Wave is discontinuing Bank Connections outside of the US and Canada
Erik
Member Posts: 194 admin
Starting on January 1, 2020, you will no longer be able to connect a bank account to Wave to import transactions. You can find our FAQ regarding these changes below. If you have any other questions, please let us know by leaving a comment on this thread.
Why is Wave no longer supporting bank connections outside of the United States and Canada?
Because of the complex and different requirements of financial institutions around the world, as well as limitations with the data aggregator Wave previously used to facilitate bank connections, we found that we were not able to provide a connection experience that met our standards for quality and consistency. As a result, we have decided to narrow our focus to North America, specifically the US and Canada.
This will allow us to deliver a higher quality bank connection experience while keeping our accounting and invoicing platforms free for all users worldwide.
Will this change in the future?
Wave does not currently have plans to support bank connections outside of the United States and Canada.
When is this happening?
Transactions from connected accounts will import up to December 31, 2019. Transactions after this date will not be imported.
How is Wave communicating about this?
In October, we communicated directly with all customers in affected regions who have actively used our accounting features in 2019. We will begin showing further messages and notifications in the application through the coming months.
Are there other ways to import my transactions?
Wave users outside of the US and Canada will still be able to add transactions manually and will continue to have access to all of Wave’s accounting features. Transactions can be imported in bulk using the statement upload tool, as well as our Google Sheets integration called Wave Connect.
What does this mean for Wave’s other free software?
There are no changes to the availability or functionality of any of Wave's other features. We know that Wave's free features offer incredible value to small business owners around the World. We'll continue to offer and improve our free invoicing and payments processing integration with Stripe in regions we currently support.
I’d be willing to pay for these services, would you build it then?
Right now, supporting bank connections outside of North America is not the right business decision for us. In order to ensure that we are able to make feature investments while keeping our accounting and invoicing platforms free for users worldwide, we will continue to focus on growing our business in North America through our paid services in that region.
Is this Wave’s choice or because of your data aggregation partners?
This is a business decision Wave made independently.
Comments
This news is a very real disappointment.
For me it's the tipping point.
I have implemented painstaking workarounds for some of Wave's shortcomings and have tried really hard to like Wave and to make it work for me.
Unfortunately, with this huge step backwards, using Wave will have become far too much of a chore.
Sadly I will be actively looking for a better alternative.
What business in this time is disconnecting automated imports??
This is a very disappointing decision. You are removing one of the most useful features of your software. I would not sign up for this service now. I would suggest you re-consider this poor decision.
Hoping that this decision would be reviewed.
From the chorus of comments above it might be wise to listen to your customers. I switched bank accounts recently just to integrate with Wave. The current solution works for most banks, please do not disable it. If it's about money, what about offering it as a premium paid service?
Hello, I would like to know if the territories of the United States such as the US Virgin Islands and Puerto Rico will be inside or outside the bank connections of Wave?
Oh well, I’ll start looking for another accounting package and wish you luck with your America first policies. I’m looking forward to the rise of China.
Your email is rather confusing/misleading, as it makes no mention of "outside of the US and Canada". Only on clicking through do I see that this change affects only foreign banks, which is irrelevant to me and apparently most of your customers...
Why?
Looks like I will need to find another accounting software to use. Very disappointing that Wave has decided to go backwards in time. I may as well use a abacus
This changes renders Wave just another half baked, only interested in North America, needs a lot of work arounds product. Bank connections are essential to accurate and easy bookkeeping.
Guess my day will be spent looking for a new product. Thanks for being an awesome product in the past, it was nice while it lasted.
Debacle. Fiasco
Wave has served us very well over the past two years but this change means goodbye. I'm sure there will be several people at Wave watching the drop off in users across the world with sadness. You built all that, and now it's going to melt away rapidly.
I understand you have decided to focus on USA and Canada under your new ownership, all the best.
I'm now embarrassed at having recommended Wave to several people. This is core functionality and removing it renders your platform practically useless. I'll be actively looking for an alternative which actually cares about their customers.
WHATTT, this is the worst possible move!!
After all the hours invested into sorting and managing my transactions, you are now removing one of the most necessary features for my business.
This will be a massive deal breaker and will leave me with no other option but to move over to Quickbooks or Xero.
I am, and always have been a huge supporter of this product so it will be sad to say bye.
Well thank you for the service and the 60 days notice! Good luck with your future endeavours
What a huge disappointing step backwards!!! (And I was so excited they finally implemented Cash Reports!) In this age accounting platforms should have automatic transactions for all their customers as a CORE feature. Looks like I'll be picking up another platform that saves me that time (and hence $$).
Ridiculous decision that makes no sense.
Very disappointed and hope you will reconsider. Why not keep offering the option to connect banks, but not offer technical support for it?
Can anyone recommend a good accounting software I can use? Mine just turned from "great" to "crap" in a single email.
So we all agree, we are looking for a new alternative to wave.
Lets keep this thread going with suggestions, anyone here used Rounded? https://rounded.com.au/
Ahhh I get it! Whoever is investing in you, is likely connected to companies like XERO.
Well, that makes WAVE in the same league then... Companies who are not really invested in the user. What a shame. If anyone can recommend another service, I hope you can let us know
For those looking to export your data:
https://support.waveapps.com/hc/en-us/articles/360017973892-How-to-export-your-accounting-data
Well, this will certainly have the desired effect. You'll not have to worry about supporting any customers outside the US & Canada after this.
I was only just singing the praises of Wave to someone today. Wow, do I feel like an idiot now.
What's even more disappointing than the removal of a MAJOR feature, is that you've only given us TWO MONTHS notice and you are doing it right in THE MIDDLE OF THE FINANCIAL YEAR (for Australians). At least support the feature through to the end of June 2020 so we have the opportunity to close out our finances here before moving elsewhere - which is essentially what you've forced us to do.
Wave was the perfect product for me - I would have even been willing to pay. I had thought that when you sold out it might actually mean that you'd expand development and features. I never in my wildest dreams thought you'd cut vital services. Shame on you Wave. And shame on you H&R Block. I won't by looking to you for my accountancy needs now.
Really disappointing stuff Wave! Need to move quickly now so I get into a new app before year-end. Nice timing Wave - right in the middle of Christmas and right in the middle of my financial year! Beggars belief. Just found https://rounded.com.au/ and it actually looks better anyway and happy to pay $20 a month. AND, IT'S AUSTRALIAN !!!