Money during Covid

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mjr
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Re: Money during Covid

Postby mjr » 23 Mar 2020, 6:02pm

PH wrote:
Psamathe wrote:Is mjr talking about different types of card?

Ian

I have three prepaid debit cards, two UK (Pockit and Revolut) and one international (Weswap) none of them are anonymous.

It has occurred to me since posting that my last anonymous card (an NZ one after a lost wallet) was so long ago it predates the latest anti money laundering and payment security rules. Anyone know if they're still around? Plenty of English people still have no photo id.
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Syd
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Re: Money during Covid

Postby Syd » 23 Mar 2020, 6:13pm

There are restrictions in the UK in paying cash.

Whilst in my local watch dealer a couple of months ago it amused me I could pay a reasonable 4 figure sum using Apple Pay. Whilst doing so the sales assistant told me that they are only allowed to take a maximum of £8,000 in cash from one customer in any 12 month period.

djnotts
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Re: Money during Covid

Postby djnotts » 23 Mar 2020, 6:45pm

Thanks. I'll give it a go!

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Re: Money during Covid

Postby wirral_cyclist » 23 Mar 2020, 7:13pm

djnotts wrote:
rmurphy195 wrote:<SNIP>
Having checked, my debit card is apparently contactless - never used this facility, but does seem a helpful idea. Anyone know if I have to do anything to activate the function?


A brand new contactless card needs one pin transaction before using contactless, note that roughly every 5th transaction will need a pin as an added security measure.

djnotts
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Re: Money during Covid

Postby djnotts » 23 Mar 2020, 7:22pm

Been using it for ages as a standard debit card, mainly withdrawing cash - which is what I use for everything!

Just try it I guess.

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RickH
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Re: Money during Covid

Postby RickH » 24 Mar 2020, 12:12am

wirral_cyclist wrote:
djnotts wrote:
rmurphy195 wrote:<SNIP>
Having checked, my debit card is apparently contactless - never used this facility, but does seem a helpful idea. Anyone know if I have to do anything to activate the function?


A brand new contactless card needs one pin transaction before using contactless, note that roughly every 5th transaction will need a pin as an added security measure.

I don't think I've ever had to use a PIN with contactless. Do you mean 5 transactions in one day, as I can't be sure I've done that? Or will a standard chip & PIN reset it? Certainly I've done many 10s (maybe 100s) of contactless payments without having to use a PIN.

A few years ago I used to pay cash on transactions less than around £10, nowadays I'll not usually use cash unless it is for less than £1 or I'm somewhere (rarely) that doesn't take cards.

Revolut cards are good for abroad too (if we ever get to travel again). I used ours almost exclusively when we visited our new granddaughter in Canada last year. You can have separate accounts (on the same card) in different currencies. I changed money to CAD in advance when the exchange rate was good (you can set auto exchanges, or just notifications, when the rate reaches a certain level) so I knew how many dollars I had. It will also do exchange on the fly at, apparently, good rates if you haven't exchanged in advance. One slight gotcha is you can't mix & match currencies - if you have 100CAD on the card & pay, say, 120CAD it will take all 120CAD out of your main currency (£ usually unless you've set it differently) & leave your 100CAD still sitting there.

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Re: Money during Covid

Postby fullupandslowingdown » 24 Mar 2020, 12:37am

Syd wrote:There are restrictions in the UK in paying cash.

Whilst in my local watch dealer a couple of months ago it amused me I could pay a reasonable 4 figure sum using Apple Pay. Whilst doing so the sales assistant told me that they are only allowed to take a maximum of £8,000 in cash from one customer in any 12 month period.


my bank won't take more than £50 in cash now over the counter, says they don't have the room in the vault :shock:

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Re: Money during Covid

Postby PH » 24 Mar 2020, 12:59am

RickH wrote:I don't think I've ever had to use a PIN with contactless. Do you mean 5 transactions in one day, as I can't be sure I've done that? Or will a standard chip & PIN reset it? Certainly I've done many 10s (maybe 100s) of contactless payments without having to use a PIN.

Have you been using it recently? The regulations changed last year and you now have to do something to verify every £150, though not necessarily involving the PIN, with Revolut you can do it in the app
https://blog.revolut.com/contactless-payments-secure/

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RickH
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Re: Money during Covid

Postby RickH » 24 Mar 2020, 10:18am

PH wrote:
RickH wrote:I don't think I've ever had to use a PIN with contactless. Do you mean 5 transactions in one day, as I can't be sure I've done that? Or will a standard chip & PIN reset it? Certainly I've done many 10s (maybe 100s) of contactless payments without having to use a PIN.

Have you been using it recently? The regulations changed last year and you now have to do something to verify every £150, though not necessarily involving the PIN, with Revolut you can do it in the app
https://blog.revolut.com/contactless-payments-secure/

I've just check the account. On our joint account (which is what we use for near enough everything generally) I've done at least 12 contactless payments with the debit card this month, possibly a few more as I can't remember if it was me or Mrs H that paid for some things. Those have been interspersed by a few chip & PIN payments for payments over the £30 transaction limit - would those have reset the contactless count? I don't recall ever having to use my PIN with contactless in the UK. Tap & PIN I found to be common/usual in Canada last year.

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Re: Money during Covid

Postby carpetcleaner » 24 Mar 2020, 12:06pm

fullupandslowingdown wrote:
Syd wrote:There are restrictions in the UK in paying cash.

Whilst in my local watch dealer a couple of months ago it amused me I could pay a reasonable 4 figure sum using Apple Pay. Whilst doing so the sales assistant told me that they are only allowed to take a maximum of £8,000 in cash from one customer in any 12 month period.


my bank won't take more than £50 in cash now over the counter, says they don't have the room in the vault :shock:


Must cause a few problems when shops bring their cash in at the end of the day.

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Re: Money during Covid

Postby PH » 24 Mar 2020, 1:05pm

RickH wrote:Those have been interspersed by a few chip & PIN payments for payments over the £30 transaction limit - would those have reset the contactless count?

Yes, that's probably it.
I use my Revolut purely as my food shopping card, load it at the start of the month and when it's gone it's gone. I rarely spend more than £10 at a time and might have to reset it every 6 - 8 weeks.

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Re: Money during Covid

Postby mercalia » 24 Mar 2020, 1:09pm

fullupandslowingdown wrote:
Syd wrote:There are restrictions in the UK in paying cash.

Whilst in my local watch dealer a couple of months ago it amused me I could pay a reasonable 4 figure sum using Apple Pay. Whilst doing so the sales assistant told me that they are only allowed to take a maximum of £8,000 in cash from one customer in any 12 month period.


my bank won't take more than £50 in cash now over the counter, says they don't have the room in the vault :shock:


what bank is that? thats a load of nonsense. I have seen businesspeople pay in hundreds in one go

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RickH
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Re: Money during Covid

Postby RickH » 24 Mar 2020, 2:08pm

mercalia wrote:
fullupandslowingdown wrote:
Syd wrote:There are restrictions in the UK in paying cash.

Whilst in my local watch dealer a couple of months ago it amused me I could pay a reasonable 4 figure sum using Apple Pay. Whilst doing so the sales assistant told me that they are only allowed to take a maximum of £8,000 in cash from one customer in any 12 month period.


my bank won't take more than £50 in cash now over the counter, says they don't have the room in the vault :shock:


what bank is that? thats a load of nonsense. I have seen businesspeople pay in hundreds in one go


There will be different rules for personal accounts & business ones. And businesses will usually be charged for the privilege of depositing their money too.

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mjr
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Re: Money during Covid

Postby mjr » 24 Mar 2020, 3:55pm

Contactless card payment limit to be raised to £45 from 1 April due to c19 crisis.
https://www.leaderlive.co.uk/news/18329 ... reases-45/
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Re: Money during Covid

Postby fullupandslowingdown » 24 Mar 2020, 10:43pm

It's a nonsense that could cause me considerable problems as I'm self employed. I have an account with a different bank and they said that the old woman at threadneedle street had decreed limits to protect bank workers. I suspect it has been misinterpreted though as many things in this pandemic of false news has. When I looked on the BOE site all I could find was press releases worthy of boris.gov.uk, absolutely nothing about cash limits. I do wonder about the sanity of folk. It's illogical for one reason at least: if I have to keep going back (couldn't today as they were completely closed) each day then either as a carrier I get repeated chances to infect others, or as an innocent civilian I get multiple exposures. madness. and infuriating. me thinks when the next round of incentives to change your bank comes along, I'm hopping.