| Author |
 Replies: 26 / Views: 5,290 |
|
Valued Member
Canada
206 Posts |
|
|
|
|
Bedrock of the Community
Australia
21786 Posts |
Never had a credit card. Must have saved $squillions over my lifetime, by forcing myself on a weekly basis to budget, using cash only. No interest payments, no credit card fees, which are exorbitant in Australia. It is surprising to learn how many people do not have a credit card. All of my utility bills are scanned and cash paid over the counter at the post office, which is next door to the bank. I have a paper record of every utility bill I have paid. I carry relatively little cash. I even buy cars with cash only. Recently, bought an 18 yr old Mercedes W210 E55 AMG with less than 60,000 miles perfect service record, with 220 x $100 bills, thus saving $3000 for paying in cash. Looks like it, if I buy another $22,000 car, I will need 440 x $50 bills, to save $3,000! OR, perhaps 1,100 x $20 bills  Will need a wheelbarrow for that! Edited by sel_69l
12/14/2016 02:45 am
|
|
Pillar of the Community
Germany
1063 Posts |
Think yourself lucky on that one. I live in China, 100 RMB is the largest banknote, and I was leaving China a few years ago (without the intention of coming back) and found out they'd changed the rules on moving money, so that basically I couldn't move most of my money myself. I had 200,000RMB, imagine taking 20,000 banknotes on an airplane. Luckily I gave all my money to someone and they sent it to me.
Though I have a credit card, I hardly use it as it would cost me too much for every "foreign currency transaction fee" which is just daylight robbery, and I don't have one in China, I only buy plane tickets and hotel bookings with my cards, everything else with cash.
|
|
Pillar of the Community
Australia
7096 Posts |
Removing the $100 won't have any effect whatsoever as 99.99% of cash transactions in Australia are done using 50's.
This sort of thing is usually brought up by politicians as a "red Herring" to take the attention away from more pressing matters anyway.
|
|
Rest in Peace
United States
17900 Posts |
 with you Trout. If the money exchange is done to avoid taxes or to hide ill gotten gains, you just have to save twice as many bills with the $50. Do politicians really believe they are doing something to increase taxes, or, as you mentioned, strictly to throw the public off the track. |
|
Pillar of the Community
Australia
560 Posts |
With the pollies we have, and tax avoidance from the wealthy, I really do not care about helping the government with the black economy.
|
|
Pillar of the Community
Australia
762 Posts |
Quote:
Removing the $100 won't have any effect whatsoever as 99.99% of cash transactions in Australia are done using 50's. That is the issue. There are the same number of $100 notes in circulation as $50 notes, its just that the $100 notes arn't actually circulating. The government thinks people are hoarding them and since they hate not being able to keep track of everything we do they plan to discontinue $100 notes. |
|
Pillar of the Community
 Canada
5394 Posts |
No matter what country , proof yet again that politicians are dumber than fence posts.
|
|
Pillar of the Community
Australia
7096 Posts |
Quote:
No matter what country , proof yet again that politicians are dumber than fence posts. Not nearly as dumb as the people who voted for them and put them where they are  |
|
Pillar of the Community
Australia
852 Posts |
If the concern is that the $100 are hoarded and thus cannot be tracked then scrapping them won't solve that problem. If they make the $50 the highest denomination then that note will be hoarded. So the only way they can really track the money is to scrap physical money and go cashless. Then they will still have a problem with those of us who keep part of our savings in foreign currencies, gold, silver, platinum, whatever. I'm sure that non government cryptocurrencies will also take the place of cash for many transactions and for others there is barter (I'll mow your lawn for a case of home brew, no taxes involved)
|
|
Pillar of the Community
Australia
552 Posts |
Cash will always will be here to stay......the government can propose what it wants but a civil society cannot function without cash
As much as people think cashless society is not far down the track we must consider that not all people have credit cards or even bank accounts
A government proposal, no matter how absurd it may sound has to cater for all - even they know that a cashless society cannot work currently
How else can they go to bars etc and remain anonymous - cash is the only way and they know it
|
|
Moderator
United States
188213 Posts |
Quote:
As much as people think cashless society is not far down the track we must consider that not all people have credit cards or even bank accounts You are not looking far enough down the road. I am not sure about Oz, but here in the States the millennials are embracing technologies that enable a cashless society. If technology keeps pace then cash will probably be gone after the next generation or two. Do not worry, we will probably not live to see it, as I doubt this will happen in our lifetime.  |
|
Pillar of the Community
United States
992 Posts |
People who like the idea of a cashless marketplace change their minds pretty quickly once the card reader is down or the power is out.
|
|
Pillar of the Community
Australia
908 Posts |
I've read a lot of stories about how Australia should follow India's lead in scrapping it's 2 highest denomination notes.The fact is that India is replacing these with new notes so it's no comparison to Australia removing the $100 note altogether.They are 2 totally different scenarios but if Australia did replace the $100 note with a new version it would still be a kick in the teeth for many black marketeers and hoarders
|
|
Moderator
United States
188213 Posts |
Quote:
People who like the idea of a cashless marketplace change their minds pretty quickly once the card reader is down or the power is out. The same power that keeps the POS terminal (cash register for you old timers) running and allows the cash drawer to open? If the power is out the venue is probably going to be closed anyway. I am surly not going to be there.  |
|
Pillar of the Community
Australia
7096 Posts |
There are quite a few remote service stations and Minesites in Aus that still have weak or intermittent telephone service and the card readers are often Down. Cash Is King in these circumstances |
| |
Replies: 26 / Views: 5,290 |
Posted 12/14/2016 02:55 am
