Monitor international cash flow with ease.

These features make managing cross-border transactions more efficient and integrate smoothly with your existing financial systems.

Integration Capabilities

QuickBooks Online works with various financial platforms like bank accounts, credit cards, PayPal, and Square, making it easier to track expenses across different currencies [28].

Best Practices

To get the most out of QuickBooks Online’s multicurrency features:

• Consult with an accountant before enabling multicurrency [26].
• Set up separate accounts for each currency to simplify reconciliation [29].
• Link business credit cards for automatic transaction imports [30].

Feature Comparison

This section breaks down and compares key functionalities that simplify multi-currency tracking. Features like real-time exchange rate updates, expense categorization, and user-friendly designs play a big role in making these tools effective.

Real-Time Exchange Rate Updates

Tool	Update Frequency	Rate Source
Maybe Finance	Real-time	Global providers
ClearBooks	Daily	XE rates
Tipalti	Real-time	Market rates
MYOB	Automated	Market rates
Prismatic	Real-time	Market rates

Real-time exchange rates ensure your financial data stays accurate and up-to-date. This precision is crucial when managing expenses across multiple currencies.

Expense Categorization Capabilities

Automated categorization and the ability to create custom categories make organizing expenses easier and more consistent, regardless of the currencies involved.

User Experience Considerations

The best tools prioritize usability. Key features include:

• Easy-to-navigate interfaces
• Customizable dashboards with clear transaction histories
• Automated currency conversion
• Mobile compatibility for on-the-go access

These features not only simplify daily operations but also work seamlessly with advanced currency management tools to give you better financial control.

Advanced Currency Management

Feature	Description	Business Impact
Realized Gain/Loss Tracking	Automatically calculates fluctuations	Improves financial accuracy
Multi-Base Currencies	Supports multiple home currencies	Enhances regional management
Consolidated Reporting	Combines reports across currencies	Simplifies global oversight
FX Risk Management	Monitors exchange rate exposure	Reduces currency risk

Choosing the right tool depends on your specific needs, such as the volume of transactions, the number of currencies you manage, and your reporting requirements. Aligning the tool's features with these factors ensures you get the most out of your currency management system.

Summary

Managing multiple currencies effectively starts with understanding the key features you need. Focus on tools that provide real-time exchange rate updates and automated conversions to simplify global expense tracking.

When choosing a multi-currency tool, consider these essential features:

• Integration Capabilities: Ensure the tool works smoothly with your ERP, CRM, and accounting systems.
• Security and Compliance: Look for strong encryption and adherence to financial regulations to safeguard sensitive data.
• Customization and Scalability: Choose a solution that can grow with your business and adapt to changing requirements.

Here's a quick guide to help you prioritize based on your business size:

Business Size	Key Priority Features	Recommended Focus
Small Business	Cost-effectiveness, ease of use	Basic currency conversion, simple reporting
Mid-sized	Automation, integration	Multi-currency support, consolidated reporting
Enterprise	Advanced compliance, customization	FX risk management, global oversight

These considerations, combined with the tool features discussed earlier, can help you create a more efficient global expense management system.

FAQs