It seems all my posts are about living in Sweden these days but I see such a difference in outlook depending upon who posts. Here goes anyway. Sweden and Scandinavia are so far ahead of the UK and US when it comes to financial transactions that it's not even funny.
Cheques (or checks) do not exist and have not done since the early '90's I think. You cannot pay cash into the bank anymore except at very select locations. The majority of banks are cashless.
If I pay a bill here, as long as i do it before 14.00 then it gets paid the same day. Otherwise it's the day after. Not of htis 3-5 business days nonsense. I remember laughing at a Bank of America slogan a few years ago. They were so proud to "Handle over X million checks every day". To a Scandinavian, that's like saying "We proudly add it all up on an abacus".
Paying by card is so prevelant and everyday here (even for tiny transactions of £1 or £2) that it is very rare to have cash at all. Supermarkets even give away free plastic tokens to act as coin substitutes when you need to release a trolley as no-one has coins in their pockets.
There are no cash discounts, so there is no benefit to a cash payment anymore. Cash is uninsured so if I have a wad in my pocket and get mugged, then tough shit. Any purchases on my card are insured automatically. I can check my balance, lock my card, cancel it completely, transfer funds domestically and internationally free of charge, pay to businesses and private people, pay bills, buy shares, manage mortage repayments, check interest rates and loads more fvia my free bank app without going anywhere near a bank note, machine or branch.
You get paid electronically, you can pay everywhere electronically (and I mean everywhere: shops, taxi, all restaurants, all bars, even market stalls, sole traders etc), there are no transaction fees and you can even pay to private people via a great mobile app called SWISH. You don't need a card with you or the others persons accont details. You "Swish" the money to their mobile phone number and the transaction happens between your banks. Or if you don't have SWISH then you just transfer the money from your account to theirs via your phone. Why would you have cash? If I want to pay a bill, I press the button on my mobile bank app to pay the bill. If I want to give you money, I transfer it via my bank app or SWISH. It takes me less than 30 seconds and I didn't have to go looking for a cash machine.
The only purpose of cash would be to leave no telling items on your bank statement. So if you're buying drugs or dildos then yes, carry on. However, when you go electronic, you don't get a bank statement through the post. My wife never sees my statement (thus hiding all my nefarious purchases
).
We often sell small, cheap items via an online community. All the members are local parents with small children, looking for second hand bargains. We sell and buy old child car seats, clothes, toys etc. The prices for these things are betwwen £1-10. The majority of people SWISH the money via mobile phone.
I understand that $100 bills are common in the US. Why? Because there is so much money laundering and crime related cash on the move. The US banking system is 20 years behind European standards, there is no shortage of cahs in hand work and a lot of people can't get a bank account because of the illegal status. £50 notes and indeed 500SEK notes are given a sideways glance for the same reason. The only people with cash in their pockets in Sweden (sweeping generalisation here) are illegals, criminals (or people who want to appear to be criminals), old people who use cash machines instead of their smartphone, people going out who want to look rich by having a wad in their pocket and bartenders/waiters who have earned tips from the people with wads in their pockets.
