How cashless solves the problem of old banknotes and why it is more beneficial than cash

Some people complained about the reluctance of financial institutions to accept or exchange old dollars and euros. Others complained about the refusal to accept old bills (issued in 1996). After several meetings with the National Bank and the tightening of the regulatory framework, the problem seems to have been resolved: one by one, banks declare their readiness to adequately handle all foreign banknotes.

But even after all this, there are still those who complain. This time it is the fees. In other words, first they complained that they could not get their used dollars back, but now they do not want to pay a fee for sending their torn or worn out bills for collection. As for foreign currency, each bank determines the amount individually according to the current legislation. Only the old hryvnia, the national currency of Ukraine, can be exchanged for free.

I can only say one thing to all those who are dissatisfied: there is only one thing better than worn-out or old money - cashless funds. Yes, they are! Because they will never become obsolete, worn out, or old. With such savings, you do not have to worry about the color of a dollar bill - white or blue. It is on the account, and it is yours.

If you are going to to invest in foreign currency, it is better to do it in cashless form.

• First, for a long time, buying it from an account was cheaper than buying it from an exchanger (a more favorable purchase rate). In addition, taking into account various commissions and the pursuit of the blue dollar, it will be cheaper even now.

• Second, keeping funds in accounts has always been safer and cheaper. The bank is responsible for the money accepted from the client, and the state guarantees 100% of the deposits of individuals in any bank during martial law + 3 months. You no longer need to split your deposits into parts and scatter them among different banks as you can place everything in one account. Moreover, if you do not withdraw funds from your accounts, you will not have to pay a cash-in fee.

• Thirdly, when placing money on deposits of 3 months or more, the bank accrues interest to the depositor. You can not only accumulate funds, but also earn money on them.

If you want to invest in foreign currency, you will earn less. If you open hryvnia deposits, you will get more. Banks are already paying 18% per annum. In addition, neobanks make it possible to regularly monitor interest accrual and receive interest payments on a monthly basis, which is a good help to the family budget and provides passive income.

For many people, it is even easier to procrastinate. There is no need to ‘pull money out of your soul’ every month. With your permission, the bank will do this automatically. It is enough to activate the regular deductions feature in your banking application. For example, send 5-10% of each salary to a deposit, and savings will be formed almost imperceptibly. You will gradually save up for your goal, whatever it may be (vacation, home appliances, car, etc.). It is also more convenient to make cashless payments later.

Cashless payments have always been convenient and beneficial, but now it is especially so in difficult times of war. You receive your salary on the card and it is better to pay for your expenses using plastic or a mobile application. No need to go to a bank branch.

You can download the banking application, send your documents to the manager, pass verification, and open an account remotely. That's it. You can use it freely. An NFC chip can be installed anywhere: whether it is a cell phone or a bracelet, it is enough to make cashless payments. In today's Ukraine, they are accepted not only in shopping centers or supermarkets, but even in markets. If people do need cash, it is only in some (very few) cases. Large amounts of cash are not necessary any more.

Therefore, there is no need to constantly spend money on cashing out, worry about the appearance of banknotes or about whether they can be exchanged without a fee. With cashless payments, you do not have to think about all this. If you earn cashless, you can spend cashless. There are no problems with banknotes and you do not have to spend time running around bank branches. It is cheaper and more convenient.