Online Money Managers in India are still in their beginning stage, but they are growing with time.
Every new Credit Card and every new Bank Account makes it more difficult to keep track of monthly expenses and available finances.
A good financial planner is what we need to manage our all Bank Accounts, Credit Card Transactions and other Investments at one place. Good news is that like Mint.com of USA now many great Online Money Managers are available in India also.
These new Online Money Managers in India, can fetch all financial data directly from your Bank Accounts, Credit Cards, Mutual Funds, Loans and Life Insurance Policies.
Therefore you do not need to enter any data manually.
However linking these Money Managers to your bank account by providing them your log-in credentials may raise security concern in many user’s minds. But most of these sites address this concern very well by explaining the complete process. They also never ask you for your Transaction Password or Credit Card CVV number, therefore technically they can not withdraw or transfer any money from your account or Credit Card. However do let us know what is your feeling about them.
Lets see what options we have got here –
1) Intuit Money Manager –
Intuit which is headquartered in Canada, has entered into Indian market with support of ‘Money Control’, which is a well known name in Indian Financial arena.
Intuit is not offering any free option and their account starts with 365RS/Monthly charges. However to get a taste of the services they are offering 30 days free trial service.
This money manager comes with 7 tabs, giving you different options.
Dashboard of Intuit Money Manager shows consolidated data based on the transactions which are stored.
Second tab is for ‘Accounts’, which allows you to add details of your all different Bank Accounts, Credit Cards and Life Insurance.
However accounts options on Intuit were not very comprehensive as many names were missing in their list and they do not have any option to add any account which is not in their default list.
This was a real disappointment because we were not able to add Mutual Funds as well as Insurance Policies of Reliance during our test.
However good point is that, Intuit Money Manager automatically updates all associated Bank and Credit Card accounts and therefore you get complete financial transaction details without doing any manual entry.
Other tabs gives you features like Transactions details, Trends, Goals Planning and Tax Planner which are again very simple to use and very useful.
Over all Intuit Money Manager was a simple and easy to use money manager with all great features. However limited accounts were the deal breaker for us, there is no point in using a financial planner which can handle only few of your accounts.
At Techovity we really wish that Intuit Money Manager improves their accounts list and make it more useful.
2) Perfios –
This is one more feature packed Online Money Management Tool. Perfios uses heavy Adobe Flash based interface which makes it a bit slow to load, however does not affect performance much.
Perfios comes with a life time free account (with only 5 Auto Updates limit) along with two paid options.
Perfios Dashboard shows consolidated data in customizable view (Choose between Pie Chart, Bar Chart and Table View).
Perfios allows you to add and monitor your all Bank accounts, credit cards, mutual fund investments, shares, Insurance policies, loans and Fixed Deposit accounts from its centralized interface.
It can Auto Update your account details by automatically connecting and fetching transaction data from associated accounts. You can also upload all types of statements like bank statements if you don’t want Auto Update.
Perfios promises that they does not ask for any personal information and they also do not store your passwords and log-in credentials on their server. They store all your login data on your computer.
Overall Perfios was very impressive financial manager with all around features and performance. It also offers integrations with a wide range of financial accounts.
If you have just a few accounts which you want to manager you can live with its free account or you can opt for its yearly charges of 500rs, which are well justified after looking at its services.
Final Words :
You may feel that here we have not covered many other Online Money Managers which are available , such as Track Every Coin.
We would like to clarify that we will not review any Online Money Manager here, which do not offer Auto Update option for accounts.
Because manually entering your transactions details have become an old way of using Online Money Management software and very soon users start to miss filling such data which ultimately make these manual update based software useless.
Do not forget to share your feedback and comments with us.