Can a business legally refuse to accept cash as payment ?

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FNQsilver

Member
Had an interesting experience today, a business I was dealing with refused to accept cash as a method of payment citing security as the refusal, they did provided EFTPOS as the " their" method of payment.

Does anyone know if a business has a " legal" obligation to accept cash as payment ?
 
Most airlines and hotels refuse cash.. They have a reason to I suppose..

As a business owner you can pretty much accept/refuse any tender you like.
 
If you are buying their product or service, they can chose to accept or not accept any method of payment they like.
But if you are in debt to a company or person for something, then they cannot refuse cash. Hence why our money has "Legal Tender" written on it:
https://en.wikipedia.org/wiki/Legal_tender
 
thats surprising as I would have thought that most business would happily accept cash so as not to pay tax on it.
 
It was a real estate agent, went to pay a months rent on a property I am renting, which would have made it 6 weeks in advance and they would not accept the cash.

They recently introduced a third party payment system that charges a fee to make payments.

I guess by making EFTPOS their fee free method of payment they would complying with their obligations.

Crazy, the property I renting out, I get charged a commission by the agent, the property I am renting, a third party wants to make a commission for making payments, should come out of the agents fees the way I see it as they are doing less work.
 
I set up Bpay weekly deductions from my savings account into real estates Bpay company/system,
Its interesting you do get charged a "fee". It should not be the case. Otherwise get a cheque book and write weekly fortnightly or monthly rents and date them accordingly (what a waste of time :) )

Well I havent heard before you do get charged to pay your rent... Unless you are trying to pay by using credit card? you shouldnt be charged extra.

Real estate agents :) their time bomb is ticking, I hope its gonna be swift correction as Sydney housing is a nuclear disaster...

FNQsilver said:
It was a real estate agent, went to pay a months rent on a property I am renting, which would have made it 6 weeks in advance and they would not accept the cash.

They recently introduced a third party payment system that charges a fee to make payments.

I guess by making EFTPOS their fee free method of payment they would complying with their obligations.

Crazy, the property I renting out, I get charged a commission by the agent, the property I am renting, a third party wants to make a commission for making payments, should come out of the agents fees the way I see it as they are doing less work.
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Arsenal said:
thats surprising as I would have thought that most business would happily accept cash so as not to pay tax on it.
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You do still have too, most companies can't hide much cash off the books, with outgoings and so on need to bank everything to pay the bills.
 
My understanding is that real estate agents use to handle a lot of cash on Saturdays. There were no banking facilities so they were often robbed. It was more an OH&S problem. They could be this pedantic as it was not their money and renters still had an obligation to meet their rent.
 
CURRENCY ACT 1965 - SECT 16

Legal tender
(1) A tender of payment of money is a legal tender if it is made in coins that are made and issued under this Act and are of current weight:

(a) in the case of coins of the denomination of Five cents, Ten cents, Twenty cents or Fifty cents or coins of 2 or more of those denominations--for payment of an amount not exceeding $5 but for no greater amount;

(b) in the case of coins of the denomination of One cent or Two cents or coins of both of those denominations--for payment of an amount not exceeding 20 cents but for no greater amount;

(c) in the case of coins of a denomination greater than Fifty cents but less than Ten dollars--for payment of an amount not exceeding 10 times the face value of a coin of the denomination concerned but for no greater amount;

(d) in the case of coins of the denomination of Ten dollars--for payment of an amount not exceeding $100 but for no greater amount; and

(e) in the case of coins of another denomination--for payment of any amount.

(2) For the purposes of subsection (1), a coin shall be deemed to be not of current weight if it has become diminished in weight by wear or otherwise so as to be of less weight than the weight prescribed as the least current weight of that coin.
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willrocks said:
They can before you purchase. However if you owe money they cannot.
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This is the case in NZ also.
ALL DEBTS can be paid.
Coins and notes have a denomination limit before they cease to "legal tender"
Over here the values id consider small.
50cent coins only have HAVE TO BE ACCEPTED upto $5 in value for purchases.
That is not the same rule applied to DEBT PAYMENT.
 
Evidently not the case in Shenyang.

The man walked into a Shenyang dealership and used 660,000 yuan ($136,000) in coins and 20,000 ($4,000) yuan in banknotes to buy his new 4S vehicle, reportsThe Shanghaiist.

It took ten very obliging staff members to move the coins from the back of a truck into the store. The coins, which weighed four tonnes in total and were over four meters tall when piled up, were diligently weighed and counted.

The man reportedly works at a petrol station and explained that he collected the coins from buses that stopped to refuel. He decided to use them to save up for a new vehicle.
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What an asshole.
 
Puts a new spins on paying for something with "loose change", image trying to store that many coins.

Pity it was not a stack of Panda's !!
 
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