I’ve personally been using Dyme for 4 months now, so I think it’s time for a review.
What is Dyme?
Dyme is a Dutch budgeting app. It imports your bank transactions and labels them automatically. Basically it’s a great alternative to old school and time-consuming Excel files. At the moment it’s focussed on the Dutch market, but I believe they are planning on going international in the future. For my Dutch readers, you might actually have seen the owner of the app on Dragons Den.
How does it work?
It’s a smartphone app, so you download Dyme from the Play Store or App Store. After downloading it’s time to connect your bank account. You can add multiple accounts if you like and there is no limit to the number of accounts you want to connect.
Once your bank account is connected, the app automatically labels all your transactions up to six months in the past. I found this pretty cool! However, the labeling doesn’t work flawless yet, so it took me some time to re-label my transactions. Luckily, you can re-label in bulk for transactions from or to the same bank account. After re-labeling you have insight into your transactions per month and per category.
Is Dyme safe to use?
In short, yes it is. I did some thorough research before connecting my bank account. I found that Dyme uses the same security as Dutch banks use for internet banking.
Also, they write on their website:
“At Dyme we work according to strict European guidelines and under a PSD2-permit obtained from De Nederlandsche Bank. You must go through a lot of audits to obtain this permit, so I knew this app is legit. One of the rules of obtaining a PSD2-permit is that they are never allowed to send any data. In fact all the data is encrypted.”
There is one exception to sharing data. Dyme offers a service to cancel or switch your subscription contracts. In this case they do need to share your information with third parties. They only do this if necessary and with your permission.
How does Dyme earn money?
I hear you thinking “if they can’t sell data, how are they able to offer a free app?” Good question! From what I found they make money in two ways. The first way is by offering premium plans which give users more features. Seems pretty straight forward.
The second way is by getting commissions for negotiating contracts. Basically, you can change, switch or cancel subscriptions directly through Dyme. Quite handy if you’re one of those people that has subscriptions to services you don’t use anymore.
What is the price?
Dyme app has a free option. This is the version I’m using. Then they have two paid plans: silver and gold. The silver plan costs € 6,99 per month and the gold plan costs € 9,99 per month. The one feature I think would be worth paying for is the option to export your data into an Excel file. But, is that worth € 6,99 per month? If I wanted an Excel export of my financial spending per month, then yes. Because it would save me a lot of time and my hourly rate is a lot higher than 6,99. However, at the moment I don’t need an Excel export.
How much have I saved from using Dyme?
To be honest, not so much, but I’m highly aware of what I spend my money on. My only eye-opener was that my ING bank account costs me € 1,70 a month. I’m not going to do anything with this information, but it does add up to € 20 a year which a wasn’t aware of. I thought it was around € 15 euro’s a year.
Overall verdict Dyme App?
Overall I think it’s a good app. I would give it an 8 out of 10. The design is modern and easy to use. It gives a lot of insight into your finances. As a result, this can help people save money.
My only criticism is that I needed to re-label a lot of transactions, so it’s not as “automatic” as it claims to be. I think over time as their algorithm gets smarter the labelling might improve.