Ireland to phase out 1 cent and 2 cent coins

Collie D · 15-06-2015 3:30pm

ScumLord wrote: »

All the while they're quietly worming their way into getting a cut of every purchase made in the country. Think of how much money that must generate.

Twice...on the retailer's side and the buyer's

Cookie_Monster · 15-06-2015 3:30pm

kneemos wrote: »

It costs 20 cents to swipe your card . That's why cash is used.

WTF, why does it cost so much :eek:

(because its Ireland)

contactless visa debit is the way forward. costs me $10 (6.25 eur) a year regardless of transactions everywhere accepts it (contactless or swipe & pin), super fast and no need to ever have to carry cash anymore. Combined with bamking app on phone means instant visibility of account and all transactions to so you do know how much you have left as well.

SMJSF · 15-06-2015 3:34pm

Ah! I've E20+ in 1c, 2c & 5c coins building up.
What happens when they officially stop them and you still have them? Will the banks/PO still accept them to convert or will they be worthless?

Cookie_Monster · 15-06-2015 3:41pm

SMJSF wrote: »

Ah! I've E20+ in 1c, 2c & 5c coins building up.
What happens when they officially stop them and you still have them? Will the banks/PO still accept them to convert or will they be worthless?

central bank will always accept them, just like the old Punt

ScumLord · 15-06-2015 3:46pm

Cookie_Monster wrote: »

contactless visa debit is the way forward.

I'm sure I read in the terms somewhere that contactless has no minimum fee.. It was an asterix somewhere after they said it was the same 20c charge.

Enjoy Heroin Responsibly · 15-06-2015 3:48pm

jonnypacket wrote: »

Prices will remain the same if paying with card. You should be charged a premium if you insist on paying with cash, in my opinion. It's an antiquated method of payment the belongs in the last century.

Do you pay your drug dealer with your credit card or your debit card ?

There will always be a need for cash. If the day ever comes in that the government stops issuing it then a private currency issuing body will step in (its already happened with bitcoins) Some of us (even if we arent buying drugs) dont want the banks raping us with transaction charges and knowing what were spending our money and selling the information on to marketers.

Canis Lupus · 15-06-2015 3:48pm

ScumLord wrote: »

They can try doing that, then the next shop down the road will round down and put up a big sign saying they're cheaper than the guy that rounded up.

Or they all round up

Greenmachine · 15-06-2015 4:06pm

I honestly still prefer to have cash for day to day stuff. I like to know how much cash I have in a give week for day to day stuff. I can Keep sufficent funds in the bank for things like loan repayment, mobile phone bills and monthly subscriptions. I won't lose any sleep over loosing the 1c and 2c coins. Prices will be rounded down just as often as they are rounded up, and it won't happen till the end of the complete transaction not on every item. I do think more places should have contactless payments however. As long a certain place require cash for some transaction this is going to be a neccesity e.g. paying a bill in my local payzone can only be done in cash.

Enjoy Heroin Responsibly · 15-06-2015 4:26pm

Must admit I dont really "get" this contactless thing.

If money can be taken from ones card/account without any physical contact or verification/PIN how can such a system possibly be secure ?

And how is it cheaper than chip and pin ?

LeinsterDub · 15-06-2015 4:28pm

Vandango wrote: »

You can be certain prices will rise.

Don't forget to ware sunscreen

ScumLord · 15-06-2015 4:29pm

Enjoy Heroin Responsibly wrote: »

Must admit I dont really "get" this contactless thing.

If money can be taken from ones card/account without any physical contact or verification/PIN how can such a system possibly be secure ?

And how is it cheaper than chip and pin ?

It's not really cheaper than chip and pin, it requires it's own technology but it shouldn't ad any significant expense as time goes on and it becomes the norm.

It basically sends your card number to the machine wirelessly and you skip the pin number part. So it's slightly less secure in the sense you don't need the pin.

Greenmachine · 15-06-2015 4:36pm

Enjoy Heroin Responsibly wrote: »

Must admit I dont really "get" this contactless thing.

If money can be taken from ones card/account without any physical contact or verification/PIN how can such a system possibly be secure ?

And how is it cheaper than chip and pin ?

BOI, charges 1c per transaction for this instead of 20 odd cent for a chip and pin transaction. If there are any fraudulent transaction using contactless payment the bank will refund the customer.

Enjoy Heroin Responsibly · 15-06-2015 4:41pm

Greenmachine wrote: »

If there are any fraudulent transaction using contactless payment the bank will refund the customer.

That all sounds well and good in theory but how exactly does one go about proving it ?

Greenmachine · 15-06-2015 4:46pm

Enjoy Heroin Responsibly wrote: »

That all sounds well and good in theory but how exactly does one go about proving it ?

That a question for you to ask the bank. I imagine once you report your card stolen you are not liable for charges anyway.

smash · 15-06-2015 4:50pm

Lads, don't be fooled into thinking that shops will round it down. You wont even see it at the till, the prices will just go up and be printed on the labels for most items.

ScumLord · 15-06-2015 4:53pm

smash wrote: »

Lads, don't be fooled into thinking that shops will round it down. You wont even see it at the till, the prices will just go up and be printed on the labels for most items.

I don't think you'll see any hike initially. I'm sure most supermarkets will make a big deal out of rounding down. I doubt it will affect them much, they have a range of ways of increasing prices and dropping them back down for a "sale". It will just be a blip in their usual pricing methods.

AMKC · 15-06-2015 4:53pm

KevIRL wrote: »

Explain how you think this is going to drive up prices?

Because shops will round prices up more than they will down so they don,t make a loss and will also use this as a change to rise prices on certain products without anyone realising it. Before you know it everything from going to the shops to cinema to drinks etc will be more expensive than they were.

kneemos · 15-06-2015 4:55pm

smash wrote: »

Lads, don't be fooled into thinking that shops will round it down. You wont even see it at the till, the prices will just go up and be printed on the labels for most items.

It probably pointless trying to explain this.
I think it was a politician of some colour on the radio earlier complaining about the increase in prices,and on the central bank his view was 'well why should the public pay for it'?

smash · 15-06-2015 4:57pm

ScumLord wrote: »

I don't think you'll see any hike initially. I'm sure most supermarkets will make a big deal out of rounding down. I doubt it will affect them much, they have a range of ways of increasing prices and dropping them back down for a "sale". It will just be a blip in their usual pricing methods.

The old marketing trick of "ONLY €4.95" kind of thing will pop up, without people realising that it used to cost 4.87

anncoates · 15-06-2015 5:00pm

jonnypacket wrote: »

So which are you - poor or an illegal immigrant?

Crystal ball reckons jonnypacket2 will soon be required

osarusan · 15-06-2015 5:04pm

anncoates wrote: »

Crystal ball reckons jonnypacket2 will soon be required

I am sure that somebody else in his house also uses his account without his knowledge. He must have forgotten to log off once or twice.

ScumLord · 15-06-2015 5:05pm

smash wrote: »

The old marketing trick of "ONLY €4.95" kind of thing will pop up, without people realising that it used to cost 4.87

They do that regularly anyway. "On sale this week, over priced every other week".

Jesus Wept · 15-06-2015 5:07pm

over my cold dead body

smash · 15-06-2015 5:08pm

I wonder if my wages will be rounded up....

Jesus Wept · 15-06-2015 5:09pm

It's a slippery slope, always starts like this. Next it will be rounding to the nearest 10c, then euro, then tenner, and so on.

BoJack Horseman · 15-06-2015 5:10pm

smash wrote: »

I wonder if my wages will be rounded up....

No.

You in particular will be docked pay.

Government order.

15-06-2015 5:15pm

The Rodgers wrote: »

It's a slippery slope, always starts like this. Next it will be rounding to the nearest 10c, then euro, then tenner, and so on.

Hasn't happened after 10+ years in Holland. Only reason for it would be high sustained inflation which isn't looking like an issue any time soon.

crockholm · 15-06-2015 5:15pm

I'm aginnit,I quite enjoy collecting all the different coins from all the different eurozone countries and now the gubbermint have taken a huge dump on my head and make it even more tricky to get 1 and 2 cent coins from the more obscure nations.It was a nice harmless little hobby.

murpho999 · 15-06-2015 5:16pm

Deleted User wrote: »

Hasn't happened after 10+ years in Holland. Only reason for it would be high sustained inflation which isn't looking like an issue any time soon.

The Dutch are tight feckers and wouldn't let shops away with sneaky rounding up!

smash · 15-06-2015 5:17pm

BoJack Horseman wrote: »

No.

You in particular will be docked pay.

Government order.

Fcukers

Ireland to phase out 1 cent and 2 cent coins

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