Comparison

Welfi vs Monarch Money: an honest comparison

Monarch Money is built around bank sync in the United States and Canada, with flexible budgeting and shared access. Welfi is built for money held in several currencies, with statement import instead of a bank connection.

Monarch Money suits people in the US or Canada who want automatic bank sync, automatic property and vehicle values, a partner or advisor sharing access, or an Android app. Welfi suits people with accounts in more than one currency, people outside the US and Canada, and anyone who prefers importing statements or wants Arabic or French.

Welfi and Monarch Money at a glance

FeatureWelfiMonarch Money
PriceCore USD 3.99/month or USD 29.99/year. Premium USD 4.99/month or USD 39.99/year.Core plan USD 14.99/month or USD 99.99/year. A Plus tier is listed, but its price is not shown.
Free trial14 days, no card.7 days. Monarch's own pages do not say whether a card is needed.
PlatformsWeb and iPhone. No Android app yet.Web, iPhone, iPad and Android.
Accounts in different currenciesYes. Each account keeps its own currency, with automatic or per-transaction exchange rates.No currency conversion. Monarch recommends connecting only USD or CAD accounts.
One net worth across currenciesYes, shown in any base currency you choose.No. Amounts in different currencies are added as if they were the same currency.
Bank connectionNever needed. You import statements instead.Sync through Plaid, MX and Finicity in the US and Canada. Manual accounts are also available.
Statement import formatsPDF, CSV and Excel from any bank, including Arabic statements.CSV, plus a Mint CSV import.
Gold trackingPhysical gold by gram, ounce or kilo at the live spot price.No gold type with price tracking. A manual Valuables or Other assets account.
LanguagesEnglish, Arabic and French, with full right-to-left.English (US App Store listing).

What Monarch Money does well

  • It lets you choose between two budgeting styles: Flex budgeting with one number to watch, or traditional Category budgeting. Both are built on monthly cash flow.
  • It gives broad US and Canada coverage across three providers (Plaid, MX and Finicity), lets you switch provider per institution, and values property through Zillow and vehicles through VinAudit.
  • It supports collaboration: a partner or advisor can share access at no extra cost, and it runs on web, iOS and Android.

Where Welfi is different

Real multi-currency accounts

Each account stays in its own currency. Welfi converts with automatic exchange rates, or you set the rate on a single transaction.

One net worth, any base currency

Accounts in different currencies add up correctly into one net worth. Switch the whole dashboard to another base currency at any time.

Works anywhere, no bank link

Import any bank's PDF, CSV or Excel statement, including Arabic statements. Welfi categorises the transactions and skips duplicates.

Envelopes and gold

Budget with envelopes and Ready to Assign. Track physical gold at the live spot price, next to property, cars, investments, crypto and liabilities.

Moving from Monarch Money to Welfi

  1. Download recent statements from each of your banks as PDF, CSV or Excel files.
  2. If you also want your Monarch Money history, check Monarch's help centre for its current export options.
  3. Start your Welfi trial, add each account in its real currency, and import your statements. Welfi categorises them and skips duplicates.
  4. Choose your base currency. You can switch the whole dashboard to another one at any time.
  5. Set up your envelopes and assign money from Ready to Assign.

See all your currencies in one place

Start a 14-day free trial, no card needed. Import a statement, add your accounts in their own currencies, and see one net worth.

Start your free trial

14 days free · No card · No bank connection

Common questions

Does Monarch Money support multiple currencies?
Monarch's help centre says it does not convert currencies and recommends connecting only USD or CAD accounts. If you hold 10,000 CAD and 10,000 USD, it shows $20,000. This was checked on 13 October 2026.
Does Welfi sync with my bank like Monarch Money?
No. Welfi never connects to your bank. You import PDF, CSV or Excel statements, and Welfi categorises them and skips duplicates. If automatic sync in the US or Canada matters most to you, Monarch Money offers it.
How do the prices compare?
On 13 October 2026, Monarch Money Core cost USD 14.99/month or USD 99.99/year. Welfi Core costs USD 3.99/month or USD 29.99/year, and Premium costs USD 4.99/month or USD 39.99/year. Prices can change, so check both pricing pages before you decide.
Is Welfi available on Android?
Not yet. Welfi runs on the web and on iPhone. Monarch Money has an Android app.

Monarch Money details were checked on 13 October 2026 from Monarch's own website, help centre and App Store listing, and prices and features can change.

Sources