Hi everyone - we have been looking at Wise recently. One of the reasons we’ve not prioritised connecting them before is because right now, Snoop basically doesn’t currently support multi currency across our features.
Many of our features consolidate data across all your accounts - e.g. our spend analysis features, our net worth features or our account alerts like the daily balance message. All of these features are currently designed for one consistent currency comparison, in £. If we were to fully support non GBP currencies, then we’d need a way to compare numbers of non-relative sizes in these features. So if we have a Japanese Yen account of 1000, that’s roughly the same as a £6 GBP account based on current FX rates. We’d either need to convert these all back to one currency (so the relative value of each number is the same) or split out each currency in each feature.
We’ve decided to not tackle this type of complication at this time. So when you interact with various multi-account features in our app you will see an assumption all the figures are the same relative values and they are all in our supported currency of £. We might get to this in future, but’s not one of our priorities.
3 of the 60+ connections we have today do allow non-GBP accounts. We took the decision early on that we could either block these from showing in Snoop at all or we could let them be connected, but accept that right now some of our features that consolidate data across accounts will not work fully. We took the 2nd option on the assumption that was more useful to most people to get visibility of their data.
Unlike those existing 3, Wise’s primary function is to support multi-currency payments. We suspect it will be a lot more common for people to hold non GBP values with this provider. With the above in mind, do you still think it’s very useful us enabling this provider? It would mean the money you hold in a GBP currency at Wise will work like any other account, but the other currencies may cause confusion?
I’d be very interested in your views?
Paul