dunedin
Well-known member
What has not been mentioned is the danger of bank transfers across boarders. It might arrive in your account, and your bank will say it is cleared, but it is not actually cleared for some time and the money can be called back - thats how some of the scams work when you get a good price for the sale of a car, and your bank says its cleared - but its not actually properly cleared. You loose your money. Fine if its a SEPA payment - thats a complete transaction in one go.... but they do it the old fashioned chaps way.
Lots of dogy 100 and specially 500 euro notes around. The 500s were especially for the italian money laundering market.
You are right about the need to have clarity on when payments are cleared - but I think most of the fraud was related to cross-border cheques, which could be revoked for many weeks after payment.
Electronic transfers much more secure and faster. Within the EU the vast majority of cross border payments will now be be SEPA (Single European Payments Area) Payment.
CHAPS is not the "old fashioned way" - it was always Sterling only within the UK, primarily very high value stuff. So not relevant for the OP. But still used for Trillions of £ daily, and the fastest and most secure form of settlement (for ££££ in UK).
Lots of ways to lose money with bulk cash.