Does Quicken subscription support India banks ?

Parthiban Kannan

I am looking to buy a Quicken premium subscription for my Macbook. My main requirement is online bill payment and fetches data automatically from bank accounts. Is quicken supports these options from Indian banks (HDFC, IDBI, SBI, etc.)?

dipe_c

So far, Quicken Mac supports the following Indian banks for transaction downloads: HDFC, ICICI, and State Bank of India. I use both HDFC and SBI regularly (SBI currently has an ongoing problem in Quicken, since it started 3-factor authentication). However, online bill payment will not work as the banks use 3rd party vendors.

smayer97

dipe_c said:

GeoffG said:

No,  Quicken only supports US and Canadian banks for downloads.

Incorrect. Quicken does allow transaction downloads from at least 3 Indian banks (I use the functionality), even though the stated policy of Quicken is support for the USA and Canada only. I suspect it works because these banks have a presence in the US, and are registered Financial Institutions in the US.

Exactly. The deciding factor is whether or not these banks have a presence in the US or Canada. If so, Quicken can support them. In this case, all the banks listed are supported, as they are in the fidir.txt file for QMac.

Of course, the level of support will be determined by the bank itself. As dipe_c assertained, it seems those banks do not currently support online bill payment.

GeoffG

No,  Quicken only supports US and Canadian banks for downloads.

dipe_c

So far, Quicken Mac supports the following Indian banks for transaction downloads: HDFC, ICICI, and State Bank of India. I use both HDFC and SBI regularly (SBI currently has an ongoing problem in Quicken, since it started 3-factor authentication). However, online bill payment will not work as the banks use 3rd party vendors.

dipe_c

GeoffG said:

No,  Quicken only supports US and Canadian banks for downloads.

Incorrect. Quicken does allow transaction downloads from at least 3 Indian banks (I use the functionality), even though the stated policy of Quicken is support for the USA and Canada only. I suspect it works because these banks have a presence in the US, and are registered Financial Institutions in the US.

GeoffG

dipe_c said:

GeoffG said:

No,  Quicken only supports US and Canadian banks for downloads.

Incorrect. Quicken does allow transaction downloads from at least 3 Indian banks (I use the functionality), even though the stated policy of Quicken is support for the USA and Canada only. I suspect it works because these banks have a presence in the US, and are registered Financial Institutions in the US.

The question posed was does Quicken support downloads. It may work, up until it does not and then Quicken support will walk away from helping with the issue and the user is tied to a subscription and the screen issues once expired.

I guess the real question is does the user reside in US or India? If US, the question is mute.

Chris_QPW

I guess the real question is does the user reside in US or India? If US, the question is mute.

Not really, where the user resides really has nothing to do with this (except in that if Quicken support learns you are in another country they might not provide any support).

Quicken (Direct Connect) and the Intuit servers for Quicken Connect/Express Web Connect have URL for a given financial institution, and in the case of Quicken Connect/Express Web Connect an "agreement" on how to download the transactions.

If per chance that way of contacting the financial institution works for an account held in another country, well fine, but Quicken/Intuit is supporting a US/Canadian financial institution, not a foreign one, that part is up to the financial institution which makes it invisible to the user/Quicken/Intuit.

If I reside in the US, but open an account in Germany, I can't expect it to work just because I reside in the US.

@dipe_c I'm curious about one thing.  Is the currency of the downloaded transactions other than USD?

Quicken Windows US won't even allow importing transaction in currencies other than USD.

Quicken Window Canadian on the other hand will allow other currencies.

NotACPA

That SBI, and the others, are owned in/by India is irrelevant.  They have a presence in the US and, thus, are licensed to do business in the US.

The US subsidiary of Royal Bank of Canada is, likewise, supported by Q US .... as a US bank, not as a CDN bank.

GeoffG

Chris_QPW said:

I guess the real question is does the user reside in US or India? If US, the question is mute.

... (except in that if Quicken support learns you are in another country they might not provide any support).

My point exactly. If the user is in the US and holds an account with an Indian bank residing in the US, there is no download issue. If the user is not in the US, then if it works, it works. If not, there is no support.

smayer97

dipe_c said:

GeoffG said:

No,  Quicken only supports US and Canadian banks for downloads.

Incorrect. Quicken does allow transaction downloads from at least 3 Indian banks (I use the functionality), even though the stated policy of Quicken is support for the USA and Canada only. I suspect it works because these banks have a presence in the US, and are registered Financial Institutions in the US.

Exactly. The deciding factor is whether or not these banks have a presence in the US or Canada. If so, Quicken can support them. In this case, all the banks listed are supported, as they are in the fidir.txt file for QMac.

Of course, the level of support will be determined by the bank itself. As dipe_c assertained, it seems those banks do not currently support online bill payment.

dipe_c

@Chris_QPW: @dipe_c I'm curious about one thing.  Is the currency of the downloaded transactions other than USD?

The transaction downloads from the mentioned Indian banks do not download a currency symbol, only the description and the numerals. This populates an INR (Indian Rupee) designated Register. The data matches with the bank register, and can be reconciled online with the bank without issues. So, technically speaking, I think (don't know for sure) that currency designates don't play a role in transaction downloads.

Chris_QPW

@dipe_c Thanks for letting me know.  I should say that there is two possible connection methods, Direct Connect and Quicken Connect/Express Web Connect.

I know that with Direct Connect which is the OFX protocol that the currency is in the data, which Quicken Connect/Express Web Connect most likely it isn't.  So depending on the connection methods it might do different things.  But I really thing the main difference here is that Quicken Mac really doesn't have "full multiple currency support" and is just ignoring any currency in the information it gets.  Note that Web Connect/QFX file is the "response" part of the OFX protocol and also contains the currency, and I have tested Quicken Windows US and if it in a currency other that USD Quicken Windows US will reject it.

Note interesting enough, just yesterday a person with Quicken Windows US and an account in India ran into the same kind of problem when they decided to try to enable downloading on their account.  In this case they had a manual entry account setup for INR and once the connection was made Quicken Windows US changed the account currency to USD.  To me this indicates that the data does in fact have the currency information in it, and also that no matter where the "account is" the financial institution "interface" to Quicken is US based.

Here is a link to that thread:
https://community.quicken.com/discussion/comment/20175464

dipe_c

As of this morning, HDFC and ICICI Bank are no longer in Quicken Mac's list of Financial Institutions! Transaction downloads, however, continue. Was the omission inadvertent, or did my post cause it? Edit: HDFC, ICICI, IDBI, HSBC are back on the list).

I know that with Direct Connect which is the OFX protocol that the currency is in the data, which Quicken Connect/Express Web Connect most likely it isn't.  So depending on the connection methods it might do different things.  But I really thing the main difference here is that Quicken Mac really doesn't have "full multiple currency support" and is just ignoring any currency in the information it gets.

The connection type is / was Quicken Connect for the 2 banks. 

I have tested Quicken Windows US and if it in a currency other that USD Quicken Windows US will reject it.

Quicken Windows is problematic in this regard. I remember trying it out parallelly some years back, and it had so many issues! If I remember correctly, downloading bank data and currency did have unresolvable issues, which is why I uninstalled and deleted the app.

Quicken Mac and Quicken Windows, from both our experiences, obviously seem to manage currency in downloads quite differently.