Add Integrations for International Banks (primarily in the UK and EU)

Nederdraak

I love using Quicken, but I am an expat and a continual thorn in my side is the lack of support for international bank integrations. Right now, I need to manually enter all my transactions for multiple accounts I have with Dutch banks. While I appreciate the increased awareness of how much I spend, the manual work blows. I have to track each of those accounts and make sure I am diligent about entering transactions for each of them as they come in if I want to have an accurate history. Alternatively, I could download and import transactions monthly, but either way this requires manual work that shouldn't be necessary.

I have been flirting with PocketSmith as they offer much better international & multi-currency support. That said, I enjoy using Quicken and would much prefer that this type of support would be offered.

NotACPA

Sorry, but this isn't going to happen until/unless those banks sign the contract with Q/Intuit to provide such download.

And since the customer base (outside of the US & Canada) is so small, it's HIGHLY unlikely that they'll do so.

It isn't Q's decision to add banks … it's the bank's decision to contact Q/Intuit to BE added.

Chris_QPW

https://community.quicken.com/discussion/comment/20446312#Comment_20446312

I think it is even more than that. Right off the bat you are talking about different laws, possible different connections methods and downloading in different currencies. And Quicken Mac is known to have incomplete handling of multiple currency and the Quicken Mac development group (and Quicken Inc for that matter) is very small and has much more on their list of things to put in.

jacobs

Quicken (the company) and Intuit, it's connectivity provider, can barely maintain the system for downloading from US & Canadian banks; at any given moment, there are dozens and possibly hundreds of connections which are partly or completely broken. This is usually due to financial institutions making changes to their servers, and leaving Intuit to diagnose and fix the connectivity. Quicken is a small company, and I can't imagine them tackling adding financial institutions on an international scale purely because of the scope and volume that would entail. Layer on that different banking and privacy laws in each country, and I see it as a nearly impossible wish.

Perhaps if there's some third-party provider which already handles international financial institutions, and if Quicken could ever sever its ties to Intuit for connectivity, it might be possible in the future. But here's another issue: it would undoubtedly cost Quicken more money to for the expanded connectivity support, but how much more revenue would this bring in? Quicken doesn't sell its software outside the US & Canada, and trying to build nationalized versions for other countries would be an expensive proposition. So if they're just selling to the North American market, while there are undoubtedly people like you who live overseas, how many additional subscriptions would they really sell? I doubt the additional sales/loss of current users could economically justify the cost of switching connectivity providers (a huge project) and paying for international connectivity services.

For all these reasons I think it's highly unlikely for this wish to be fulfilled.

pekat

Quicken (and Intuit) can add a financial institution or a 3rd party provider for connectivity. The product (Quicken) is locked down to only interface with providers paying a fee to Intuit (the connectivity partners for Quicken).

Connectivity (OFX / QFX servers) infrastructure can be set up fairly easily by a 3rd party to provide 'banking feeds' for none US/Canada users. There are no regulatory hurdles for Intuit and / or Quicken, let alone a 3rd party connectivity provider, to overcome (with the advent of open banking in the EU block & the UK over a decade ago) as end users would have to subscribe / enrol onto the 3rd party 'portals'. Of course, that erodes the 'big fees' that Intuit collects from FI's, unless the 3rd parties are willing to pay those fees. But since they have 'no presence' outside US / Canada, then it can be argued they are not forfeiting any fees (and would actually be earning from subscriptions).

As for multiple currency support - well, that is another matter.

Chris_QPW

Note Intuit doesn't charge for Quicken connect connection types. As far as anybody has ever been able to determine they only charge for direct connect and maybe for web connect.

Note also that Quicken Inc doesn't get any money from financial institutions and in fact pays Intuit for the connection services.

I should state since this is for the EU which which has the OFX standard mandated for their financial institutions, which would help, but the major financial institutions in the US and therefore quicken are going to a completely different standard called FDX and on Quicken Mac is also under Quicken connect. I think it's hardly unlikely that Intuit or Quicken Inc will be pursuing the EU or UK market especially since the Canadian financial institutions are pushing yet another "standard".

But I’d also note that nobody seems to be voting for this. It only has one vote. that certainly isn’t the way to get it implemented.

Jon

There is a third party provider that handles EU institutions - Salt Edge. One of Quicken’s competitors has already been using it for a few years now.

Chris_QPW

Well That's part of the problem I think. Quicken Inc seems to be totally locked into Intuit. Not sure if that's purely by contract or they just don't have the resources to support other providers.