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Cash around the world

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Cash around the world

It seems like the tendency it is to go to a cashless world, but nothing further to reality. Even some countries are trying to get raid of cash, cash is needed. A few weeks ago we published an article about the benefits of cash but this week we are going to check some data about countries that rely on cash.

Cash vs Card

As we saw in the mentioned article there are many reasons why cash is needed or preferred. Freedom being one of the most important reasons for it. The cost of thigs is another reason. Security being another one. And finally, not being dependent on the internet will be some of the reason why cash is needed in today’s world

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Countries

There is the list of countries that are more reliant on cash in the world. Morocco is the country on the world that is more dependent on cash, but at the same time is an interesting example. Since more than 80 percent of the country has access to internet the technology is not the issue here. But we can see that not many people have bank accounts. This develops a chain of circumstances that end up creating a cash society. If an establishment does not have a bank account, the customer can not pay in cash. The establishment will pay in cash to providers and so on.

Tust in Banks

In some countries, the trust in the banking sector is low, that is one of the reasons why the population prefers to keep their money in cash. We seen examples thru time of banking systems collapsing and customers losing all they had in their accounts. This is hard to believe to happen nowadays but some counties still not trusting the banks in their countries.

Geography

We can see in the list that there are countries for all around the world and this shows us an important fact: cash is necessary all around the world. If all the countries from the list would be in one particular part of the world, we could consider that is something from that part of the world. But the fact is that we can see on that list different countries with different peculiarities.

Europe

Europe is different. Since most of the countries use the Euros and most countries being part of the EU, is hard to point out which countries use more cash than other because the whole economic system force countries to work in a certain way. But as we can see in the list above, even within Europe there are countries that still using cash more than others. Obviously, most of them have their own currency, but there still some countries that using the euro have a huge cash reliance..

Eurochange

At Eurochange we accept most currencies from all over the world and this is why: if you use cash in your country, we will never put barriers for you to use cash in Spain. Our mission is to give you all solutions, and that is why you cash will be always welcome at Eurochange to be able to exchange it for euros. 

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