Monarch connects to your financial institution through a data provider. If you would rather use a different data provider for a connection, you can move it yourself, and your transaction history moves with it.

Note: We are rolling this feature out gradually, so you may not see it yet. If the option is not there, you can still change data providers using the steps in Choosing Your Data Provider and then move your history with the transfer tool. This feature is currently available on the web only, not in the Monarch mobile app.

Table of Contents 

• What switching does
• Before you switch
• How to switch
• What to expect afterward
• Frequently Asked Questions

What switching does

A single connection can hold several accounts. Switching moves that whole connection, and every account under it, from your current data provider to a new one in one pass.

Your transactions, balances, and history stay with your accounts. The new connection picks up exactly where the old one left off, so you should not see a gap or a set of duplicated transactions once it finishes.

At the end, Monarch removes the old connection for you. You do not need to delete anything yourself.

To learn more about what a data provider is and why Monarch uses several, see Understanding Data Providers and Connections.

Before you switch

Four points are worth knowing before you start.

Switching cannot be undone. Once the move starts, there is no button to reverse it. You can switch again later if you change your mind, but it is a new switch rather than an undo.

You will need your sign-in details. Switching creates a brand new connection, so you will sign in to your financial institution again as part of the flow. Depending on your financial institution, that might mean a password, a one-time code, or approving a notification in their mobile app.

Check the new data provider first if you hold investments. Data providers do not all send the same kinds of information. MX does not send investment holdings, so moving an investment account to MX removes the holdings on that account, including their cost basis, and they do not come back. Your transactions and balances keep syncing, and any holdings you added yourself stay. Monarch does not flag this during the switch, so please check before you start, or reach out and we can tell you what the data provider you are moving to supports.

You can back up your data first. The flow offers an optional download of your transactions, balances, and account history as a single file. Your data moves automatically either way, so this is only there if you would like your own copy before anything changes.

How to switch

1. On the web, go to Settings > Institutions. Your connected financial institutions are listed there.
2. Find the connection you want to move and select the three dots to the right of it.
3. Select Switch provider.
4. Review the comparison screen. Monarch shows your current data provider next to the recommended one, with ratings for connection success, connection longevity, and average update time so you can see how they compare. You can choose a different data provider from the dropdown if more than one is available. Select Get started.
5. Optionally download a backup, then continue. If you would rather skip it, select Skip.
6. Sign in to your financial institution. These screens come from your financial institution and the new data provider, so they differ depending on who you use. Follow the prompts until you are returned to Monarch.
7. Confirm your accounts. Monarch matches each of your existing accounts to the matching account from the new data provider. Check the pairings, adjust any that look wrong, then select Permanently switch provider.
8. Wait while your accounts move across. This usually takes under a minute.
9. Select Finish.

Tip: On the confirm step, you can also choose to stop syncing an individual account instead of moving it. That account keeps the history it already has in Monarch and stops updating.

What to expect afterward

Your accounts will show a new "Added to Monarch" date. After a switch, the connection date and each account's added date will show the date you switched rather than the date you originally connected. Your transaction history is not affected. Everything that was there before is still there.

Account names may look slightly different. Data providers format names in their own way, so an account name can pick up or lose details like registered trademark symbols. You can rename any account yourself by editing it.

You may see each account twice while the switch is running. Between signing in to the new data provider and finishing the flow, both the old and the new copy of each account can appear in your accounts list and in your net worth. This clears as soon as the switch completes. If you still see duplicates after finishing, contact support.

Frequently Asked Questions

Can I switch just one account instead of the whole connection?

Not with this flow. A switch moves the entire connection and all the accounts under it. You can choose to stop syncing individual accounts during the confirm step, and they keep their existing history in Monarch.

Will my budgets and goals still work?

Yes. Both carry over to your new connection, including anything under Save up and Pay down.

Do I have to switch?

No. This is optional. If your connection is working well, there is no need to change anything.

How long does it take?

The whole flow usually takes a few minutes, and the account move itself normally finishes in under a minute.