I think things are going to start to change now that there are viable NFC alternatives to actual "cash".
I'm just about old enough to remember then ATMs were something of a novelty in the UK.
Your cash either came straight out of your wage packet or you had to stand in a queue in the bank and ask for it.
These days, almost everybody takes the convenience of an ATM for granted.
I suspect that, within 20 years or so, it'll be just as common for people to make their "cash" purchases using NFC devices rather than via a wallet full of physical currency.
I remember getting paid in cash via my weekly pay packet. Seems so quaint now.
I opened my first bank account at the age of 19 when I began my nurse training in the NHS. Salaries were paid monthly through the bank (just as they are now) and I needed a bank account.
I rarely carry cash these days and if I do it's usually only £10 or less. I use my debit card for most transactions, using contactless for purchases under £20. Suits me fine.
I always have some cash in the house though to pay the milkman (yes I still have one) and the window cleaner. I will be sorry to see the end of cash (if I see it in my lifetime). However, I believe that day will come sooner rather than later. Like most things, once there are more cost effective, safer and more convenient alternatives, cash will be consigned to history.
They are if what you want to buy is under £20 (£30 soon, I believe), and the place has got a contactless machine. So far, I've only been in two places where they have contactless, one was Greggs, and the other Costa Coffee.
Haven't see one in a supermarket yet.
I have seen loads of contactless machines. I use them all the time for purchases of under £20. So much quicker.
It is great when I can pay a bill to a tradesperson straight into their bank from my computer when they send the bill in. No writing out cheques or messing about with cash and posting the payment off especially with the high cost of postage these days.
I use less and less cash these days and am happy with it that way.
It's unlikely that cash will be completely redundant in the foreseeable future, not least because I believe the BoE is introducing new bi-metallic £1 coins and washing-machine-proof bank notes in the next year or two.
Second, although I personally still prefer to use cash where possible for shop purchases, I am buying more and more things online with my debit card. I worry if I have no cash on me at all, simply because of the risks of a banking system computer glitch or technical fault leading to mayhem (don't tell me this is rare, because when it does happen - however infrequently - the results are pandemonium for businesses and individuals alike who really on plastic money).
Besides all that, at least if we did go cashless, muggers, robbers and thieves will be out of a job.
I hope we do, I absolutely hate having to carry cash! Most of the time I don't have any at all and I hate the constant need to go to an ATM and withdraw some on the odd occasion I find somewhere that doesn't accept cards.
Then it appears we have a clash of opinion. One says one thing, you and others say completely different.
I suspect the truth is somewhere in between, as there are many factors to be taken into account.
Having heard the clip, I would say he is wrong or that he did not include all the costs that are involved, for example, there would be insurance costs too for notes and coins as well as the handling, extra staff and transportation costs mentioned before.
Cashless means the banks have all the money there is. Just imagine how much money we all have sitting in our purses and wallets that they would rather have to gamble with.
No more tax avoidance by way of 'cash jobs' . It's a win for the banks and the government, so it's no wonder it is a preferred option.
You can't use cash for online purchases either (or very rarely). Perhaps the move towards buying things online (or being encouraged or forced to do so) might have something to do with it...
Or are the figures for transactions in person?
Moving the thread slightly sideways - Today I paid in a well known building society cheque for a fair sum into my account and my bank that I have been with for over 50 years wanted to know where had the money come from. This is not the first time I have been asked by a bank when paying in a fair amount by cheque about where has the money come from. Is this now standard practice ?
Having heard the clip, I would say he is wrong or that he did not include all the costs that are involved, for example, there would be insurance costs too for notes and coins as well as the handling, extra staff and transportation costs mentioned before.
Yes, the whole "That's why Supermarkets have ATMs outside" overlooks the fact that supermarkets simply want to to give a customer every opportunity to spend money and that every single till can take cards.
And when they bring on the Royal Mint and Bank machine to comment on "Are we moving to a Cashless society"... what else are they going to say? One has shareholders to answer to fer christ sake.
Cash will never disappear, but electronic transactions are certainly going to be much, much more common over the years with cash transactions being relatively scarce.
Can you decline to answer or give a blatantly false explanation?
I'm not sure, but I've also experienced the same thing, and what pissed me off was that the question was asked by the bank clerk in quite a loud voice, and I was expected to answer in front of all and sundry. There was even a colleague of mine in the queue.
So much for confidentiality.
Actually, I suppose you could come up with any old bullshit. I doubt it would ever be checked.
Cash transactions are not costless tio both, either.
I don't care about handling costs incurred by businesses.
I'm referring to everyone else, right down to an individual selling some one-off personal item for a quid. All of which can do without the banks taking a cut each time.
Can you decline to answer or give a blatantly false explanation?
They should at that point complete the transaction and wish you a nice day. They will then report it. Your account will probably be flagged as suspect which may cause you problems down the line but other than that you'd not be aware of the fact - in fact it would be an offence for them to make you aware
After that of course you'd be on the SARS database and big brother would be watching you - though there are a million and a half on there already so don't expect the black helicopters any time soon
Cashless means the banks have all the money there is. Just imagine how much money we all have sitting in our purses and wallets that they would rather have to gamble with. No more tax avoidance by way of 'cash jobs' . It's a win for the banks and the government, so it's no wonder it is a preferred option.
They should at that point complete the transaction and wish you a nice day. They will then report it. Your account will probably be flagged as suspect which may cause you problems down the line but other than that you'd not be aware of the fact - in fact it would be an offence for them to make you aware
After that of course you'd be on the SARS database and big brother would be watching you
That's interesting, because a few months after paying in one large cheque, and being quizzed about it, I paid in another large cheque from a different source, and this time it was dropped into a container in the bank, placed there for the purpose - and guess what? - no letter from the bank asking me where the money had come from.
It is great when I can pay a bill to a tradesperson straight into their bank from my computer when they send the bill in. No writing out cheques or messing about with cash and posting the payment off especially with the high cost of postage these days.
I use less and less cash these days and am happy with it that way.
Is that how you pay pocket money to your kids, too; by electronic transaction? And they will have their own debit cards of course.
And I suppose beggars will now carry their own chip&pin machines!
Cash isn't going anywhere soon. I'm traveling in Europe at the minute and there are still plenty of cash transactions going on.
I don't care about handling costs incurred by businesses.
I'm referring to everyone else, right down to an individual selling some one-off personal item for a quid. All of which can do without the banks taking a cut each time.
I wasn't talking about just handling costs for businesses...
I don't care about handling costs incurred by businesses.
I'm referring to everyone else, right down to an individual selling some one-off personal item for a quid. All of which can do without the banks taking a cut each time.
Good luck with getting your salary paid in cash.
There are phone apps such as pingit that allow peer to peer transfer of monies which are free to the individuals.
I don't think anyone is suggesting that notes and coins will disappear but will just be a smaller proportion of overall transactions.
I hardly ever use cash. Just checked my (online) bank statements and in the past twelve months I've used an ATM three times withdrawing a total of £120. Meanwhile my annual credit card summary says I spent £15k (paid off in full every month so no interest). Bills are all paid by direct debit.
It isn't all good though. I can't use the driving range at my golf club because it only takes coins and I never have any loose change for it.
I'm not that lazy that I can't be arsed to walk to my bank branch and pay a cheque in occasionally ;-)
My nearest bank to home is only ten minutes walk away but only open 9am to 4:30pm, Monday to Friday. I work in the next town, on the outskirts. It'd take my entire lunch break to get in there to deposit a cheque and would probably cost a couple of quid for parking. Does that explain why I hate cheques with a passion?
It's ever so simple, honest. You fill in a paying in slip - very easy. Then attach the cheque to it, stick it in an envelope, address the envelope to your bank branch, affix a stamp, and post in a letter box - one of those red things as said above.
Where would I get a 'stamp' from? I haven't used snail mail for several years now. It's all email and for greetings cards Moonpig. Come to that I don't think I've got a paying in book either so I've still got to get to a bank to pick some up.
Comments
I remember getting paid in cash via my weekly pay packet. Seems so quaint now.
I opened my first bank account at the age of 19 when I began my nurse training in the NHS. Salaries were paid monthly through the bank (just as they are now) and I needed a bank account.
I rarely carry cash these days and if I do it's usually only £10 or less. I use my debit card for most transactions, using contactless for purchases under £20. Suits me fine.
I always have some cash in the house though to pay the milkman (yes I still have one) and the window cleaner. I will be sorry to see the end of cash (if I see it in my lifetime). However, I believe that day will come sooner rather than later. Like most things, once there are more cost effective, safer and more convenient alternatives, cash will be consigned to history.
I have seen loads of contactless machines. I use them all the time for purchases of under £20. So much quicker.
Not sure if it is a specifically London thing but contactless is everywhere here. Supermarkets, shops, coffee shops, pubs, buses, Tube..
I use less and less cash these days and am happy with it that way.
It's unlikely that cash will be completely redundant in the foreseeable future, not least because I believe the BoE is introducing new bi-metallic £1 coins and washing-machine-proof bank notes in the next year or two.
Second, although I personally still prefer to use cash where possible for shop purchases, I am buying more and more things online with my debit card. I worry if I have no cash on me at all, simply because of the risks of a banking system computer glitch or technical fault leading to mayhem (don't tell me this is rare, because when it does happen - however infrequently - the results are pandemonium for businesses and individuals alike who really on plastic money).
Besides all that, at least if we did go cashless, muggers, robbers and thieves will be out of a job.
No more tax avoidance by way of 'cash jobs' . It's a win for the banks and the government, so it's no wonder it is a preferred option.
Moving the thread slightly sideways - Today I paid in a well known building society cheque for a fair sum into my account and my bank that I have been with for over 50 years wanted to know where had the money come from. This is not the first time I have been asked by a bank when paying in a fair amount by cheque about where has the money come from. Is this now standard practice ?
Yes, the whole "That's why Supermarkets have ATMs outside" overlooks the fact that supermarkets simply want to to give a customer every opportunity to spend money and that every single till can take cards.
And when they bring on the Royal Mint and Bank machine to comment on "Are we moving to a Cashless society"... what else are they going to say? One has shareholders to answer to fer christ sake.
Cash will never disappear, but electronic transactions are certainly going to be much, much more common over the years with cash transactions being relatively scarce.
Cash transactions are not costless tio both, either.
Can you decline to answer or give a blatantly false explanation?
I'm not sure, but I've also experienced the same thing, and what pissed me off was that the question was asked by the bank clerk in quite a loud voice, and I was expected to answer in front of all and sundry. There was even a colleague of mine in the queue.
So much for confidentiality.
Actually, I suppose you could come up with any old bullshit. I doubt it would ever be checked.
I don't care about handling costs incurred by businesses.
I'm referring to everyone else, right down to an individual selling some one-off personal item for a quid. All of which can do without the banks taking a cut each time.
They should at that point complete the transaction and wish you a nice day. They will then report it. Your account will probably be flagged as suspect which may cause you problems down the line but other than that you'd not be aware of the fact - in fact it would be an offence for them to make you aware
After that of course you'd be on the SARS database and big brother would be watching you - though there are a million and a half on there already so don't expect the black helicopters any time soon
Absolutely.
That's interesting, because a few months after paying in one large cheque, and being quizzed about it, I paid in another large cheque from a different source, and this time it was dropped into a container in the bank, placed there for the purpose - and guess what? - no letter from the bank asking me where the money had come from.
Is that how you pay pocket money to your kids, too; by electronic transaction? And they will have their own debit cards of course.
And I suppose beggars will now carry their own chip&pin machines!
Cash isn't going anywhere soon. I'm traveling in Europe at the minute and there are still plenty of cash transactions going on.
I wasn't talking about just handling costs for businesses...
Good luck with getting your salary paid in cash.
There are phone apps such as pingit that allow peer to peer transfer of monies which are free to the individuals.
I don't think anyone is suggesting that notes and coins will disappear but will just be a smaller proportion of overall transactions.
Well cash is King in Germany - link
82% of their transactions are in cash
https://www.myringgo.co.uk/
https://play.google.com/store/apps/details?id=com.paybyphone&hl=en
http://www.parkmobile.co.uk/
..and others
I hardly ever use cash. Just checked my (online) bank statements and in the past twelve months I've used an ATM three times withdrawing a total of £120. Meanwhile my annual credit card summary says I spent £15k (paid off in full every month so no interest). Bills are all paid by direct debit.
It isn't all good though. I can't use the driving range at my golf club because it only takes coins and I never have any loose change for it.
My nearest bank to home is only ten minutes walk away but only open 9am to 4:30pm, Monday to Friday. I work in the next town, on the outskirts. It'd take my entire lunch break to get in there to deposit a cheque and would probably cost a couple of quid for parking. Does that explain why I hate cheques with a passion? Where would I get a 'stamp' from? I haven't used snail mail for several years now. It's all email and for greetings cards Moonpig. Come to that I don't think I've got a paying in book either so I've still got to get to a bank to pick some up.