Financial Services
Legal validation: 10/4/2011
Means of payment
This section of the website looks at a number different types of payment including cash, bank cards, cheques, E-money and Direct Debit. Although these means of payment sound familiar, how much do you really know about their rules, regulations and risks?
The links below will help you find your maze through the different methods of payment and help you to understand the different issues linked to each method.
Although bank cards, cheques and cash are the most widely used means of payment, there are other ways you can pay for goods and services which are also considered in this section. However, these alternative means of payment will vary both in terms of cost and safety.
Cash payments
Although everyone can recognise banknotes and coins, and uses them for every day shopping, the laws, rules and regulations controlling the use of cash are often unknown. If you plan to go on a holiday or travel outside the UK, you will inevitably need to make payments in the country you are visiting. Which currency will you use? The answer depends on where you are travelling to and whether the country of destination is part of the single currency zone - the euro (...) Read more
E-money
The way we use hard currencies today could see radical changes in the near future. For example, banks who are forever trying to reduce their operating costs, have developed the concept of E-money. This latest form of payment is designed to cover all daily small transactions and thus reduce the need for coins and small banknotes. Read more
Cheques
A cheque is a written instruction to your bank to pay a specified sum of money to a named account holder or named bearer. The money is debited from your bank account. As such, if you want to write cheques, you need to have a bank account. This section of the website explains more about cheques and their use. Read more
Debit and credit cards
Payment by plastic is commonplace nowadays, but with the wide range of different types of payment card it is important to choose the one which suits your lifestyle. This section is intended to provide an insight into the differences to help you make an informed choice. Today, there are around 141 million multi-function payment cards in the UK. The following pages also highlight some of the various mechanisms involved when paying by card. Read more
Other means of payment
Although bank cards, cheques and cash are the most widely used means of payment, there are a number of other ways you can pay for goods and services. However, these alternative means of payment will vary both in terms of cost and safety. It is, therefore, important to read the information in this section as it will give you background information about bank transfers, online payments and direct debits. Read more
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