If your overseas bank supports live bank feeds in TaxTank, you can connect your foreign currency bank account directly and have transactions sync automatically, with no CSV imports required.
TaxTank keeps the account in its original currency while automatically converting transactions to Australian dollars for tax purposes, so you get accurate AUD reporting without losing the ability to reconcile against your overseas statements.
Step 1 – Connect your bank account
From the Bank Feeds page:
Select the 'Add Bank' button
Choose Bank Feed.
Search for and select your bank.
Follow the prompts to authenticate and connect.
TaxTank will automatically detect the account currency from your bank via Basiq.
Step 2 – You're ready to go
Once connected, your foreign currency bank account syncs automatically and works just like any other TaxTank bank account, with the added benefit of automatic exchange rate tracking and AUD reporting. No further setup is required.
Want to know more about how foreign currency bank accounts and transactions work in TaxTank? Read How Foreign Currency Bank Accounts Work for a full breakdown of balances, allocation, exchange rates, and AUD reporting.
Frequently Asked Questions
Q: Which banks support live feeds for foreign currency accounts?
A: Live bank feed support is currently available for Australian bank foreign currency accounts and New Zealand banks via Basiq, with more options planned.
Q: What if my overseas bank isn't available for live bank feeds?
A: You can still track your foreign currency transactions by creating a manual bank account and importing transactions via CSV. See How to Add a Manual Foreign Currency Bank Account.
Q: Can I have multiple foreign currency bank accounts in bank feeds?
A: Yes. Each connected bank account operates independently with its own currency.
Q: Can a foreign currency bank account hold multiple currencies?
A: No. Each bank account is set to a single currency. To track multiple foreign currencies, connect or create a separate account for each one.
Q: Can I still export my transactions?
A: Yes. Foreign currency transactions can be exported to CSV, including allocation details and AUD values from the 'Transaction' tab at the bank level.