Open Banking and New Xero Bank Feeds
If you currently have direct bank feeds set up on Xero or access your bank through a Yodlee feed, you may have to log into your bank account to reconnect the bank feed. This is to conform with new EU legislation which comes into effect on 14 September. While many of Xero’s bank feeds will be replaced by new direct feeds using Open Banking now, some feeds will not change at all and some feeds will be made available later.
How the changes may affect you:
- Over the coming weeks Xero will notify you if you need to change your bank feed to a new one that is available using Open Banking.
- When your bank is ready and a new connection is available, you can click Update bank connection on your dashboard to make the new connection. See the Update your bank connection steps below for more information.
- If your bank’s gateway isn’t ready, you’ll see a notification on your dashboard about when your feed will stop importing transactions and a link to a Xero support article about manually importing bank statements.
- Alternatively, you can wait until a connection is available and backdate transactions. Xero will notify you as soon as your bank’s new connection is available.
- If you don’t update your bank connection by the date shown on your dashboard, your existing bank feed will stop importing transactions.
Unavailable account types
If you have a specific account that isn’t showing when you update your bank connection, this is because the gateway for the account type isn’t available from your bank yet. This will differ between banks and account types.
If your account type isn’t available, you’ll need to manually import bank statements for that account until the bank makes the account type available to Xero. Alternatively, you can wait until a connection is available and backdate transactions.
Update your bank connection
You’ll need to be either the account owner or someone authorised to access online banking to make the change to the new bank connection.
To update your bank connection:
1. Log in to.
2. On your dashboard, click Update bank connection.
3. Click Agree and log in to bank after reviewing the information, and terms and conditions.
4. Enter your online banking login details, including your bank’s multifactor authentication.
5. From within your bank, select which accounts to share with Xero. Your bank will redirect you back to Xero.
6. Confirm the Xero bank account to import transactions into and then click Continue.
7. Confirm the date you’d like to import transactions from:
- If you already have a bank account in Xero, the selected start date is from your statement history. It's advised that you don’t change this.
- For new bank accounts, the start date will default to the 1st of the current month. You can change this to any time in the last 12 months.
8. Click Finish.
For enhanced security, the new standards require bank connections to be re-authorised every 90 days. Xero will notify you on your dashboard when it’s time to renew the connection.
Manually importing bank statements
If you can’t set up a bank feed to automatically import bank statements, you can manually import bank statements into Xero yourself. You can also manually import bank statements if you have set up an automatic feed but are missing statement lines dated before the automatic feed started.
Xero gives you the option of manually importing statements in either OFX, QIF or CSV format. These can be downloaded from your online banking, then imported into Xero. You can also create your own CSV statement file using a spreadsheet program such as Excel, Sheets, or Numbers.
You can't import PDF bank statements into Xero. If you have access to the online bank account you should be able to export the statement in OFX, QIF or CSV format. Alternatively, we can recommend Receipt Bank which is a third-party conversion service used to convert PDF statement into one of these formats.
If you have any problems manually importing a bank statement, or need help is reconnecting your bank’s direct feed, please don’t hesitate to get in touch.
Dawn and The Team