refusing to accept cash

Quote: Pacomartin

PayPal fills a need which should be taken care of by central bank digital currency.
.

Yet I have a PP debit and CC and
have never used either. I called
two places where I wanted to pay
a bill and neither accepted PP.
For me it's been pointless so far.

Quote: Evenbob

I called two places where I wanted to pay a bill and neither accepted PP. For me it's been pointless so far.

I think they introduced The PayPal Cash Mastercard® on 1 October 2017. The PayPal Cash Mastercard® is not a credit card, so no credit check is required.
Now you can pay with PP at every place that accepts MasterCard (which is almost everywhere).
https://www.paypal.com/us/webapps/mpp/paypal-debit-card



The PayPal Cash Mastercard® is different than the PayPal Prepaid Mastercard® (confusing I know). The first one you can spend the entire amount in your PayPal account and is free. The second one costs $4.95 /month and you can only spend the money you load on it.
https://www.paypal-prepaid.com/prepaid-debit-card/applyNow.m

Do American banks have what is called 'interact transfer' here in Canada? It is tied to your bank account but makes it dead simple to pay someone. Send them an e-mail and a password you have set up with them and it is done in a minute to two. I use it all the time to send money to kids and grandkids, pay my rent, pay and get paid for my business expenses. Haven't written any cheques for years. Most of the banks in Canada don't even have cheques as an option on personal bank accounts and have announced they are ending business cheques in a year or two. It depends on how the account is structured that you have but I have unlimited xfers both ways on my personal account and enough free ones on my business account I never go over. I get more business invoices paid with the transfers than cheques or traditional electronic deposits. Many times I e-mail an invoice and have transfer back which I deposit all within 10 minutes.

I can do it from my phone from anywhere in the world I have cell data or e-mail if I feel it is secure enough. Can take my cell plan with me to the US for $7 a day or $12 a day to most other countries in the world which is fine for a typical holiday.

I made a few purchases on e-bay years ago and had a paypal account. Got screwed twice, after paypal wouldn't do anything for me the second time I was done with them and closed my account. Have never found a need to re-open an account.

I will owe Soopoo $20 in a few days for the Deadpool. Any thoughts how I can pay him easily without paypal?

Quote: kenarman

Do American banks have what is called 'interact transfer' here in Canada?

Strictly Canadian

Quote: kenarman

I will owe Soopoo $20 in a few days for the Deadpool. Any thoughts how I can pay him easily without paypal?

Other than writing a personal check, I don't know any other way to do it without a fee besides PayPal.

Walmart -2 Walmart is $3 for USA to USA (under $50), but I think it might be $4 from Canada to USA. Soopoo has to go to a Walmart to pick up the cash. They set the exchange rate. All you have to do is give his name and the State he lives in.

PayPal takes a few days to set up, but once it is in place you have it available. Accounts are free and you can connect your bank account in two ways. You must) give your routing and account number and (1) verify by having PayPal send two small amounts of cash and then withdrawing them ( example 6¢ and 3¢). They ask for the two deposit amounts and getting them correct verifies you own the account. The other way (2) is you must supply your username and password. The second way is instant, while the first takes a few business days. Then you need Soopoo's e-mail for his account.


Venmo is owned by PayPal.

Quote: Pacomartin

The PayPal Cash Mastercard® is not a credit card

I have a PP MC and it IS a CC,
has a credit limit.

There are three different cards from MasterCard and PayPal
1) Credit Card
2) Prepaid "Credit" Card
3) Debit Cash Card

You don't need a credit check for #2 and #3. The difference between them is that #3 has access to the entire PayPal balance while #2 has to be loaded. You must pay $4.95 a month for #2, but if you were giving it to a child or a spouse you may want to limit the damage they can do.

Quote: Pacomartin

you don't need a credit check for #2 and #3.

I have a $500 limit on the PP
MC, I have never used it, I
keep it for emergencies, there's
no fee's.

Quote: kenarman

Most of the banks in Canada don't even have cheques as an option on personal bank accounts and have announced they are ending business cheques in a year or two.

Wow, that's quite a revelation! In the US this would not fly at all at present, however, we may be looking at the future.

We certainly have electronic transfer and anymore I write few checks, though the missus still writes a few per month, enough for me to have to order checks after a couple of years or so. In order to receive electronic transfer, some sort of special status seems to need to be in place. Nobody in the US transfers money personal account to personal account by electronic transfer unless I am very much mistaken [thus the need for Paypal or similar]

PS: money transfer using Walmart or a drug store is common, and expensive too.

Quote: odiousgambit

Nobody in the US transfers money personal account to personal account by electronic transfer unless I am very much mistaken [thus the need for Paypal or similar]

PS: money transfer using Walmart or a drug store is common, and expensive too.

We have ACH but that is really a glorified check. When I was in the loan department people confused ACH with a wire all the time, causing more than a few problems.

WMT or Western Union are mostly used by the unbanked lower classes and those who have been shut out of the banking system by the feds for some reason, usually unpaid taxes or liens. That and OC who do not want any paper trail.

US banknote production statistics made much more sense decades ago. If we look at the 1974 series produced in just over three years under Presidents Ford and Carter, the statistics are as follows:

5,004 million ←-→ $1
1,398 million ←-→ $20
1,048 million ←-→ $5
989 million ←-→ $10
188 million ←-→ $100
145 million ←-→ $50

Obviously, the $1 banknote wears out quickly. There is not a huge difference between the $20, $5 and $10 but the $20 was more suitable for the new ATMs. The $100 has always been more popular than the $50, but both banknotes were produced in numbers smaller than the population of the country (which was between 203 and 227 million in the 1970s).

Now, look at the print order for a single year for 2018.

2,502.4 million ←-→ $1
1,548.8 million ←-→ $100
1,548.8 million ←-→ $20
729.6 million ←-→ $5
339.2 million ←-→ $10
224.0 million ←-→ $50

Keep in mind that the $1 banknote wears out quickly and most of the production is dedicated for replacement. Active circulation of the $100 banknote now exceeds both the $20 and the $1.

Quote: kenarman

Most of the banks in Canada don't even have cheques as an option on personal bank accounts and have announced they are ending business cheques in a year or two.

Unlike the USA which orders 1,549 million $100 banknotes in a single year, total circulating banknotes in Canada as of the end of 2017 are just under 2,200 million

997 million ←-→ $20
471 million ←-→ $100
297 million ←-→ $50
269 million ←-→ $5
150 million ←-→ $10

Obviously, the Canadians are not printing the $100 for world consumption like the USA, and they are not as averse to using the $50 as they are in the USA.

Since the business of printing high denomination banknotes and exporting them for use in other countries, do you see Canada getting into the act?
Banknotes as a % of GDP as of the end of 2017:

U.K. 3.9% GDP ←-→ 3.1% GDP in 1988
Canada 4.3% GDP ←-→ 3.0% GDP in 1988
Australia 4.6% GDP
The United States 8.2% GDP ←-→ 4.4% GDP in 1988
Euro area 10.7% GDP ←-→ 6.8% GDP of Germany in 1988
Switzerland 12.7% GDP ←-→ 9.8% GDP in 1988
Hong Kong 17.3% GDP