Latest news with #cash
The Independent
17 hours ago
- The Independent
Money experts warn of the costly mistake holidaymakers fall victim to
Holidaymakers risk unexpected expenses by relying solely on card payments abroad, with new research revealing that more than a third have found themselves caught out needing physical cash. Specifically, 39 per cent of those surveyed by the website Be Clever With Your Cash reported encountering unexpected situations where physical money was essential during their travels. The research highlighted that the most frequent instances requiring cash involved tipping, paying for taxi journeys, and shopping at smaller, independent retailers. Prepaid and specialist travel cards can make it easier to rely less on physical cash while travelling overseas. But those suddenly needing that cash could end up paying extra costs, the survey carried out by Opinium, among 2,000 people across the UK who have travelled abroad, indicates. The research found some people who had to make an emergency cash machine withdrawal on their last trip overseas were charged an ATM fee. Some people also said they turned to airport exchange desks for last-minute cash, even though they may potentially be getting a worse deal than if they had shopped around for their travel money and planned ahead. The website said that stepping outside major cities can also present challenges, as rural and remote areas in some countries could be less likely to accept cards. Amelia Murray, a money expert at Be Clever With Your Cash, said: 'There's still a blind spot when it comes to cash. Many people assume that having a fee-free card is enough, but that can be a false economy if you end up using an ATM abroad that charges or get stung by poor exchange rates. 'It's not about carrying wads of cash, it's about being prepared for those moments when a card simply won't cut it.' Ms Murray suggested packing a 'cash cushion' – a small amount of local currency that could be useful for tipping, local travel, or if holidaymakers end up somewhere that does not accept cards. She also suggested that holidaymakers make sure they understand their card's policy on fees and currency conversion before they travel. People may also want to check how much they would be covered for by their travel insurer if their cash is lost or stolen while they are abroad. Research released by financial information business Defaqto in May indicated that 91 per cent of annual and 86 per cent of single trip policies included cash cover as standard. Just over a third (35 per cent) of single trip travel insurance policies covered as much as £200 to £299, while a quarter (24 per cent) covered between £300 to £399, according to Defaqto 's analysis.
Yahoo
20 hours ago
- Business
- Yahoo
Some 52% of people ‘have recently been somewhere refusing or discouraging cash'
More than three-quarters (76%) of people believe it is important to have the option to pay with cash and four-fifths (82%) think all shops should accept it, a survey has found. More than half (52%) of people said they had been somewhere during the previous two months that had not accepted or had discouraged the use of cash – and 56% said this was an inconvenience to them. The research was commissioned by cash access and ATM network Link. It found that contactless via cards was the most preferred payment method among people surveyed, with 40% choosing this option. But nearly two-thirds (65%) of people said that physical coins and banknotes gave them confidence that 'nothing would go wrong', such as a payment outage. Cash remains particularly popular among people aged 55 and over, with 25% preferring cash compared with 8% of 25 to 34-year-olds, the survey indicated. Supermarkets and convenience stores are the most popular places where people have spent cash, the research indicated. Nearly seven in 10 (69%) people surveyed said they had used cash to pay for something in the previous two weeks. Three-quarters (75%) of people surveyed said they could easily make their day-to-day payments by phone or card. But 85% said they worry that a cashless society could exclude vulnerable groups, and 71% see cash as vital for personal freedom. Nearly two-thirds (63%) of people said they are unlikely to go completely cashless in the next 12 months. One in 12 (8%) said they lead 'cashless' lives. Graham Mott, Link director of strategy said: 'Cash remains a critical part of the UK's payment landscape. This research shows that, while digital payments are growing, cash continues to play a vital role in financial inclusion, budgeting and consumer choice.' YouGov carried out the survey among more than 2,200 people across the UK in June. Earlier this month, it emerged that the Bank of England will monitor cash acceptance on an ongoing basis, following a Treasury Committee report which raised concerns about the future of coins and banknotes. In its response to the report, the Government said the Bank had committed to continuing to include an additional question on cash acceptance in its survey of consumers, after it was introduced in January. The committee has highlighted how UK businesses and organisations can choose to refuse cash with no legal duty to accommodate customers' varying needs. Its report, published earlier this year, warned that a lack of action to tackle declining cash acceptance could lead to a two-tier society with the most vulnerable bearing the cost. MPs called for improved monitoring. The committee highlighted that vulnerable groups, such as people with learning disabilities, domestic abuse victims and the elderly, could be particularly affected.
The Independent
20 hours ago
- Business
- The Independent
Some 52% of people ‘have recently been somewhere refusing or discouraging cash'
More than three-quarters (76%) of people believe it is important to have the option to pay with cash and four-fifths (82%) think all shops should accept it, a survey has found. More than half (52%) of people said they had been somewhere during the previous two months that had not accepted or had discouraged the use of cash – and 56% said this was an inconvenience to them. The research was commissioned by cash access and ATM network Link. It found that contactless via cards was the most preferred payment method among people surveyed, with 40% choosing this option. But nearly two-thirds (65%) of people said that physical coins and banknotes gave them confidence that 'nothing would go wrong', such as a payment outage. Cash remains particularly popular among people aged 55 and over, with 25% preferring cash compared with 8% of 25 to 34-year-olds, the survey indicated. Supermarkets and convenience stores are the most popular places where people have spent cash, the research indicated. Nearly seven in 10 (69%) people surveyed said they had used cash to pay for something in the previous two weeks. Three-quarters (75%) of people surveyed said they could easily make their day-to-day payments by phone or card. But 85% said they worry that a cashless society could exclude vulnerable groups, and 71% see cash as vital for personal freedom. Nearly two-thirds (63%) of people said they are unlikely to go completely cashless in the next 12 months. One in 12 (8%) said they lead 'cashless' lives. Graham Mott, Link director of strategy said: 'Cash remains a critical part of the UK's payment landscape. This research shows that, while digital payments are growing, cash continues to play a vital role in financial inclusion, budgeting and consumer choice.' YouGov carried out the survey among more than 2,200 people across the UK in June. Earlier this month, it emerged that the Bank of England will monitor cash acceptance on an ongoing basis, following a Treasury Committee report which raised concerns about the future of coins and banknotes. In its response to the report, the Government said the Bank had committed to continuing to include an additional question on cash acceptance in its survey of consumers, after it was introduced in January. The committee has highlighted how UK businesses and organisations can choose to refuse cash with no legal duty to accommodate customers' varying needs. Its report, published earlier this year, warned that a lack of action to tackle declining cash acceptance could lead to a two-tier society with the most vulnerable bearing the cost. MPs called for improved monitoring. The committee highlighted that vulnerable groups, such as people with learning disabilities, domestic abuse victims and the elderly, could be particularly affected.
Yahoo
20 hours ago
- Business
- Yahoo
Some 52% of people ‘have recently been somewhere refusing or discouraging cash'
More than three-quarters (76%) of people believe it is important to have the option to pay with cash and four-fifths (82%) think all shops should accept it, a survey has found. More than half (52%) of people said they had been somewhere during the previous two months that had not accepted or had discouraged the use of cash – and 56% said this was an inconvenience to them. The research was commissioned by cash access and ATM network Link. It found that contactless via cards was the most preferred payment method among people surveyed, with 40% choosing this option. But nearly two-thirds (65%) of people said that physical coins and banknotes gave them confidence that 'nothing would go wrong', such as a payment outage. Cash remains particularly popular among people aged 55 and over, with 25% preferring cash compared with 8% of 25 to 34-year-olds, the survey indicated. Supermarkets and convenience stores are the most popular places where people have spent cash, the research indicated. Nearly seven in 10 (69%) people surveyed said they had used cash to pay for something in the previous two weeks. Three-quarters (75%) of people surveyed said they could easily make their day-to-day payments by phone or card. But 85% said they worry that a cashless society could exclude vulnerable groups, and 71% see cash as vital for personal freedom. Nearly two-thirds (63%) of people said they are unlikely to go completely cashless in the next 12 months. One in 12 (8%) said they lead 'cashless' lives. Graham Mott, Link director of strategy said: 'Cash remains a critical part of the UK's payment landscape. This research shows that, while digital payments are growing, cash continues to play a vital role in financial inclusion, budgeting and consumer choice.' YouGov carried out the survey among more than 2,200 people across the UK in June. Earlier this month, it emerged that the Bank of England will monitor cash acceptance on an ongoing basis, following a Treasury Committee report which raised concerns about the future of coins and banknotes. In its response to the report, the Government said the Bank had committed to continuing to include an additional question on cash acceptance in its survey of consumers, after it was introduced in January. The committee has highlighted how UK businesses and organisations can choose to refuse cash with no legal duty to accommodate customers' varying needs. Its report, published earlier this year, warned that a lack of action to tackle declining cash acceptance could lead to a two-tier society with the most vulnerable bearing the cost. MPs called for improved monitoring. The committee highlighted that vulnerable groups, such as people with learning disabilities, domestic abuse victims and the elderly, could be particularly affected. Sign in to access your portfolio
Daily Mail
a day ago
- Business
- Daily Mail
Sacrifice Aussies may need to make if they want to keep using cash
Australians may have to go back to paying fees again for using rival bank ATMs like they did a decade ago if they want to keep having access to cash, a finance expert says. The Big Four banks in 2017 agreed to scrap those $2 fees for customers who used the automatic teller machines of a competitor. While it was regarded as good news, that policy is threatening the future of cash in Australia with very few consumers now using banknotes to pay for everyday goods and services. Australia's key cash-in-transit company Armaguard, owned by billionaire transport magnate Lindsay Fox's family, needs $50million a year in handouts to survive and now federal regulators are proposing Australia have a new minister for cash. In just seven years, the number of ATMs have more than halved, plunging from 13,814 in June 2017 to just 5,476 in June last year, Australian Prudential Regulation Authority data showed. The Commonwealth Bank , Westpac , NAB and ANZ used the abolition of rival ATM fees to take away those cash dispensing machines and squeeze Australia's cash-in-transit companies during contractual negotiations. This has made distributing cash unprofitable with the Big Four banks, supermarket giant Woolworths and retail group Wesfarmers - the owner of hardware chain Bunnings, Kmart and Officeworks - last week announcing they would provide a $25.5million lifeline to Armaguard from July to December. Jason Bryce, the founder of Cash Is Welcome, said Armaguard wouldn't need to be subsidized by the banks and the supermarkets if those old fees for using rival ATMs still existed - and generated $500 million a year in revenue. 'I think it was a bad, short-sighted move - I don't want to prescribe the answers - but the problems date from that decision,' he told Daily Mail Australia. 'There's no doubt the $2 ATM fee for customers of other banks kept the cash distribution system paid for and viable in Australia - since 2017, since that decision, the cash industry has contracted and been under pressure. 'There needs to be some kind of structural change to provide support, go forward, to cover the $50 million-odd per year that Armaguard is now getting. 'There should be no need for $50million a year - the problem has been created by the banks and the supermarkets.' Mr Bryce said the abolition of those rival ATM fees had led to the big banks putting extra pressure cash deliverers, to the point that Spanish group Prosegur in 2023 merged with Armaguard to survive. 'The two big companies have merged into one and that one company is on the verge of bankruptcy,' he said. Peter Fox, the executive chairman of Armaguard, told The Australian Financial Review its 'shortfall in revenue' was 'caused by the four major banks and two retailers which slashed their margins to Armaguard in a period of cut-throat competition'. Commonwealth Bank chief executive Matt Comyn last year admitted the banks were 'very, very aggressive' towards Armaguard. 'The banks drove Armaguard to the brink of bankruptcy,' Mr Bryce said. 'Matt Comyn says the banks underpaid Armaguard for cash-in-transit.' 'It's really up to the banks to pay more. 'So banks now don't really have much of a leg to stand on when they complain about handing over $25million for six months.' The disappearance of major bank ATMs saw the appearance of third-party ATMs that charge $3 fees for use. 'There's less bank-owned ATMs and there's more third-party ATMs that charge $3 or so,' Mr Bryce said. The Council of Financial Regulators - which includes the RBA - and the Australian Competition and Consumer Commission is proposing a new federal minister in charge of cash distribution who would have oversight over a registered entity that would 'provide critical cash services to a significant part of the market'. 'Despite the rise of digital payments, cash remains vital for many Australians, particularly in regional and remote communities,' it said in a consultation paper. 'Cash supports secure, inclusive, and resilient transactions for those who prefer or rely on it.' The federal government last year announced a cash mandate would be coming into force on January 1, 2026 requiring businesses to offer customers a cash option.
