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Also an Aussie; first heard it called “cash back” while in London UK. Found it very confusing. Cash back from where?
by simondotau 4y ago
Also an Aussie; first heard it called “cash back” while in London UK. Found it very confusing. Cash back from where?
- bigbluedots 4y agoAgree, "cash back" sounds like bonus money
- s0sa 4y ago“Cash back” from the amount they just charged your account?
- simondotau 4y agoThat would make sense if, per your reply, the question is posed after the money has been taken from my account. But that's not how it works.
- PeterisP 4y agoBecause unlike in an ATM withdrawal where you take money out from your bank, you just paid the merchant a bunch of money, and the merchant is giving some of that payment back to you as cash.
- simondotau 4y agoIn Australia, a retailer will only hand you cash if you pay using EFTPOS (analagous to debit in USA parlance, but is a domestic bank network) which has a very low fixed fee per transaction. That is, if the transaction is happening anyway, an additional "cash out" component has zero bank fees and thus zero cost to the retailer; it may even be desirable if it lowers their cost/risk involved with banking cash. [0] https://en.wikipedia.org/wiki/EFTPOS#Cash_out https://en.wikipedia.org/wiki/EFTPOS#Cash_out