00:00welcome to the a 16z podcast I'm Michael
00:03Copeland and we sit here with Tophet
00:05Henricus CEO and co-founder of
00:07transferwise tobot welcome thank you
00:10Michael you're here for like 36 hours
00:12these are some of your waking hours that
00:13you're here and we really appreciate
00:15that also in our humble podcast room we
00:17have Angela strange who's on our deal
00:19team Angela welcome thank you happy to
00:22transferwise is a payment transfer
00:25company you guys are based in London
00:27engineering and Estonia tell us a little
00:29bit what transferwise does and then
00:31let's get into this whole payments world
00:33so we are an online money transfer
00:35platform we help people and businesses
00:37make international payments we help them
00:39do it you know in a very quick and easy
00:41way it's a it's a very simple service
00:43new classically you would have gone to a
00:45bank or Western Union or maybe PayPal to
00:48do it but what is offering it in a
00:50cheaper faster better and more
00:52transparent way right so I owe you money
00:54and let's be clear I don't owe you money
00:56but if I did owe you money I could just
00:58transfer it via my bank account to yours
01:00exactly but the catch here is only
01:02internationally right so if you want to
01:04pay some mind Angela you can probably
01:06use venmo or something like that which
01:09Angela's nodding her head if I want to
01:11pay her money yes yeah Angela who lives
01:15in another part of the world in France
01:17for example and if you want to pay her
01:19so in France from what is the best way
01:20of doing it right right because
01:22international transfers are hard and
01:25expensive and exactly exactly we
01:27typically do with ten times cheaper than
01:29the bank would do it and we do it in a
01:32pretty quick way right well we'll get
01:34back to that you guys did a study about
01:37financial technology otherwise known as
01:39fin tech and the findings that that you
01:43you guys published we're really pretty
01:45interesting and and I just want to start
01:47from the beginning one of the things
01:48that you guys say and this study is that
01:50look the the time of FinTech is upon us
01:53we've done all this research and and and
01:55everyone's you know they're up for it
01:57behaviorally we're ready for it why
02:01should we believe you and others this
02:03time around so I think first of all I
02:05don't think anybody who really cares
02:07about fin tech as such so if we if you
02:09think about kind of consumers and
02:11consumers really care about having the
02:14better service whether it's FinTech
02:16whether it's Finn whether it's tech core
02:18whether it's a master password nobody
02:20cares about it so it's really about
02:22giving consumers better services so what
02:25the whole premise of why I started
02:28transfer was my co-founder Christa was
02:30about being disappointed in banks as a
02:33consumer so you know we got incredibly
02:37frustrated by by seeing that our banks
02:40are kind of in in broad daylight
02:43charging us hidden fees which they never
02:45tell us about taking forever to to get
02:48some money across how about the premise
02:50for starting transferwise him and you
02:51know when we launched in 2011 five years
02:54ago now you know we were kind of you
02:56know that the question was you know will
02:57people trust us right people trust the
03:00website which was built by two Estonian
03:02guys with their money so I know
03:04apparently so we're willing to trust us
03:05and you know we're doing doing quite
03:07well at this point and now we've kind of
03:09you know we started thinking about so
03:10kind of overall future of Finance and
03:13how you know how we are seeing that tech
03:15companies are doing a much better job at
03:17providing financial services compared to
03:19banks and that's what's I study really
03:21focuses on seeing that people are start
03:23are willing to trust and use tech
03:25companies in to do things with your
03:27money let me back up a little bit when
03:29you say you were disappointed what your
03:30banks offered was that relative to other
03:33banks or relative to other parts of your
03:34life relative to other parts of the life
03:37so you know consumers have come to
03:39expect that everything works away Skype
03:42works away uber works you know you
03:44basically get what you want you get it
03:46now you know how much you pay for it you
03:48know how quickly it's gonna arrive but
03:50banks you know aren't quite set up to
03:52work that way so it's really the
03:55difference is in consumer expectations
03:57in a number of industries whether its
04:00media telecom transportation we've
04:03gotten used to this much better new user
04:05experience but in banking things haven't
04:08really changed one of the things you
04:11talk a lot about in the report and is a
04:13real driving point at transferwise is
04:16the lack of transparency around the cost
04:19and you look at banks you have your
04:20checking account you have your lending
04:22and some of the fees are transparent but
04:24interestingly checking accounts which
04:26are advertised as free
04:28account for its eight billion of cost
04:29and that's just in the UK do you think
04:32that there's an element of consumers
04:35just not realizing these costs and if
04:37they did realize the cost then they'd be
04:39more willing to switch and I think one
04:42of along those lines when the
04:44interesting things you've done it
04:45transferwise which made a lot of buzz
04:46last year was your entire team stripped
04:49off their clothes and got naked in front
04:51of a bank with nothing to hide tattoos
04:54across your front and is that like is
04:57bringing the cost issue to the
04:59transparency it's not going to help
05:00really motivate this future of finance
05:01and that's why now for the record I have
05:03to say tavad is fully clothed at the
05:05moment so but you can just go to
05:06transferwise log I actually do believe
05:10that if people knew how much they're
05:12paying for their basic banking service I
05:15do believe they would think twice about
05:17it so in one other figures that I've
05:20heard is that you know every customer
05:22who believes they have free banking in
05:23the UK end up paying around two three
05:25hundred pounds and fees every or shebang
05:27so if people knew they're paying two or
05:29three hundred pounds in in hidden fees
05:30say was think twice about it because
05:32that's a very noticeable amount of money
05:34but banks are are doing all they can to
05:37make sure we don't really understand
05:38what happens a part of it is driven by
05:41greed and Bankside part of it is it's
05:43just driven by inefficiency banks have
05:46kind of gotten used to this world where
05:47you know they can have lavish office
05:49buildings and and the branch network and
05:51all this jazz which doesn't really
05:52matter anymore thanks I mean banks it
05:55seems like we were discussing this a
05:57little bit our vestige of a I know a
06:00much earlier time where things were
06:01local and regional and and you did need
06:04this physical manifestation of you know
06:06your trust and safety and solidity but
06:09what do you need now and what are people
06:11looking for and on top of that you talk
06:14about trust behaviorally why are we do
06:17you think we're there or at least a good
06:19percentage of the population is there I
06:21think people are now much more willing
06:24to trust a recommendation from a friend
06:26so if I look at how transport has been
06:29growing sand most of our gross is coming
06:31from word-of-mouth referrals so hearing
06:34from your friend said hey you know I was
06:36paying I was sending some money over to
06:38Germany with quotes are in a moment and
06:40I saved a bunch of money in fee
06:42is way more powerful than seeing
06:44ridiculous Bank ad in the newspaper
06:47right so you know thinking about the
06:51social proof all of these things which
06:54are much more powerful when compared to
06:56the official voice from the entity and I
06:59think it's kind of you know banks as an
07:01institution have sadly lost a lot of the
07:03trust and in much of it goes back to the
07:06global financial crisis kind of in 2007
07:09and 8 so I think that's kind of like sir
07:10and I would even say that in a way banks
07:12kind of flushed themselves we said with
07:15the financial crisis which was literally
07:17brought on by their own greed I'm gonna
07:20talk a little a little more about trust
07:21and one of the things you mentioned a
07:23lot in your report is how there was just
07:25this inherent trust in banks and that's
07:27been somewhat broken in 2008 but then
07:30interestingly when you talk to your
07:32customers it's it's a wide range 20%
07:35really trust the banks 30% really don't
07:38trust the banks everything in between
07:40and then you look at the stats of why
07:42people are the early adopters at least
07:44looking for new services two-thirds of
07:47them say it's actually cost so you think
07:49in some ways to be a bit controversial
07:51is this whole trust is it overplayed and
07:53it's really more cost its convenience
07:56its what my friends are using like how
07:59much is trust really at the base of all
08:01the spanking new banking activity I
08:03think trust and security are a little
08:06bit so kind of the given sinks so any
08:09when you talk about you know in
08:10different sectors it works differently I
08:13that's my guests you know if we're
08:14talking about online photo-sharing
08:16service you know we might worry about
08:19transport much less important but if
08:21we're talking about people using a
08:22financial service with significant
08:24amounts of money so you know this
08:25average from transaction size is $2,000
08:28and transferwise so that's a noticeable
08:31amount of money and if you don't trust
08:33the company you would not use it
08:35whatever costs they offer so I think
08:37kind of trust and security come as a
08:38first layer it has to be it's a given
08:41that it's our you know if you don't have
08:43that and none of the other things matter
08:45and at the same time I would say you
08:47know if we say that 30 percent of people
08:49don't trust banks that's a huge number
08:51it's already put another population so
08:53obviously there are lots of people you
08:55these people who are slightly older than
08:57we are you know who've grown up with
08:58banks who are not so much early adopters
09:00and you know they might not trust the
09:02banking system and say we'll trust our
09:03bank because that's my bank has asked
09:06for my money so but you know to get
09:08these people to change it can take a
09:10while but 30% is super significant do
09:13you know whether that 30% has ever
09:14changed over time and mean is it you
09:16know less people trust banks you know at
09:19this point in history than ever before
09:20or you you know you there was always
09:22this cartoonish figure of a banker who
09:25didn't necessarily look so trustworthy
09:28first centuries right so we it is the
09:32first time we've done this research I
09:34can't you know I I don't have figures
09:37from from us to provide but I would be
09:40surprised if we can't find anything
09:43which shows that Trust has been eroding
09:46in the past years much more rapidly well
09:49I would be very very surprised if we can
09:51if we can't find any proof of that
09:53there's definitely a lot around the
09:55millennial generation and how you know
09:57they hate going to their banks more than
09:59they hate going to the dentist they
10:00would actually trust Apple Google name
10:03your tech Institute more than banks it's
10:05definitely definitely been declining I
10:07was just surprised to see any report how
10:09high those other factors were also but
10:12we can consider trust security as table
10:14stakes and then I have my mind set that
10:16says great I can open an app on my phone
10:19and get any kind of queasy and delivered
10:21to me within 10 seconds I can get a car
10:24I can take world class education online
10:26in the space of no time but if I want to
10:30open if I want to get a major loan I'm
10:32still gonna have to drive to my bank and
10:34develop a relationship and fill out all
10:36of this paperwork and I think what
10:38you're saying - but transferwise is that
10:40it's user expectations as what's gonna
10:42like augment and really drive the
10:44success of companies like yours very
10:46true well banking ever become more than
10:49a utility I mean you mentioned the
10:50dentist and we go to the dentist because
10:52we kind of have to we go to the bank
10:53because I don't shove my money under my
10:55mattress and then it offers me some
10:57services but you know they're mostly
11:00undifferentiated and you'd shop on price
11:03but do you think this new FinTech push
11:06or the Porsche of tech companies will
11:09less of a utility and more of something
11:11that I can wake up and be excited about
11:14or engage with on a more regular basis
11:16that's a fantastic question will fin
11:20tech make banking sexy you know to be
11:26honest in her and Claire tell you that
11:28banking is incredibly boring and banking
11:31should actually be a background service
11:33there's nothing exciting about banking
11:36you know what what we all care about is
11:38we care about the stuff we can get with
11:40our money so if we think about mortgage
11:43you know we don't care about the
11:45mortgage we care about that house were
11:46bank so a mortgage is just happens are
11:48and you know if the world was set up in
11:51a way that I would automatically get the
11:52best mortgage which you know kind of
11:54suits me and it's affordable for me it
11:56would be a no big deal so I think you
11:58know actually the less visible banking
12:00geesa better but I guess sadly has not
12:03the way the world works so I do think
12:05you know probably banks and financial
12:09services will will have a visible place
12:14probably also has to do with trust
12:16reasons a little bit but you know kind
12:19of I do thinks I should you know rather
12:22focus on being as less intrusive as
12:25possible and you know kind of focus on
12:27us as consumers getting the service we
12:29want banking should is a facilitator we
12:31should be kind of very transparent and
12:33non intrusive in them in the way I think
12:36there is an opportunity for a new big
12:40beloved banking brand if done in the
12:43right if done in the right way we were
12:45talking about this before I don't nobody
12:48wakes up in the morning saying great I
12:49would really love a new place to park my
12:51deposits but there's times in your life
12:54we've been terming in internally as
12:56inflection points where are things like
12:58I have $100,000 in student loans and I
13:00really need a lower rate or I need a
13:03mortgage or I need a name your other
13:06financial services products and if a new
13:09user friendly super easy-to-use
13:11FinTech company could be there at that
13:13time then that company could have an
13:16opportunity to develop a relationship
13:18with me and as I'm starting to think so
13:20Phi is the classic case of this if they
13:22come in they refined
13:23student loans they show you it really
13:25easily and then now they're layering on
13:27mortgages and you can imagine layering
13:30on different types of products to the
13:31point where I have a more frequent and
13:34maybe not sexy but at least more
13:37positive relationship with this company
13:39transferwise has amazing user trust in
13:42reviews and how do you think about brand
13:45for transferwise and your ability to
13:47develop that are you thinking you want
13:49to stay in the background we put a lot
13:51of effort in building up our brand and
13:54building up trust mhm so you know I
13:56totally believe it's important and for
13:58us to be said trusted and beloved brand
14:01s it puts consumers first globally is is
14:04incredibly important but really you know
14:07brand and as Simon smarts and brand is a
14:10collection of all interactions you have
14:12with a company yep so however nice our
14:17however funky that colors are we use I
14:19don't think that really matters so what
14:22matters is that we're providing a
14:23service and experience the customer gets
14:26leave Sam thinking hmmm this company is
14:29doing something right has to kind of go
14:30back to your previous point so I spent
14:34the large chunk of my life building up
14:36another company called Skype and Skype
14:39today is an overhaul of years old maybe
14:41but Skype owns 40% of long distance
14:43calling that's a pretty significant
14:46achievement for a piece of software we
14:48built in the kind of
14:50outskirts of a Soviet city in some time
14:53ago I firmly believe that we're gonna
14:57see something similar in banking we'll
15:00tech companies own 30 40 % of banking in
15:03in in 10 years time and that's gonna be
15:06vertical winners like transferwise like
15:09Lending Club and funding circle like
15:12betterment wealthfront nutmeg in asset
15:15management so it will be vertical
15:16winners that we some of them which exist
15:19today some of them haven't been started
15:22it'll be probably the tech companies of
15:25today Apple with Apple pay already
15:28dealing in two sir I'm sure people at
15:30Google or alphabet they're thinking
15:32about I think if we still you still not
15:34taken an alphabet so I'm sure
15:37the current tech giant think about it
15:39and a bunch of new winners and in ten
15:41years time we'll have a world where a
15:42bunch of tech players is acting as
15:45equals with a bunch of his remaining
15:47financial players and banks and some of
15:50the banks won't make it because going
15:52through digital transformation is gonna
15:54be it's gonna be too hard for them and
15:56some of them will just you know in a
15:59well will the tech buyers be banks I
16:02mean you know sort of in a technical
16:03sense or is you know do they have to be
16:06what an in fact for transfer wise what
16:09were you up against in that regard what
16:12is a bank I I actually don't think we
16:17know what does it mean to be a bank in
16:20ten years time yes iris I say the
16:23technical part of owning a banking
16:26charter that's one thing and you know a
16:28banking charter is really good for one
16:30thing it's for holding deposits and
16:32that's actually the only thing that
16:33banks are still great that for holding
16:34people's money a bank as a collection of
16:39services to deal with money that is a
16:41difference and good but I think some
16:43meaning of that he's gonna change we'll
16:45see we'll see people cherry-picking
16:47services by using transferwise for money
16:49transferring and lending cloud for
16:52lending and so five for student loans
16:54will probably see new universal banks
16:57come come come up and establish
17:00themselves we'll see all kinds of
17:02partnerships Universal Bank meaning
17:04meaning what that they cover the variety
17:07City Bank Wells Fargo okay offer you
17:09everything from a very bad money
17:11transfer to what about the new I'm
17:16curious how you think the new universal
17:18banks will will come about will it be
17:20somebody gets a new banking charter they
17:22start with deposits they build on stuff
17:23or will it be someone builds a killer
17:26money transfer service develops trust
17:29with the consumer and then starts to and
17:31then hey by the way you might want to
17:32consider you know keeping your money
17:34with us yeah we'll probably see both
17:38ways you know so today would be really
17:40cool if we if we take transfer wise and
17:42we take in the UK funding circle and and
17:46someone else and you know we could
17:47actually now put the new skin on top of
17:49the services and offer
17:50universal banking super cool to do and
17:52maybe you know we could do it together
17:54with somebody holds a bank who owns a
17:55banking charter or we could establish a
17:57new bank and charter for it and put
17:59together all the FinTech companies who
18:01actually offer the services and I think
18:03we see various combinations also
18:05regulation plays an important role here
18:07so different things will work in
18:08different countries based on regulation
18:11based on who tried first and who
18:13up and failed as will sadly have an
18:15impact so but I'm I'm pretty sure we'll
18:18see all combinations being tried what we
18:20don't know is kind of where do we end up
18:22global is it 10% cherry-picking or is it
18:25nine is it is a 10 percent universal
18:27banking you know it's gonna be somewhere
18:29in between you mentioned other countries
18:31are there you know we sit here in Menlo
18:33Park and and somewhat backwards United
18:37States at least in terms of financial
18:39services are there other parts of the
18:40world that you know we can kind of look
18:42forward to what they have already while
18:45we sit here in California and Bank the
18:47way we've banked for decades
18:49well you sit here and happy will I do
18:54think the world is moving faster in
18:55other places so I think you know FinTech
19:00probably has more kind of traction and
19:02more companies in UK but and I think
19:04that you know and regulation is slightly
19:07better in UK as well so I think that'll
19:10be a little bit ahead of you of us but
19:13you know we already mentioned so far
19:14which is I think pretty exciting over in
19:15us I think we might see more even more
19:18change in some of emerging markets so
19:21what happens in China or India or Africa
19:24I think could actually be you know even
19:27even more change you know kind of like
19:30you know me in a way that say we'll jump
19:32over the old internet and go purely
19:35mobile and whoo-hoo and the ways that
19:37will do that will deliver services it's
19:39probably gonna be much more exciting
19:41some changes happening in in in UK or us
19:44you know but you know inevitable UK and
19:46us and and all Europe will all change as
19:49we'll get there at some point yeah we've
19:51talked a little bit of sort of
19:52generational views on this but do you
19:55feel like let's say we were five years
19:58does the this is what we want as people
20:02with money to invest or to
20:04keyboard to use change you know the
20:06older we get and do you think you know
20:09FinTech is great for Millennials but
20:11when the Millennials you know get a
20:12little bit older maybe they they they'll
20:14be just like their parents I think the
20:16world will be a pretty exciting place
20:19for Millennials take power globally I
20:22think so it's I think it's a it's a
20:25complicated one to answer and I if we
20:28look at the research and one of the
20:29things which was somewhat surprising to
20:31us was that the views don't differ that
20:33much based on hmm if you think about
20:36banking services are probably different
20:38kind of services you need in different
20:40the phases of your life so I'm not sure
20:45that age is actually is very good or
20:48very helpful predictor in this place it
20:51may be more about attitude and you know
20:53kind of attitudes around trust and stuff
20:56like that which might be kind of a
20:57better better leading indicator of
21:00change and attitudes about using
21:03technology for certain things too right
21:05and at some point it's just the norm
21:07that's how I grew up and that's what I
21:09yeah so why can't everything be like
21:11this yeah totally I mean you know I
21:12might say I'm kind of you know one thing
21:16looking at our research but I'm also
21:18surprised you know if I look at my
21:19parents who are who are approaching 70
21:23right now and say did not grow up with
21:25computers you know we we didn't you know
21:27back in the Soviet Union we didn't even
21:29have TV remote control so I was I was
21:31kind of afraid when we got a TV with
21:32remote control that bloody hell how are
21:34they gonna learn to user remote control
21:37but guess what they are they're using a
21:39computer through both working suppose
21:41using a computer every day we have Skype
21:43calls weekly and you know they become
21:47adopters of Technology yes you know say
21:49occasionally struggle with a computer
21:51but you know so to many people so I
21:53think it's more kind of about there some
21:56Sam and then and I wouldn't call my
21:58parents early adopters by any any mean
21:59but you know everybody's everybody will
22:01be an adopter right how much you see the
22:03emergence of new services like
22:06transferwise and new lending services
22:08really driving some of the larger banks
22:10to more quickly adapt their products
22:13there's there's a lot of talk around it
22:15like for instance there's an interesting
22:18or that consumer-to-consumer payments so
22:20you know you paying michael cross-border
22:22on average gets charged eight percent in
22:25fees and if you look at worldwide
22:27consumer payments are eight percent but
22:29the total volume is less than one
22:32percent so there's just a complete
22:33mismatch in terms of how much fees are
22:34getting charged to consumers and right
22:37now transferwise are growing very
22:39quickly and all the other services are
22:40fairly small so there's not that much
22:42competitive pressure but at what point
22:44does the new fin tech ecosystem get
22:47large enough such that the larger banks
22:49start reacting more quickly i think it's
22:51happening it's happening now so we have
22:54five percent market share in UK and I
22:58think it's it's kind of hard to find
23:00other examples of companies have
23:03increased 5% cheer in any given
23:05geography so we're pretty pretty proud
23:06of that but you know but by no means are
23:09we are we stopping so you know we're
23:10thinking about how do we double and
23:11triple in the UK and how do we do the
23:13same in money transfer in other
23:15countries and I think you know if we
23:16look at maybe Lending Club you know
23:18they're probably not at five percent yet
23:20but if you think about kind of overall
23:22lending market I think you know probably
23:23both Parker and percent which is being
23:25done by people enters you know but if
23:27you add up its a huge amount of volume
23:29we can definitely say that banks have
23:32gotten the message so what was
23:34surprising to me I was at a very funny
23:36event last week in in Davos and what
23:38what struck me said every bank called
23:41him little bit tech company so we're all
23:42I have in tech now including Western
23:44Union is fin tech so it's sexier to be
23:46fin tech they've got them Samara was a
23:48challenge is for them to go through
23:51digital transformation to kind of
23:53rebuild their systems to change the
23:56attitude is an incredibly painful
23:58process some banks have been on the way
24:00doing it for the past five years well
24:02that's fine you can kind of count that
24:04than one on one hand others are just
24:07starting and it's gonna take some a
24:08while and you know most most of the
24:10managers will say ah you know I'm here
24:12for two more years and nothing's gonna
24:13happen in two years so I won't focus on
24:15it so it's gonna be hard but I think
24:17they are starting to see it and starting
24:19to feel it I agree we host a lot of the
24:22management teams from many of the
24:23financial services institutions here and
24:25filled with incredibly smart smart
24:28people that see the change coming want
24:31you have a 50,000 person organization
24:34with branches across the country and
24:36systems that are built in computer
24:38languages that aren't really taught
24:40anymore so you can have that desire but
24:42then when you get down to practically
24:44how do you move quickly it can be it can
24:46be pretty difficult one of the things
24:48we've seen them going after is saying
24:49well consumer experience is really
24:51important and so it might take us a
24:54while to completely react detect our
24:56back end but could we partner with a
24:58start-up and hook into the key system
25:01such that that startup can provide the
25:03nice easy-to-use front end mobile
25:06interface that gives us a better face to
25:08the consumers without requiring five
25:11years to overhaul this do you see that
25:13maybe that's away the industry will play
25:15out in the future so sadly in case of
25:18many of the services you know purely by
25:21putting on a little bit of makeup and a
25:23better front end you can't really offer
25:25a fundamentally better service so you do
25:27need lots of kind of in let's say you
25:30know the popular world is word is full
25:32stack you know you need to control the
25:34whole it's a full stack to be able to
25:36offer a better service cell but at the
25:39same time we will we will see lots of
25:41these partnerships I mean we launched
25:42the first partnership with a bank where
25:45you go in as a bank's online bank and
25:47they're the transfers button so you know
25:49we're super happy to talk to any bank
25:51about it you know it's the only thing we
25:52ask you said you guys need to be
25:54transparent to your customers and you
25:56can't charge them as much as you used to
25:58charge so if you're happy to subscribe
26:00to that sand yeah let's I know we're
26:02here to offer the best buy transfer
26:03service your customers do you foresee a
26:05day I mean in the next five years or
26:07soon well you don't ever walk into a
26:09bank and it's just all it's on life it's
26:11an app on a phone and and you go from
26:13there unless you really want to or or
26:15need to Michael when was the last time
26:17you walked into a bank good question ten
26:21years ago yeah it's been a long time and
26:23Angela you about that so I think that
26:27wall is here yeah kind of you know
26:29probably probably the same for me
26:33you know I've let me think when was the
26:34last time I had to go to a bank opening
26:38up a new account yeah we who is partly
26:40in UK but you know to be honest it feels
26:43like a very poor reason to
26:45go with the bank why do I have to go
26:47visit him to open up an account you know
26:49I have a smartphone which has a
26:51high-resolution camera you know in my
26:53pocket I should be able to use that to
26:54open up an account you probably already
26:56have a toaster so you don't need a new
26:57one from the bank so yeah you know what
26:59I actually had to go the other week to
27:01deposit a check in Canadian dollars oh
27:04wow yeah but then let's call his fringe
27:08cases we will bring transfers to Canada
27:11very soon so maybe you know you don't
27:13have to deposit your checks anymore
27:15excellent when date soon Canada you have
27:19so much to look forward to Tabet I want
27:21to thank you so much in Angela you too I
27:23I have to say you know I hope it's the
27:25case that I I don't wake up you know
27:27joyful to do some banking everyday but
27:29seems like it'll be a less cumbersome
27:32part of my day going for it and I thank
27:34you for that maybe even exciting part of
27:36your day yes yes let's hope thank you
