Bruce Banner Posted November 10, 2014 Share Posted November 10, 2014 ....anyway someone might live miles away from a bank or cash point, have no smartphone....might want to withdraw enough to use as spending money for a few months in cash, not as if you earn any interest on it anymore.......is that against the law now? I'm sure the powers that be would like to criminalise holding more than a few quid in cash. The banks are promoting mobile phone payments as an alternative to cash, I refuse to sign up for it on principle. For a year or two after "Northern Rock" I kept at least £15K in folding cash with me at all times. When I drew it out of the bank the cashier asked what it was for, I answered "In case you go bust". I had to come back the next day to collect the cash because I wanted it in 50s and they didn't have enough at the branch. Quote Link to comment Share on other sites More sharing options...
GinAndPlatonic Posted November 10, 2014 Share Posted November 10, 2014 (edited) Let me guess, you are under 30 and have no concept of personal privacy whatsoever, being part of the Xbox/Smartphone/NSA generation? No telling when information can be used against you, "dragnet style" in a fashion it was never intended. I`m probably older than you. I don`t do nectar..or anything that tracks me wherever possible. I have a safe with £**k in as I do not trust banks..I have a big button doro phone as I detest smart phones.. Oh I love cash.! Cash is king in my book. Reading with an open mind is best. Edited November 10, 2014 by GinAndPlatonic Quote Link to comment Share on other sites More sharing options...
winkie Posted November 10, 2014 Share Posted November 10, 2014 I'm sure the powers that be would like to criminalise holding more than a few quid in cash. The banks are promoting mobile phone payments as an alternative to cash, I refuse to sign up for it on principle. For a year or two after "Northern Rock" I kept at least £15K in folding cash with me at all times. When I drew it out of the bank the cashier asked what it was for, I answered "In case you go bust". I had to come back the next day to collect the cash because I wanted it in 50s and they didn't have enough at the branch. Am I being cynical, but sometimes you do wonder why the design of the notes are changed so often......don't use it, not only lose the value of it but have to return to change it. Quote Link to comment Share on other sites More sharing options...
The Spaniard Posted November 10, 2014 Share Posted November 10, 2014 Physical cash is a medium of exchange that collectively (publicly) we provide for ourselves, interest free. There is no intrinsic profit in its existence for the commercial banking system. Indeed it costs them to process it. Contrast electronic bank credit money, which does not exist unless and until someone borrows it into existence and thereafter pays interest on it to some bank. Maybe one day enough of us will realize that we could easily provide ourselves with debt-free electronic cash, adequate to run our economy. Among its other attributes, physical cash reminds us of what is obvious once seen - that we do not need to pay through the nose for the existence of a viable medium of exchange. Quote Link to comment Share on other sites More sharing options...
Nationalist Posted November 10, 2014 Share Posted November 10, 2014 For a year or two after "Northern Rock" I kept at least £15K in folding cash with me at all times. When I drew it out of the bank the cashier asked what it was for, I answered "In case you go bust". I had to come back the next day to collect the cash because I wanted it in 50s and they didn't have enough at the branch. I still keep £1,000 in twenties and some gold at home. Banking is like water, you won't really miss it until you turn on a tap and nothing comes out. (I don't recommend fifties because in a teotwawki situation nobody gives change.) Quote Link to comment Share on other sites More sharing options...
GinAndPlatonic Posted November 10, 2014 Share Posted November 10, 2014 I`m sure that the majority of people under (say) thirty years of age really do not see the implications of a state going totally digital for all transactions including buying the morning news paper. Maybe they never will. Then there is another generation who were born into a cash society who use the digital system through necessity but who mistrust it and see the dangers. Its not practical to keep a hundred £K under the bed so banks or suchlike are a necessary evil . Better to have access to your wonga by being able to move it around as quickly as possible if warning signs appear. Its why physical Gold is attractive to so many people as a store of wealth. To buying anything with cash has more meaning to me than using a card. Its quicker too. Sorry mentioned the G word Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted November 10, 2014 Share Posted November 10, 2014 Anyone buying, selling or exchanging goods for cash (notes) above 5K are probably avoiding taxes, or avoiding recognition by HMRC.. what taxes are you suspecting they are avoiding...is it the "sell a car" tax, or the "pay for a holiday" tax, or is it the "pay 6 months rent up front" tax. Or is it the "thanks Mr Wilson, a lot of your tenants pay cash, dont they" tax. Quote Link to comment Share on other sites More sharing options...
GinAndPlatonic Posted November 10, 2014 Share Posted November 10, 2014 (edited) what taxes are you suspecting they are avoiding...is it the "sell a car" tax, or the "pay for a holiday" tax, or is it the "pay 6 months rent up front" tax. Or is it the "thanks Mr Wilson, a lot of your tenants pay cash, dont they" tax. Any taxes we can. note the we not they...how about you? Its not the tax on the actual purchases I`m talking of though..Its the showing of those amounts going through their bank accounts along with other amounts that add up to £?k`s when they are self employed and only earning 6K (oh yeah), so raking in £600 a month in tax credits etc etc..crikey do I have to spell it out. Ask your local MP he will explain it better than I. They are experts at playing the system. Edited November 10, 2014 by GinAndPlatonic Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted November 10, 2014 Share Posted November 10, 2014 (edited) Any taxes we can. note the we not they...how about you? Money is a means of exchange...Im not sure what you mean. Or is £41,000 per month paid into your expat bank account, not a better way of avoiding tax...? Edited November 10, 2014 by Bloo Loo Quote Link to comment Share on other sites More sharing options...
GinAndPlatonic Posted November 10, 2014 Share Posted November 10, 2014 Money is a means of exchange...Im not sure what you mean. I edited to spell it out a bit Quote Link to comment Share on other sites More sharing options...
SarahBell Posted November 10, 2014 Share Posted November 10, 2014 Surely keeping large amounts in cash does not make you a criminal. I have often transferred six figure sums between accounts without problem. IN cash? Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted November 10, 2014 Share Posted November 10, 2014 Any taxes we can. note the we not they...how about you? Its not the tax on the actual purchases I`m talking of though..Its the showing of those amounts going through their bank accounts along with other amounts that add up to £?k`s when they are self employed and only earning 6K (oh yeah), so raking in £600 a month in tax credits etc etc..crikey do I have to spell it out. Ask your local MP he will explain it better than I. They are experts at playing the system. I see...you think all self employed are tax dodgers.....and that they all earn £6000 a month. Even if they all were, the Government gets is tax on the purchases. You only have to think about going to a restaurant...You pay for the food, with lets say, untaxed income...the restaurant will pay 25% on its net profit of your meal, it will pay its staff and their NI, it will pay its suppliers for the food, energy costs and a direct tax on the premises (rates), each and every supplier in the supply chain will be taxed all the way from the field. Your untaxed income of course goes further, so actually, instead of affording one meal with all its tax collected back to the field, you will have two meals....twice as much production and tax. The tax you pay on your salary is a direct loss to the GDP. Quote Link to comment Share on other sites More sharing options...
GinAndPlatonic Posted November 10, 2014 Share Posted November 10, 2014 I see...you think all self employed are tax dodgers.....and that they all earn £6000 a month. Even if they all were, the Government gets is tax on the purchases. You only have to think about going to a restaurant...You pay for the food, with lets say, untaxed income...the restaurant will pay 25% on its net profit of your meal, it will pay its staff and their NI, it will pay its suppliers for the food, energy costs and a direct tax on the premises (rates), each and every supplier in the supply chain will be taxed all the way from the field. Your untaxed income of course goes further, so actually, instead of affording one meal with all its tax collected back to the field, you will have two meals....twice as much production and tax. The tax you pay on your salary is a direct loss to the GDP. Thats nice, you do like to put words in my mouth. Yes yes, we are taxed to death. I am aware of that. Still doesn`t negate the fact, anyone buying, selling or exchanging goods for cash (notes) above 5K are probably avoiding taxes, or avoiding recognition by HMRC... So it explains why the government make attempts to track big transactions if needed. Nothing to do with a bank failing...not yet anyway Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted November 10, 2014 Share Posted November 10, 2014 Thats nice, you do like to put words in my mouth. Yes yes, we are taxed to death. I am aware of that. Still doesn`t negate the fact, anyone buying, selling or exchanging goods for cash (notes) above 5K are probably avoiding taxes, or avoiding recognition by HMRC... So it explains why the government make attempts to track big transactions if needed. Nothing to do with a bank failing...not yet anyway Doesnt explain anything...How many tax dodgers are all these reports, enquiries, inconvenience, actually catching? They dont know because its not going into banks...yet it is banks transactions they are targetting. And when they catch actual banks red handed money laundering...what do they do about it? Quote Link to comment Share on other sites More sharing options...
GinAndPlatonic Posted November 10, 2014 Share Posted November 10, 2014 Doesnt explain anything...How many tax dodgers are all these reports, enquiries, inconvenience, actually catching? They dont know because its not going into banks...yet it is banks transactions they are targetting. And when they catch actual banks red handed money laundering...what do they do about it? Why do you think Banks delay transactions over £10K ? Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted November 10, 2014 Share Posted November 10, 2014 Why do you think Banks delay transactions over £10K ? I could take that question two ways. Ill answer it the obvious way in that the OP said so. Quote Link to comment Share on other sites More sharing options...
GinAndPlatonic Posted November 10, 2014 Share Posted November 10, 2014 I could take that question two ways. Ill answer it the obvious way in that the OP said so. Lets just complain ey. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted November 10, 2014 Share Posted November 10, 2014 IN cash? Why not? Although I doubt Santander would allow me to draw the contents of my Cash ISA in fifty pound notes so a bank transfer is often the best way. Quote Link to comment Share on other sites More sharing options...
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