MoneyWiz Cloud allows you to sync your MoneyWiz and MileWiz-related data across other devices. It is a service that we (creators of MoneyWiz) have created. In early MoneyWiz days, the service was called SyncEverything! but in version 1.5 we have done a huge overhaul of the service, rebranding it to SYNCbits. The current marketing name is MoneyWiz Cloud that we hope will be clearer as to the purpose of the service.
Do you read my data?
As you can see in our Privacy Policy, we are not in the business of harvesting, processing and selling your finance information. If you pay the subscription fee or make the one-time purchase, we make money. But we don't make any extra coin by selling your data to advertisers. Your data is yours - that's a commitment we've had even since our sync service was called SyncEverything!. Name might have changed but our commitment to data privacy and security did not.
Your data is secured in heavily encrypted form on our servers. If we don't have your account password, we cannot access the information. This means that if you forget your SYNCbits password and security answers, we can only hope to help you retrieve the data from a local database file on one of your devices. If no such copy exists, there is no way to decrypt your account. We just technically can't access your data.
Why not use Dropbox, iCloud, Microsoft OneDrive or Google Drive instead?
We do use Dropbox but only for syncing your transaction attachments. As for the general sync, we did not want to tie ourselves with an external company. MoneyWiz Cloud holds your sensitive financial information. You're willing to trust us with it so we want to build on this trust and keep your data secured at all times. If we were to use an external service for general sync, we'd be asking to not only put your trust in us but also in an external company.
Working on our custom syncing service also makes sense from a business standpoint. MoneyWiz Cloud is crucial for MoneyWiz operations so we do not wish to outsource such an important part of our business to someone else.
Do I have to use MoneyWiz Cloud?
Having a MoneyWiz Cloud account is only mandatory if you plan to use Online Banking feature.
Other than that, it is optional so if you prefer, you can keep your data on just one device. Please note that in such case, you should make regular backups of your database as your device is the only location of your MoneyWiz database.