Cash is a payment method composed of coins and notes. It is a universal payment method which acceptance is mandatory. A merchant can refuse the payment through cheques or debit/credit cards but cannot refuse to receive cash as a way of payment. It is also a means of immediate liquidity, once the payment for the good or service provided is immediately received.
However, cash as a payment method is also subject to frauds. Therefore, Central Banks encourage people to use other payment instruments, which are increasingly practical, convenient and safe.
In addition to the above, it is important to be aware of the characteristics of existing coins and notes to be able to identify its authenticity. To learn how to do it, please click here.
It is not advisable to transport big quantities of coins or notes. Don’t forget that a card has your name, but cash does not, so it will be difficult to prove that it is yours.
Also ensure that your cash is in good shape! If a note is damaged, there’s a risk of not being accepted.