Digital transaction fees too high

JustAsk said:
You are already "dealing in an imaginary programmable fantasy". Its amazing how people don't know it.

Only 5% of the world's money are printed. That is to make you believe that its real. What do you think the rest is...its just numbers.
Click to expand...
Printed or not doesn't make it real. There's no such thing any more as a backed currency. Maybe we should return to salt and pepper as a commodity.
 
I used to never have cash,swipe for everything. Iv gone back to cash.

Main reason is all these technical glitches that caused me to need two different bank accounts In case some tech error downs their whole system And also to avoid sars snooping on what I do.

I work closely with the banks ,cash is going now where. The affluent love tap this and that nonsense, but there's a whole section of the population that love cash
 
Curt889 said:
I used to never have cash,swipe for everything. Iv gone back to cash.

Main reason is all these technical glitches that caused me to need two different bank accounts In case some tech error downs their whole system And also to avoid sars snooping on what I do.

I work closely with the banks ,cash is going now where. The affluent love tap this and that nonsense, but there's a whole section of the population that love cash
Click to expand...

The rich use cards/ apps /devices.

The wealthy use cash.
 
There's a big push towards cashless but the population is pushing back.

Branches are teller less now they push you to the atm,there's tons of small time business that still do daily weekly deposits but now at the atm.


The reserve bank has limited coin deposits to R5000 to try force our hand ,you can go do more than that at a capitec coin machine and incure 15% deposit fee.

Absa has had chinese coin and note depositors for about 2yrs now at selected branches which can payout and deposit upto 200 notes, other brands do 100 notes.

This is another nonsense article trying to push people to do what they want.
 
No cash, no CIT robberies. What will be the CIT robbers next target? Home invasions? Kidnapping? High fees is the least of our problems.
 
While it would theoretically be good for the country as a whole to have the absolutely MASSIVE informal economy on the SARS books. Something that should theoretically make it possible to reduce taxes for those currently paying. Something I would approve of.

There will obviously be stiff opposition to such a move. I mean... There are plenty of literal cash millionaires in the informal economy, who have been happily evading SARS. Yet still getting municipal service, police protection, healthcare, some probably even SASSA, etc.

Otherwise... I'm already mostly cashless. Can't say such a move would bother me personally. I would even welcome it.
 
Swa said:
Printed or not doesn't make it real. There's no such thing any more as a backed currency. Maybe we should return to salt and pepper as a commodity.
Click to expand...
You really should read before you post
 
The Reserve Bank’s Digital Payments Roadmap showed that almost half of South African adults withdraw all their money from their bank accounts as soon as it is deposited.

Reasons include a lack of trust in banks, fees associated with card transactions, and merchants’ lack of acceptance of cards in the informal economy
Click to expand...

Missing out the biggest reason: They withdraw the money before the debt orders go off.

Nothing to do with lack of trust or fees, as I can bet withdrawing your entire wage in cash is more expensive than any other transaction you can do with your account.
 
Curt889 said:
There's a big push towards cashless but the population is pushing back.

Branches are teller less now they push you to the atm,there's tons of small time business that still do daily weekly deposits but now at the atm.


The reserve bank has limited coin deposits to R5000 to try force our hand ,you can go do more than that at a capitec coin machine and incure 15% deposit fee.

Absa has had chinese coin and note depositors for about 2yrs now at selected branches which can payout and deposit upto 200 notes, other brands do 100 notes.

This is another nonsense article trying to push people to do what they want.
Click to expand...
Nah, it WILL happen and it will be easy. An incentive here, a charging fee there, and the sheep is on their way to the slaughterhouse...boiling frog style.

You give the population way too much credit. They were locked up for weeks at home for a fictional microbe and got tricked into taking a dangerous concoction for it.
 
konfab said:
I can bet withdrawing your entire wage in cash is more expensive than any other transaction you can do with your account.
Click to expand...

Nope. SASSA grants cost R10 to withdraw the entire amount or at some banks they're free. SASSA grants are almost half the population. Illegal immigrants and the poor who do piecemeal work don't have bank accounts.

Have you seen the queues at Shoprite Money Market and bank ATM's on SASSA days?

konfab said:
Missing out the biggest reason: They withdraw the money before the debt orders go off.
Click to expand...

Why would they do that and incur a massive penalty fee? What debit orders do the poor and SASSA people have anyway?
 
Curt889 said:
I used to never have cash,swipe for everything. Iv gone back to cash.

Main reason is all these technical glitches that caused me to need two different bank accounts In case some tech error downs their whole system And also to avoid sars snooping on what I do.

I work closely with the banks ,cash is going now where. The affluent love tap this and that nonsense, but there's a whole section of the population that love cash
Click to expand...
Main reason people use cash is they can't open bank accounts and say they don't trust the system. You're not going to change perceptions and the banks know this. And as I said in the other thread they keep saying how expensive cash is but it only becomes expensive once it touches digital and digital is the most expensive with some people charging me R50 to use a card before because that is what their provider charges them.
 
Swa said:
they keep saying how expensive cash is but it only becomes expensive once it touches digital and digital is the most expensive with some people charging me R50 to use a card before because that is what their provider charges them.
Click to expand...

True. When I go to Namibia I take as much cash as possible because every time you use a foreign card there it costs over R60. Even withdrawing from an ATM.
 
Cosmik Debris said:
True. When I go to Namibia I take as much cash as possible because every time you use a foreign card there it costs over R60. Even withdrawing from an ATM.
Click to expand...
I have heard this before. When people go overseas they convert to cash or load onto local "cash" cards.
 
JustAsk said:
You are already "dealing in an imaginary programmable fantasy". Its amazing how people don't know it.

Only 5% of the world's money are printed. That is to make you believe that its real. What do you think the rest is...its just numbers.
Click to expand...
You cash money has a set of rules attached to it that a programmable token does not, so either you are a paid shrill or you don't know what gold bullion is or how the market works. nice try anyway.
 
Cosmik Debris said:
Yes. But their files are sealed to run of the mill employees and only certain SARS officials get to see the files. We need a tax system like Norway has where the tax paid by all citizens and businesses is available for inspection on the internet by everybody.
Click to expand...
Our government black and white is corrupt so we will never see any accountability ever.
 
Swa said:
I have heard this before. When people go overseas they convert to cash or load onto local "cash" cards.
Click to expand...

Correct. When I go to Dubai I get a card loaded with cash from the SA banks that works there.

Once upon a time whenever I went to Angola I used to change Rand into US$ at the Rennies exchange after passport control in OR Tambo. They changed the rules that required proof of address. So I drew cash from an ATM and in Angola visited a local money changer. They gave me a far better rate than Rennies could because US$ were like gold in Angola at the time . So that was how I did it from then on. And SA that wanted FICA docs had no clue.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X