Had this exact headache last winter with my shepherd's hut setup. Short answer: neither completely, but here's how I think about it.
The BMV-712 is doing coulomb counting — it's tracking every amp going in and out, so it's very accurate in the moment but it drifts over time if your shunt calibration is off or you've got a parasitic draw it's not seeing. Mine was about 8% out after a few months until I sorted the calibration.
The BMS SOC is typically calculated from cell voltages, which is notoriously unreliable in the middle of a charge cycle — LiFePO4 has that incredibly flat voltage curve, so it can swing wildly and still be "fine."
What I do now:
- Trust the BMV-712 for day-to-day monitoring — it's more stable once dialled in
- Use the BMS as a safety net for protecting against genuine low-voltage cutoffs
- Make sure both sync at 100% together — the BMV needs a proper absorption/float trigger to reset, so check your Victron charge profile is actually hitting that tail current threshold
Fogstar cells seem to exaggerate the discrepancy more than some others I've seen mentioned on here, not sure why. Anyone else noticed that?
Worth checking your shunt wiring too — if anything bypasses it (even a small 12v fan), your BMV will never be accurate.
What battery chemistry are you running and what's the gap you're seeing? That'd help narrow it down.