Toshl Finance App Review [2023]: A Comprehensive Look at This Unique App

July 23, 2020

11 minutes

When it comes to saving money buying stuff that will last a while, is easy to repair, or has an amazing warranty, can really go a long way. Here we will collect product reviews so you know where I stand on some of the products I've owned.

Toshl is a personal finance app that helps people achieve their financial goals. It is a comprehensive financial app specially designed to simplify budgeting and help users achieve their financial goals. In this Toshl app review, we will dive deep into its features, pros, cons, pricing, and user experience. Here, We will cover all the possible aspects and thoroughly explain who this app is suitable for and how it can help you manage your budget with its value-for-money features like financial planning and money management. So, let’s get started:

Getting Started with the Toshl Finance App

Account Creation and Setup Process:

First, let's talk about the account creation and setup process. The account setup is quick and easy, allowing users to sign up with their email or social media accounts. After signing up, you get a guided tour that helps you connect your bank accounts, learn about the navigation features, and much more. It also imports your transactions and provides guidance for setting up your budgets.

Connecting Bank Accounts and Importing Transactions

Toshl app users can easily connect their multiple bank accounts, and it automatically imports their transactions and other similar data. Additionally, it supports approximately 14,000 banks worldwide and also offers a manual import option for banks that are not supported. Furthermore, it automatically updates your transactions, so you don't have to add cash expenses to track them manually.

Security and Data Privacy Features:

As you know, security and privacy are important for any financial app that has your private data. That's why Toshl offers bank-level security to keep your data safe and prevent it from being shared or falling into the wrong hands. Additionally, it provides a read-only connection to your bank account, ensuring your funds remain untouched. Furthermore, it complies with GDPR and other privacy regulations to keep your user information safe and secure.

Feature table:

Feature	Description
Budgeting	Create detailed budgets, track expenses against categories, and receive alerts for overspending.
Expense Tracking	Easily log expenses with customizable categories, recurring transactions, and receipt scanning.
Income Tracking	Monitor income sources, track paychecks, and visualize financial inflows.
Financial Reports	Generate detailed reports on spending patterns, income distribution, and overall financial health.
Financial Goals	Set financial goals, track progress, and receive personalized insights and recommendations.
Multi-Currency Support	Manage finances in multiple currencies, track exchange rates, and convert currencies seamlessly.
Cloud Synchronization	Securely synchronize data across multiple devices for seamless access and backup.
Security	Protect financial data with strong encryption and biometric authentication options.
Exporting Data	Export financial data in various formats (CSV, PDF) for further analysis and record-keeping.
Community Forum	Connect with other Toshl users, share tips, and get help from the community.
Customer Support	Receive assistance through email, in-app chat, or browse the knowledge base for self-help resources.

Toshl Finance Features

The Toshl finance app provides you with the best features that are not at all present in the rest of the finance apps that fall under this category.

Read the features given below carefully and see which feature best suits you.

Expense Tracking and Categorization

Toshl greatly simplifies your expense tracking with its automatic categorization. You can enable categories and tags to monitor and analyze your spending habits, identifying areas where you might be overspending. With the help of this feature, you should spend your money in more beneficial areas instead of irrelevant spending.

Locations:

This is one of the best features of Toshl as it provides users with detailed insights into their spending habits, showing where their money is going and where they can potentially save on expenses to achieve their financial goals better. It helps users understand how their money is being spent, such as on dining out or on entertainment. And identify areas where they might be overspending. Additionally, Toshl offers guides on how to manage finances effectively and optimize spending, which ultimately enhances the user's overall financial journey.

Budgeting Tools

Toshl app offers strong budgeting tools that allow users to take full control of their finances. Users can create one-time budgets and recurring expenses, which can be tracked against their budget amounts. The visual budgeting feature makes it easy to understand and improve spending habits.

Financial Reports and Insights

Toshl provides you with in-depth and beneficial financial reports to help users quickly assess their financial health. These reports comprehensively showcase spending trends, empowering users to make informed financial decisions without any hassle or complications.

Bill Reminders and Payment Tracking

You will never pay your bills late again because its bill reminder and payment tracking feature is excellent. It also allows users to set custom reminders for their upcoming bills, easily track their payment status, and view a clear and sequential list of their bills.

Savings Goals and Planning

You can set up your savings goals and create plans to achieve them within Toshl. Additionally, it helps you track your progress and adjust your budget, which ultimately helps you to meet your saving goals sooner.

Currency Support and Exchange Rate Tracking

When it comes to currency support and exchange tracking, Toshl performs exceptionally well. It supports over 200 currencies and provides real-time exchange rate tracking, which is an excellent tool for travelers and those who frequently move between countries. It also manages international finances.

Toshl Medici - Automatic Bank Syncing (Premium Feature)

Medici is the premium feature of Toshl that automatically syncs with your bank account, eliminating the need for manual transaction updates. This gives you peace of mind, saves your valuable time and effort, and allows you to manage your finances easily and without any hassle.

Toshl Finance Pricing and Plans

Free vs. Toshl Pro vs. Toshl Medici

Toshl comes with three pricing plans: Free, Toshl Pro, and Toshl Medici. The free plan offers basic budgeting features like expense tracking. At the same time, Toshl Pro and Toshl Medici offer advanced features to help you manage your finances better, such as unlimited budgets, savings goals, and automatic bank syncing. You can access these features by subscribing to their premium plans. Additionally, each plan caters to different users. Toshl adapts to your preferences and helps you achieve your financial goals.

Cost Breakdown and Comparison

You can check their prices and other details by visiting their official website because their prices vary from time to time. To stay updated, you can click on this link to visit their website and select the product that suits your needs based on the pricing and other information available there.

Special Offers and Discounts

Toshl financial app offers special discounts to its customers, as well as promotions for new users or those who upgrade their plans. Users can check the app's website or subscribe to their newsletter to stay updated on available offers and take advantage of them.

Toshl Finance for Different Financial Situations

Freelancers:

Toshl is a valuable tool for freelancers and those who have multiple clients and projects and varying incomes. It helps you track income from different sources, providing a clear picture of your earnings. It also allows you to create customizable expense categories and track expenses, enabling you to better understand the ratio of your income to expenses. This, in turn, helps you achieve your financial goals.

Couples:

Toshl offers a feature called "Financial Transparency and Collaboration," which means that couples living together can create shared expenses for things like rent and groceries. This helps both partners stay aware of their spending and agree on a budget. Additionally, this app offers personal spending tracking, which can improve financial health and help you save for the future.

Students:

Students can benefit from the expense tracking features of Toshl because it is ideal for those who want effective management of their limited income. Additionally, it helps students create a budget to align with their income and track their spending on essentials like tuition, books, rent, and other necessities. The app also provides insights into spending patterns, highlighting areas where students can save money. This allows them to save for future purchases without facing financial difficulties later.

User Experience and Design

Mobile App Interface (iOS and Android)

Toshl finance app is available for both IOS and Android devices. It offers a clean, user-friendly design that makes it easy to manage finances. Its excellent navigation allows users to quickly access their financial data and make updates on the go.

Web App Interface

Their web app is similar to the mobile application, but they have some additional features like detailed financial reports and the ability to import bank statements.

Usability and Navigation

Toshl is designed in such a way that its users easily get what they want on it. Therefore, they don’t lose their way around this system at any point in time. It also provides hints and instructions on how one can operate those features, and it will take no time for them to start using them.

Customer Support and Resources

Toshl financial support is excellent because it provides you with articles, guides, and video tutorials and helps users understand how to save more money through effective budgeting. Additionally, users can contact their customer support via email for personalized assistance.

Pros and Cons of Toshl Finance

Advantages of Using Toshl Finance

Intuitive design and user experience
Comprehensive budgeting tools and financial insights
Supports multiple currencies and real-time exchange rate tracking
Robust security and data privacy features
Integration with other financial apps

Disadvantages and Limitations

Automatic bank syncing is only available with the premium Toshl Medici plan.
Limited budgeting features in the Free plan
Some users may find the app's playful design and graphics distracting

Toshl Finance Alternatives

In this section, we will provide the names of each Toshl Finance competitor.

YNAB (You Need A Budget)

PocketSmith

EveryDollar

Conclusion

In summary, Toshl is a powerful financial application that helps users optimize their finances by providing some valuable features like budgeting, expense tracking, and financial insights. Additionally, Its user-friendly design and accessibility make it an excellent choice for individuals seeking better control over their finances and aiming to achieve their financial goals. Toshl financial app holds a significant position and is considered a strong contender in the personal finance app market.

Toshl Finance is a personal finance app designed to help users manage their money and achieve their financial goals.

In this comprehensive Toshl review, we'll dive deep into its features, pricing, and user experience to determine if it's the right tool for your budgeting, financial planning, and money management needs.

Getting Started with Toshl Finance

Account Creation and Setup Process

Setting up a Toshl account is quick and easy. Users can sign up using their email or a social media account. After signing up, Toshl provides a guided tour to help users connect their bank accounts, import transactions, and set up budgets.

Connecting Bank Accounts and Importing Transactions

With Toshl, users can link multiple bank accounts and import transactions automatically. Toshl supports over 14,000 banks worldwide and offers manual import options for unsupported banks. The app automatically updates transactions daily and allows users to track cash expenses by adding them manually.

Security and Data Privacy Features

Toshl takes user security and privacy seriously, utilizing bank-level encryption to protect sensitive data. The app employs a read-only connection to bank accounts, ensuring that users' funds remain untouched. Toshl also complies with GDPR and other privacy regulations to protect user information.

Toshl Finance Features

Riverflow

Toshl has some pretty wicked visuals for those of us that ingest data that way (I certainly do). Riverflow shows you where your money comes in and where it flows out. Check out the image above to see what that looks like. The larger the outflow, the more you are spending in a certain category. Pretty neat.

Locations

This is another great feature for visual learners. If you want to know what parts are town are really draining your bank account, I'm thinking of bars, malls, etc. This feature will help you know where your money is going, and if you can help it, then you can avoid those places!