Withdrawing cash from Monzo - LIMITED

I get that, but the reason is that they don’t put the cash through their books, which means you are supporting tax evasion.

2 Likes

Are we as the customer suppose to know that though? A lot of people probably don’t :confused:

I think most people probably do know that this is the main reason for cash discounts. Can’t think of many other reasons why a tradesman would reduce their margin for a stranger, but refuse the same discount if the transaction is recorded. Interchange isn’t that expensive, even for businesses.

My point was that if people think banks should design their systems to help facilitate this type of transaction, they are missing one of the points of having banks, which is to help ensure that as much commerce as possible is recorded.

2 Likes

Personally I would like a draconian Law prohibiting transactions over £30 being done in cash. That would force all these shops that fiddle their taxes to reconsider card acceptance. Also the HMRC should swoop on places like hairdressers in raids to check how much cash they have on premises and extrapolate that to longer term earnings and see if it ties up with amounts they are declaring.

4 Likes

I actually don’t think it would ever need to be a law, people pressure with contactless, new tech etc seems to pushing more and more places to face the fact that physical cash is on the decline/out… Who would of ever thought a bus would take card not cash? or that HMRC would be sending you your tax refund by faster payments! ha

If I go somewhere and they don’t take card I generally take my business elsewhere. It’s their loss, I don’t like using cash. Unless you’re in a specific scenario (getting the bus) there are plenty of other businesses to choose from.

1 Like

I’m getting to that point now also, I also took my business elsewhere from a takeaway near me who tried to add on a card charge the other night, using the it’s small purchase “service charge” line…

1 Like

A tradesman might be charging £40-50 or so which in cash isn’t the end of the world.

But £7,500 in cash? No sir. Not in a million years.

2 Likes

Or process multiple £30 transactions.

1 Like

That’s against the law now though, isn’t it?

2 Likes

Yeah thats why they say it’s a service charge not a card charge… Justeat is a big example of this, they add a service charge onto every order, rather than just card charges to get around it!

1 Like

Yes and no, I believe they can’t have a card charge, so they renamed it to a service fee… which is OK…

1 Like

That would be very difficult to enforce - hence this issue!

1 Like

This topic was automatically closed 180 days after the last reply. New replies are no longer allowed.