Sunday, August 06, 2006

money

New Zealand is small and technologically it's generally behind - its Internet connections are slower and more expensive than most developed countries, its power grid can barely keep up with demand, its electronic goods are more expensive.
However, its small size also allows it to implement national changes quickly if it wants. This week, the country not only phased out the 5-cent coin (they got rid of the penny some years ago), it's also changing the size of all it's other coins (right now, New Zealand has some of the biggest coins in the world. I came across some US change the other day, and was struck by how small and thin it seemed in comparison). For the last week, the new coins and old coins have both been used, a situation that will continue for three months, at which time the old coins won't be accepted anywhere. Almost no one seems to care or even notice, except the vending machine owners.

The banking system also has a few features I wish we had back home. For instance, you can transfer money between any bank accounts, regardless of which banks they are with, with just the account number you want to transfer money into and a few other small details.
This is very handy when you want to pay people or bills. It's instant, you don't have to pay the postage to mail a check, and it's free.
You can also use your ATM card to pay anywhere, with a PIN. I know we have the debit cards back home, but at least when I left, I was generally using a check card and still signing for most things. Here, every business has a key pad by the register so you can enter your PIN. It's literally everywhere, and apparently has been for many years, far more than debit cards have been widespread back home.

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