More like have Apple Pay on their mobiles, to buy sweets on the way back from school...
Cash is King or Not?
- Thread starter Frank-the-Wool
- Start date
- Location
- Bay of Plenty NZ
Not here, (for the benefit of @warksfarmer, here is as per the location under my name on the left
) the monies land in the payees account at the same time they leave the the payers, can be seen instantly if you are with the same bank or within a couple of hours if different banks, a bank card really is no different to a cheque book apart from it being quicker, easier and less costly to transact.Credit cards are different although they are useful and offer some protection.
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- Location
- Bay of Plenty NZ
No they don't, kids live in a modern world and need to know how it operates, my kids have never used cash, they still understand the value of money and how to save.
UK banking is clearly completely different to NZ and else where , if I pay a cheque into my business account I can draw off it next day , who ever written it , so quicker than card payments.
Fine if they never travel abroad and stay in the UK , it`ll be decades before some countries bank like the UK/Western world , it is important to understand handling cash.
caveman
Member
- Location
- East Sussex.
Is it bollix.
Anybody I phone, insurance etc., and need to pay them there and then. Quote the long number and security code, debit or credit card, and within seconds I get a "Thats gone through fine".
- Location
- Bay of Plenty NZ
Are you confusing a bank card with a credit card, they are totally different. a bank card is really only a plastic form of a cheque book with it being instant as opposed to waiting a day to clear, NZ doesn't use cheques along with a lot of the rest of the world.
Clearly you dont understand what they mean when they say "that's gone through fine ", they just mean the payment has been authorised and they are guaranteed the payment , it wont actually be available to them for a few days .
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- Location
- Bay of Plenty NZ
Most of the world used to bank like the UK, most have moved on and operate a simpler more efficient system, the UK may catch up one day! Why is it so important to understand cash? Cash is really only needed by drug dealers and hookers.
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Why are you comparing NZ banking to UK , it`s not the same
, I`m not confusing anything , I have a business that takes debit and credit cards , the transaction happens the same for both.The US still uses cheques , I have an American account with a cheque book.
- Location
- Bay of Plenty NZ
They have travelled the world and only took a card. Brother rode a bike from the UK back to NZ through some fairly remote places, only took a card and a few USD with him, used the card everywhere even in the remoter places of the Stans, only ever had a problem using it in the UK.
- Location
- Bay of Plenty NZ
The banking system is pretty much the same the world over, some countries have a more advanced system than others, the principles are the same. Interesting that the debit card and credit card transactions are the same in the UK that is not the case here, why do they do that?Why are you comparing NZ banking to UK , it`s not the same
The US still uses cheques , I have an American account with a cheque book.
Yes some countries still use cheques, many are moving away from them.
Cards can only be taken if theres an internet or phone link , many areas in the third world dont have this , in addition do you really think that some small village shop in Central Africa could afford to have a card machine with a turnover of under $US 500.00? , the terminals I have cost £25.00 p.m and around 1.5% , however if they are dormant the monthly fees is around £40.00.
Foxcover
Member
I travelled NZ in 2015 and it’s definitely not the modern, electronic society you describe. Auckland/Wellington/Christchurch are fairly modern but most small towns are lucky if they have one ATM and most business expected cash, felt like stepping back in time 20 years which I quite enjoyed!
This UK bashing from people who don’t live here is getting a bit boring now.
caveman
Member
- Location
- East Sussex.
And your statement is "if I pay a cheque into my account".
If = when.
I have a cheque here for over £1k.
Arrived Friday. Won't be in bank untill next midweek via local Post Office unless I go to town and all that hassle.
Too big for paying in by phone piccie.
My office is 50 yards from the bank , if a cheque is a big one and you need the money asap send someone to the bank to pay it in .
caveman
Member
- Location
- East Sussex.
Well. Whoop de doo.
Or do you bank with the local money lender in the village?
76masseyman
Member
- Location
- Lincolncestershire
I wonder what our ‘friendly’ local large Sunday market host does with all the cash to dispose of it ?
Those buckets that the car park people stand with must weigh heavy by the close of play !!