Cashless society

[Value Hunter]

You always need a plan B and cash is a great plan B for when internet is down, banking system is down, electricity is down etc. Its foolish to remove cash.

And governments are just using tax evasion as a cover. The real reason is so they can introduce CBDCs and control everybody. Those protesting Canadian truckers that had their bank accounts shut down at least if they had enough cash in their bottom draw they could get by until the whole thing blew over. Imagine in a cashless society what would they have done? How can the common man defend themselves financially against criminal dictators like Justin Trudeau?

Although I feel phasing out cheques is the right decision as the number of people sign cheques is miniscule these days its not worth keeping the infrastructure alive to deal with cheques.

 

[Dona Ferentes]

Mick, funny that you have posted this relic of the past.
When we had the tornado hit us last month, this was sitting on the counter for those that didn't have any cash.

as long as the provider of goods or services is willing to accept the swipe, and has some carbon copy sheets around, I'm willing to buy something this way. Worked during the Sth Coast fires a few years back.q

 

[Value Hunter]

Most businesses do accept cash, but most consumers are now preferring digital.

another area where digital is cheaper than cash is international travel, cash costs can be as much as 5% + lost interest + lost points.

I disagree as many small businesses in third world countries charge their customers outrageous EFTPOS fees (in many countries 5% + forex conversion fee is common) . So when traveling in those countries cash is often cheaper. Not to mention some foreign exchange dealers provide better exchange rates on bulk cash exchanges then for example a travel money card etc would provide.

 

[Value Collector]

I disagree as many small businesses in third world countries charge their customers outrageous EFTPOS fees (in many countries 5% + forex conversion fee is common) . So when traveling in those countries cash is often cheaper. Not to mention some foreign exchange dealers provide better exchange rates on bulk cash exchanges then for example a travel money card etc would provide.

Even your worst case scenario is still better than using cash.

1. firstly, you lose about 5% when you convert your physical cash In conversion fees anyway, so a 5% eftpos fee only break even, where as credit cards give you the actual wholesale rate on your conversion.

2. you can get credit cards with free international transaction, so no additional fee.

+ the additional benefits

3. When you use your credit card you keep your cash earning interest for much longer

4. you will earn points.

5. you won’t end up with left over cash you lose another 5% on converting back to Aussie dollars or leave sitting in a draw not earning interest.

 

[moXJO]

I don’t think allowing students to get exploited by paying them cash so the business owner gets away without paying super or other benefits is a noble cause worth defending.

Visa issues on hours worked

 

[Value Collector]

Visa issues on hours worked

International students are allowed to work 4.8 hours a day, how many hours did you want them to work when they are meant to be studying .

 

[Value Collector]

Perhaps its time to bring back these.
Just for emergencies of course.
Mick
View attachment 171843

You can get machines that basically do that but digitally

 

[moXJO]

International students are allowed to work 4.8 hours a day, how many hours did you want them to work when they are meant to be studying .

I personally know a lot of students. Many have to work more to cover the course debt which is usually substantial, then rent(usually $200 for a room), money to send back to their parents, food, etc . The education industry is a bloody scam for foreign students.

 

[wayneL]

Point of order:

If a tradie accepting cash, there is nothing to stop you depositing it in the back and declaring the income.

As mentioned above, one needs their figures to qualify for loans etc and revenue needs to match expenditure on supplies etc

 

[divs4ever]

given the way the banks treated me last year

i was happy to settle in cash and let the bank wonder where the account ( cash etc . ) disappeared to, along with their anticipated fees

i will seriously consider doing that again , just to see the disappointment on their faces

screw their fee gouging loans ,

and if the economy collapses , i will just smile and say 'i did what i could '

 

[Value Collector]

Point of order:

If a tradie accepting cash, there is nothing to stop you depositing it in the back and declaring the income.

As mentioned above, one needs their figures to qualify for loans etc and revenue needs to match expenditure on supplies etc

If they wanted to declare the income, they wouldn’t mind me just depositing straight into their account. But the tree lopper in question refused to allow this, and we drove across town with him trailing me in the truck to an ATM so I could withdraw cash. This was almost certainly done just so he could pocket the cash With out paying GST or his personal income tax.

 

[Faramir]

Perhaps its time to bring back these.
Just for emergencies of course.
Mick
View attachment 171843

These swipe units were fantastic. The bank gave me one as a “back up” when I got my first mobile EFTPOS terminal. I gave it to my employee (who worked at a different location) and my business had two credit card collection points but I was only paying for one terminal fee. These swipe units were perfect in the era when cash and cheques ruled and mobile EFTPOS were a novelty. (or innovative?) Eventually I ended getting more mobile terminals (for too many reasons I cared to explained).

Many years later when I inquired about getting more manual snipers, (or maybe I asking for more stationery, carbon paper, etc). The bank told me that the company that made the “raised” plates went bankrupt (I think). These manual sniper units were being phased out and I was asked to return my units I guess no one wants to trust a shop keeper ripping up these carbon copies adequately by that time.

@Dona Ferentes - raised numbers on cards are particularly useful for people with impaired vision?

 

[farmerge]

It does but if you were the owner of a business that had provided me with goods or service that I now couldn't pay for, I expect you'd have a somewhat different view when I simply walked out without paying. Heck you might even go as far as calling the cops.

Obvious examples being restaurants, fuel stations, any kind of personal services (hairdressers, doctors, anything) where you've received the goods or service, you can't possibly undo the purchase as such, so the only question is whether the business gets its money or not.

From my perspective as the customer, carrying cash fixes that risk completely. Even if they can't take the cash, well that's their failing not mine.

@Smurf1976 I have never had a business that I have dealt with refuse cash. usually the response is yes please and then thank you. Into the wallet and not the till !!!!

 

[farmerge]

o

If they wanted to declare the income, they wouldn’t mind me just depositing straight into their account. But the tree lopper in question refused to allow this, and we drove across town with him trailing me in the truck to an ATM so I could withdraw cash. This was almost certainly done just so he could pocket the cash With out paying GST or his personal income tax.

@Value Collector lOf course and did you ask him what his insurance and public liability cost him each year.

 

[Value Hunter]

Even your worst case scenario is still better than using cash.

1. firstly, you lose about 5% when you convert your physical cash In conversion fees anyway, so a 5% eftpos fee only break even, where as credit cards give you the actual wholesale rate on your conversion.

2. you can get credit cards with free international transaction, so no additional fee.

+ the additional benefits

3. When you use your credit card you keep your cash earning interest for much longer

4. you will earn points.

5. you won’t end up with left over cash you lose another 5% on converting back to Aussie dollars or leave sitting in a draw not earning interest.

You are forgetting something. A lot of small business in third world countries are cash only or offer discounts for cash.

 

[Smurf1976]

happens all the time when people forget their wallet.

The difference is if the customer can't pay then the business has a valid case against them legally.

Having cash, even if not routinely used, ensures that problem is theirs not mine.

 

[Dona Ferentes]

.@Dona Ferentes - raised numbers on cards are particularly useful for people with impaired vision?

it would be useful to differentiate between types of cards as they're all the same size.

but, speaking from experience as my father was blind, and used Braille, the raised details would be hard to read. And, he was much more organised in the location of articles, as a rule. Being blind, navigating life is a lot about patterns and repeat behaviour.

As this is a Cash thread, dad handled money and was appreciative of the fact different denomination notes were different sizes, in Australia. He preferred the older, more tactile waxed paper notes to the newer slippery polymer ones (which now have raised dots on them (after much lobbying) ). And never understood how the USA could have all denominations the same size.

 

[Value Collector]

You are forgetting something. A lot of small business in third world countries are cash only or offer discounts for cash.

Then use cash there, I am not saying never use cash ever, I am just pointing out to those that think cash is cheaper that its actually not when you do the math. (you say you hunt value, you should be able to figure that out)

I used to travel with $1,000's in cash, my last trip to the UK I took $250 pounds, and used most of it on the last day just to get rid of it buying dinner and paying the room service bill in cash when I checked out of the hotel with the rest of it, and dumped the coins in the charity bin.

It's nice to have a couple of $100 as a back up, but its best to use the credit card as the main thing for all the reasons I mentioned above.

 

[Value Collector]

o

@Value Collector lOf course and did you ask him what his insurance and public liability cost him each year.

No, I didn't think too. Are you saying perhaps he wasn't covered?

 

[farmerge]

No, I didn't think too. Are you saying perhaps he wasn't covered?

No he would be a fool not to have cover.
I know that the crowd we used recently work on about $500 an hour, Truck/ cherry picker and 3 blokes.
Insurance and public liability are the killers.