You may need to transfer data from one account to another when switching data providers for a financial institution that you have already linked to Monarch. For example, let’s say you’ve connected a credit account through American Express. If your existing connection stops working and you need to switch to a different provider, you can easily move your transaction and balance history from the old account to the new one using our transfer tool.
This guide walks you through how to use the transfer tool on Monarch web as it is not yet available on mobile.
⬇️ Jump to Frequently Asked Questions
How to use the Transfer data tool
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Add a new connection with your institution: First, connect your institution using the new data provider. You will keep the old connection until the end of this process, so don’t delete it or hide it!
Pro Tip: To keep things organized and make it easier to distinguish between the new and old accounts, we recommend renaming the old account. For example, rename your original account that will eventually be deleted from “Joint Account” to “Joint Account Old.”
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Start the transfer process: Go to your Institution Settings page, find the listing with the old account you want to transfer from (in our example, “Joint Account Old”), and click View. From the account details page, click Edit in the top right and choose Transfer data.
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Select accounts: On the Transfer Account Data screen, your old account will be pre-filled in the “Old” field. Under “New,” select the new account to which you want to transfer history. Once selected, click Next up: Transactions.
Note: In the “New” field, Monarch will recommend any accounts you have from the same institution that are the same account type. The new account cannot be in a hidden state. If the right account doesn’t show up, you may need to go back to the Institution Settings to make sure the subtype for both accounts (e.g. “Credit Card”) matches and that the account is visible. -
Transfer transactions: Choose whether or not to move transactions to your new account. You’ll see a preview of how many transactions will be moved and can set a transition date if needed. Click Next up: Balances when you're ready.
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Transfer balance history: Next, decide whether to move the balance history to your new account. You’ll see a preview of how it will look and can select a transition date if needed. Click Next up: Data backup.
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Download a backup (recommended!): We strongly recommend downloading a backup of your transaction and balance history before proceeding. This is your last opportunity to save a copy of the original data. Once the transfer is complete, it cannot be undone without this data backup. Click Next up: Review when finished.
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Review and confirm: You’ll see a summary of what will take place when you proceed. If everything looks correct, click Permanently transfer data to complete the process.
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View your updated accounts: Once complete, you will be taken to the account page for the newly updated account, with the transferred data appearing. The old account will remain in Monarch but will be marked as hidden.
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Delete the old account: If the transfer looks good, you can safely delete the old account when you’re sure you no longer need it.
Frequently Asked Questions
What about rules and goals that were associated with the old account?
Monarch will automatically update any rules that were associated with the old account to point to the new account instead, and these will be applied to any new transactions that come in on the new account. Any goals that were associated with the old account will be automatically associated with the new account as well.
Can I transfer only transactions or only balance history?
Yes. During the transfer process, you’ll be given the option to move just transactions, balance history, or both. You can pick what makes sense for your situation.
Does this work for both manual and synced accounts?
You can transfer data from either a manual or synced account to a synced account. You cannot transfer to a manual account.
For manual accounts, you can instead download data from the old account, and upload it into the new manual account (see: uploading transactions, uploading balance history).
What happens to the old account?
We don’t automatically delete the old account. It will remain in Monarch as hidden, and any leftover data that wasn’t transferred will still be visible in your Transactions view (with a hidden icon). You can delete the old account once you’re sure you no longer need it.
Can I undo the data transfer?
Not automatically. If you downloaded a backup during the process, you can re-upload the data into the old account, reassign any transaction rules or goals to point to the old account again, and unhide the account. Without a backup, the original data cannot be recovered.
Can I get the original data back later?
No, not unless you downloaded the backup files during the transfer process. Once the transfer is complete, the data is permanently altered.
Why don’t I see the transfer option on mobile?
At this time it is available on desktop/web only.
| If you have additional questions, please contact the support team. |