Money money money....must be new!

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Money money money....must be new!

Postby Lols » 30 Nov 2018, 11:52

Well it came to me, the latest new Australian $50 note, I thought it was a $5 and had to look twice!! Anyone else got one yet?

It has this see through bit in the middle, and brail for the blind to know what value the money is, now that is a great idea.
Just wish they would rid that .5c nuisance coin!

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Re: Money money money....must be new!

Postby Dax » 30 Nov 2018, 12:33

Had some of those $50 notes yesterday, very different and even harder to handle as they tend to float.

Most people think getting rid of 1 and 2c coins was a bonus and they also think getting rid of 5c coins will improve their lives. What they don't realise or conveniently forget, by removing those small denominations and yet still allowing big business to use them, means everyone is being ripped off slowly.

Think about it, you can't use small currency in your buying, yet big business is able to price items using small denominations in their accounting and the banks benefit big time. Whilst the clones lose out on every transaction. Something advertised for $9.99, yet you pay $10, the bank gets the extra cent and the charges you fees and interest in cents.

One or two cents may not seem a lot, but when you add up the millions of transactions a day with that one cent variation, especially as shops rarely round down prices, always round up.

No different to using cards, most think using a card come with no cost, but like this new instant money transfer it comes with a cost. Every time you use your card, you are charted through the business in price and through the bank, with card fees and band charges.

Do the math and see how many cents you lose over a year with your transactions, then do the math with the associated bank transaction and card fees you waste each time you use your card, over a year. It can runs into thousands of dollars each year.

Sure card are convenient, but also costly. I do have a debit card, but withdraw cash for most of my buying and save a lot over a year.

Get rid of 5cent coins as each transaction, will cost you more than the advertised price up to 5 cents more each time. You can be sure big business and banks will make sure they get the extra, whilst the clones continue getting ripped off.
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Re: Money money money....must be new!

Postby SethBullock » 30 Nov 2018, 13:21

Very artistic!
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Re: Money money money....must be new!

Postby HBS Guy » 30 Nov 2018, 13:29

The plastic money is a bit of a pain in the arse tho: doesn’t lie flat, problem in the pocket and in the till. OTOH if you leave a $50 in your shirt pocket and it gets put in the washing machine —you just get a very clean $50 note! Unlike with paper money!
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Re: Money money money....must be new!

Postby johnsmith » 30 Nov 2018, 20:23

Dax wrote:especially as shops rarely round down prices, always round up.


they don't have a choice.

.1 and .2 cents MUST be rounded down
.3 and .4 cents MUST be rounded up

It's the LAW
FD.
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Re: Money money money....must be new!

Postby HBS Guy » 30 Nov 2018, 21:15

As a shop keeper I was happy they did away with 1¢ and 2¢ coins.
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Re: Money money money....must be new!

Postby Lols » 30 Nov 2018, 22:29

SethBullock wrote:Very artistic!


Seth, unless it's changed in the last 2 years.....but, when I was over in Calif in 2016, I had to look twice at your American notes, to see it's denomination, it was practically all the same colour, such a dull greyish colour.

Canada is much like ours, very colourful, with that shiny silvery strip across it, but our new money has a see through strip. The old $50 were easily counterfeited, and there are heaps of it going around still, a friend of ours showed how to see the difference.

I must ask her to show me again, as I forgot, I think she collected a few of these 'counterfeits' for what reason I don't know! Maybe they will be collectors items later? Gawd knows :?
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Re: Money money money....must be new!

Postby sherri » 01 Dec 2018, 07:39

Anyone not happy with their notes is welcome to donate them to me. :bgrin
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Re: Money money money....must be new!

Postby Tally » 07 Dec 2018, 21:30

What's cash. TAP :)
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Re: Money money money....must be new!

Postby HBS Guy » 08 Dec 2018, 08:50

Flipping bank charged me “excess transaction fee” so I keep enough cash in my pocket for day to day small transactions.
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Re: Money money money....must be new!

Postby Lols » 09 Dec 2018, 10:22

Tally wrote:What's cash. TAP :)


Yeah, that's the $50 dollar question! :B

I recall decades ago, some complaining our money will not be as we knew/know it.....it would be all on some plastic transaction, hence the Visa/debit/credit card.

I'm a big sucker for my credit card, and love tapping away! It's just too easy to spend impulsively :giggle but I do have self control and know the limit, and always have auto pay on time function, so I don't pay interest, and always make sure there is enough money in the account to pay for it. This is where discipline is needed, and many do not have that, and get into financial trouble. The old adage, spend only what you can afford, seems overlooked when we are so brainwashed to go and spend-spend-spend and live for the day!

Cash is still needed, in this day and age of ours, alas, it makes me wonder how long will we have money minted for us to circulate? What does the future hold?
Bit coin or crypto currency is the next new craze!
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Re: Money money money....must be new!

Postby johnsmith » 09 Dec 2018, 11:31

Lols wrote:I recall decades ago, some complaining our money will not be as we knew/know it.....it would be all on some plastic transaction, hence the Visa/debit/credit card.


forget plastic, it'll all be microchips inserted under your skin. Just wave your hand at the scanner and you're done.
FD.
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Re: Money money money....must be new!

Postby Tally » 09 Dec 2018, 19:14

HBS Guy wrote:Flipping bank charged me “excess transaction fee” so I keep enough cash in my pocket for day to day small transactions.


Here a red hot tip for you. Get a debit card with a bank like ING and keep just a few hundred in it. No fees at all so I use it for all the tiddly little purchases. It's also nice to have a second card just in case.
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Re: Money money money....must be new!

Postby Aussie » 09 Dec 2018, 19:35

Tally wrote:
HBS Guy wrote:Flipping bank charged me “excess transaction fee” so I keep enough cash in my pocket for day to day small transactions.


Here a red hot tip for you. Get a debit card with a bank like ING and keep just a few hundred in it. No fees at all so I use it for all the tiddly little purchases. It's also nice to have a second card just in case.


That's what I have...and put money in just before I am going out to spend, as needed.
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Re: Money money money....must be new!

Postby HBS Guy » 09 Dec 2018, 21:26

Tally wrote:
HBS Guy wrote:Flipping bank charged me “excess transaction fee” so I keep enough cash in my pocket for day to day small transactions.


Here a red hot tip for you. Get a debit card with a bank like ING and keep just a few hundred in it. No fees at all so I use it for all the tiddly little purchases. It's also nice to have a second card just in case.


Fantastic! Thanks for the tip!

(As a Dutchman I should already have an account there, of course :rofl :rofl :rofl )
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