Cash is still King

GuyR

Nikc said:

guitars4you said:

fandango said:

There is a limit to what people/shops would accept in cash, all depending on the item in question. Cash, like many things is subject to trust issues. For example, would the likes of @guitars4you  accept a bunch of fifties for that £3k Fender CS?

of course I would - unless you look like a drug dealing Russian oligarch - But I did see a guy at the HSBC bank this week trying to pay in 10K cash and all sorts of questions etc

10k is the tigger for money laundering reporting so pretty standard for a bank to ask questions

Surely there are better uses for £10k than to pay it in to a bank, within radar range HMRC and significant others?

GuyR

Nikc said:

guitars4you said:

fandango said:

There is a limit to what people/shops would accept in cash, all depending on the item in question. Cash, like many things is subject to trust issues. For example, would the likes of @guitars4you  accept a bunch of fifties for that £3k Fender CS?

of course I would - unless you look like a drug dealing Russian oligarch - But I did see a guy at the HSBC bank this week trying to pay in 10K cash and all sorts of questions etc

10k is the tigger for money laundering reporting so pretty standard for a bank to ask questions

Why would you pay 10k in to a bank? You could go and get quite a decent guitar with it.

GuyR

Nikc said:

guitars4you said:

fandango said:

There is a limit to what people/shops would accept in cash, all depending on the item in question. Cash, like many things is subject to trust issues. For example, would the likes of @guitars4you  accept a bunch of fifties for that £3k Fender CS?

of course I would - unless you look like a drug dealing Russian oligarch - But I did see a guy at the HSBC bank this week trying to pay in 10K cash and all sorts of questions etc

10k is the tigger for money laundering reporting so pretty standard for a bank to ask questions

Surely there are better uses for £10k than to pay it in to a bank, within radar range HMRC and significant others?

Guitar_Slinger

guitars4you said:

fandango said:

There is a limit to what people/shops would accept in cash, all depending on the item in question. Cash, like many things is subject to trust issues. For example, would the likes of @guitars4you  accept a bunch of fifties for that £3k Fender CS?

of course I would - unless you look like a drug dealing Russian oligarch - But I did see a guy at the HSBC bank this week trying to pay in 10K cash and all sorts of questions etc

I remember the 70s,when it cost 15p to drive through the Mersey Tunnel, and the toll booths were manned by blokes who sat there surrounded by piles of 10p and 5p pieces.

Every so often, there'd be a story in the paper about one of them going to prison and my dad would piss himself laughing at quotes,  stuff like "police found £9,782.45 in coins under his bed, in eight suitcases",  "...always settled his bar tab in coins", or "Father Kelly first became suspicious when the man tried to pay for his daughter's wedding reception in 10p pieces."

E-money has put a stop to cons like that.

MtB

I saw a comment recently from a pub owner of the first pub to go cashless. All payments by card or phone. Benefit being lower insurance premiums as there is no cash in the premises. 

https://www.independent.co.uk/news/uk/home-news/pub-cash-payment-uk-first-the-boot-freston-ipswich-suffolk-a8543181.html

FelineGuitars

Problem is that the government could just turn credit/debit facilities off to control the populace if they wanted to and we'd have no method of transacting. 

I know that cash is a construct anyway, but it would take much greater governmental interference to shut that down.

https://www.independent.co.uk/news/business/news/cashless-cash-debit-government-society-control-surveillance-a6936896.html

Fretwired

underdog said:

I only ever use cash unless it's an online purchase, which often makes buying cars or even furniture funny. People on the tills don't seem use to dealing with cash these days and often count it slowly multiple times after they've spoke to their manager like I've tried to make payment with magic beans.

Car dealers are advised not to take cash by HMRC (money laundering rules and counterfeit money). A friend of mine owns two garages selling second hand BMW's. He regularly gets members of the traveller community turning up with carrier bags of cash which he refuses to accept. I doubt the average guitar store would take cash for a £5K Gibson either.

So cash isn't really king any more.

FelineGuitars

For a while as a business I chose to pay for a lot of things by cash, as paying cash takings in to my bank incurred a 2% cost and to lose £20 per £1000 didn't work for me , so I did used to spend a lot of cash in tool shops etc and on bills I could pay locally. That has changed a lot now as most payments are by card ...even for a pack of guitar strings.

Reverend

Meh - I still prefer to pay in magic beans where possible. 

mikeyrob73

i like to pay in sexual services. 

I'm banned from every Asda in the UK