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Tracking currency conversion rates and Credit Card fees.

Hi @ MoneyWiz.

I love the product and have been a customer since 2012.

Will you help me and guide me to the right forum / topic, in case this is already a discussion?

Since I live in Northern Europe, with its own currencies, I am working with multiple currencies on a weekly basis.

On a regular basis I'll use EURO, Swedish & Danish 'Crowns' (SEK & DKR), USD and occasionally GBP, etc.

The currency conversion i MoneyWiz is a breeze.

Two things however is, as far as I can tell, impossible to track.

1. Many shops charge a fee, for using international Credit Cards, (CC).

  It would be great to be able to add this field.

  That way I could track which shop and or CC, is more expencive to use in a certain, shop or country.

2. Some CC compagnies charge a more expecive conversion rate, than others.

   It would be great to see a statistic for which CC is cheaper to use, say after a certain amount is spent.

Hope I make myself clear enough, even though English is my third language.

Best Regards

Bo Nielsen

Hi Bo,

We have in plans to let customers to create custom currencies so to say, where they will be able to specify exact exchange rates for these currencies. This way you can create currencies with certain exchange rates as they are in those countries you mentioned. And you can always update these rates manually. This way you will be able to see, which currencies' exchange rates are more suitable for you.

As for point 1. I think you can create a Category in MoneyWiz, and name it something like CC commission or something like this, and whenever you make a purchase with a CC card, this should be a split transaction - i.e. you will need to include this CC commission category in this transaction and specify the amount of commission that was withdrawn.

I hope this makes sense.

I have very similar problem. When I pay with my credit card in a foreign currency, the bank charges a fee in a local currency and adds it to the sum. And that makes entering transactions in a foreign currency not very straightforward.

For example: my card is in EUR, I buy something for 100 GBP, it's very easy to enter in MoneyWiz as it will automatically recalculate it to let's say 115 EUR. But when I receive a credit card statement at the end of the month I see that the bank have charged 2% fee from this transaction and it's actually 115+5.75=120.75 EUR. And now I cannot simply make this transaction split and add 5.75 EUR for 'CC commission' category, because the transaction itself is in GBP

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