Did you know? Monarch has a connection status dashboard, where you can compare different data providers for your bank to see which might be the best option!
Monarch connects to your financial institutions through third-party data providers. Some data providers work better with certain institutions than others, so you can choose which one to use when you add an institution, or switch an existing connection to a different one without losing your transaction history. Switching an existing connection is available on the web. To learn more about data providers and why Monarch uses several, see Understanding Data Providers and Connections.
- Connecting this financial institution for the first time? Follow Choosing a data provider when you add an institution.
- Already connected and want a different data provider? Switch your existing connection instead (web only). Your history moves with it, and you won't need the Transfer Tool.
- Already deleted the old connection, or on mobile? Add it again with the data provider you want, then use the Transfer Tool on web to move your history.
Table of Contents
- Choosing a data provider when you add an institution
- Switching an existing connection to a new data provider
- Frequently Asked Questions
Choosing a data provider when you add an institution
When you add an institution, Monarch recommends the data provider with the strongest connection history. If you have trouble connecting, or you'd prefer a different data provider, you can choose an alternate one.
Tip: Already have this institution connected? Switch your existing connection instead, so your history moves with it automatically.
- Go to Accounts and select Add account (on mobile, tap + in the top right).
- Search for your financial institution.
- If an alternate data provider is available, you'll see a … icon next to the institution's name. Select it to see Monarch's recommended data provider and any backup options.
- Select the data provider you want to use and follow the prompts to connect.
- If you previously connected this institution and removed that connection, use the Transfer Tool on web to move your balance and transaction history from the old account to the new one.
Switching an existing connection to a new data provider
If an institution is already connected, you can move it to a different data provider yourself. Your transaction history moves with it. If your current connection is working well, there's no need to switch.
What switching does
A single connection can hold several accounts. Switching moves the whole connection, and every account under it, to the new data provider in one pass. Your transactions, balances, and history stay with your accounts, and the new connection picks up where the old one left off, so you shouldn't see gaps or duplicate transactions. Monarch removes the old connection for you once the switch finishes.
Before you switch
Switching can't be undone. You can switch again later, but there's no way to reverse a switch once it starts.
You'll need your sign-in details. Switching creates a new connection, so you'll sign in to your financial institution again. Depending on your institution, that could mean a password, a one-time code, or approving a notification in their app.
You can back up your data first. The switch offers an optional download of your transactions, balances, and account history. Your data moves automatically either way.
MX doesn't send investment holdings. Moving an investment account to MX permanently removes its holdings, including cost basis. Transactions, balances, and holdings you added manually aren't affected. Monarch doesn't flag this during the switch, so check before you start, or contact us to confirm what your new data provider supports.
How to switch
The whole process usually takes a few minutes.
- On the web, go to Settings > Institutions.
- Select the three dots next to the connection you want to move, then select Switch provider.
- Review the comparison screen, which shows your current data provider next to the recommended one with ratings for connection success, connection longevity, and average update time. To pick a different option, use the dropdown. Select Get started.
- Download a backup if you'd like, or select Skip.
- Sign in to your financial institution and follow the prompts until you're returned to Monarch. These screens come from your institution and the new data provider, so they may vary.
- Check that each existing account is paired with the right account from the new data provider, adjust any that look wrong, then select Permanently switch provider.
- Wait for your accounts to move (usually under a minute), then select Finish.
Tip: On the confirm step, you can stop syncing an individual account instead of moving it. It keeps its existing history in Monarch and stops updating.
What to expect afterward
New "Added to Monarch" dates. The connection and each account will show the date you switched instead of the original connection date. Your transaction history isn't affected.
Slightly different account names. Data providers format names differently. You can rename any account by editing it.
Duplicate accounts during the switch. While the switch is running, both the old and new copy of each account may appear in your accounts list and net worth. This clears once the switch finishes. If you still see duplicates after the switch is completed, contact us.
Frequently Asked Questions
Can I switch just one account instead of the whole connection?
No. Switching moves the entire connection and every account under it. You can stop syncing individual accounts during the confirm step, and they keep their existing history.
Will my budgets and goals still work?
Yes. Both carry over to the new connection, including anything under Save up and Pay down.