Bank day they called it- the one day every 3 to 4 months you take a leave to go to the bank. Reasons could be as trivial as sending money to someone, converting foreign currency, or even making sure your account was in order. Growing up I noticed this odd holiday many people took and assumed that it would go away with time.

Although digitization is the norm, present day banks haven’t improved significantly since then. As a customer I expect more- friction-less money- a system where I do not need to think about hidden charges, annoying mistakes or security measures that take up my time. Unfortunately, it’s these very frictions that allow banks to make money. They can always up-sell you a premium account, offer services of an account manager, sell more products by making it difficult for you to change to another bank. Foreign currency conversion charges as high as 33% per transaction, up-to a month to open a savings account, and monthly ‘rent’ for a no-frills bank account- these persist. So how did I hack my way for the friction-less experience I so desire?

There was no one solution but a combination of many assembled into a bouquet.

Foreign currency charges and Hamburgers: I remember looking back at my bank statement from my trip to Portugal and seeing how I paid 2 Euros for the 1 Euro McDonald’s burger. Unless the bank added tomatoes and pickle to my burger, it was a robbery, especially since I can eat 4 of those little burgers at a time. Currency conversion for me felt like robbery. A friend mentioned Revolut shown here on the right. As soon as it landed on my doorstep, I was a believer. Everything worked through the app, no transaction charges, and the best rates. Finally, I could have my burger for the price it was intended. TransferWise was another life saver, helping me avoid trips to the bank for free money transfers to Canada- it was as easy as sending a message on Whatsapp.

Money transfer, direct debits, and landlords: My landlord reminded me for the 6th time about paying him the rent. I was late, I felt embarrassed, but lazy at the same time. Internet banking meant, a complex 2 stage login process, and using (and finding) a little gadget that the bank had given me. It took a while. I noticed I could just add him and send the money through an app on my phone. Here again I looked at Revolut and quickly it was done. It was a fluid two-minute process that did not involve multiple security hurdles. I was also looking for a direct debit process dedicated to my phone and this I got from Monese (image on top), which again works from the app.

An additional advantage to having a card with an app was being able to freeze and unfreeze the card to prevent unnecessary direct debits. It could be some 1-month trial I signed up for which had a complex cancellation process.

Monitoring my money and pesky bank charges: Banks in Canada and India, levy some of the most random of charges. On one occasion, I realized one of my Indian bank accounts (Kotak) was flush out of money because the bank had put a random hefty fine and I failed to see it for several months. It was extremely frustrating to see my hard earned money be taken from me on a technicality. Canadian banks are less aggressive, but similar in their approach. So, I wanted to make sure I was looking at my money. I downloaded Mint on my phone and I could monitor my bank and charges without having to login. It was a boon. Similarly, for my credit score I looked at Borrowell (image on top) and made sure it was always moving up and changed any spending patterns from my credit card. It was a one click login process. An added advantage was to look at the pattern of expenses and see if something can be changed- for me it included everything from too many sandwiches at the Deli, to too many expensive long-distance flights.

Banking should be as smooth as an email or booking a plane ticket. While technology overall has changed other industries, banks stick to their traditional approach. They benefit from frictions and hence refuse to make life convenient for their customers. It would be interesting to see how things evolve. I made my change from low-tech to fin-tech so I could live a better life. No more ‘bank days’, I prefer a day at the museum!