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What's with the rounding down of money?

What's with the rounding down of money?

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Old Sep 15th 2010, 5:53 am
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Default What's with the rounding down of money?

I was in Woolies Today and they let me off 2 cents.

It came to $2.22. I gave her $2.25 and she gave the 5C back to me. I checked the slip when I got home and it said -$0.02 cents for rounding.

Is this normal?

I see there are no 1 cent coins, so do they round up at all?

Would never happen in the UK!

Last edited by Alfresco; Sep 15th 2010 at 5:57 am.
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Old Sep 15th 2010, 5:55 am
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Default Re: What's with the rounding down of money?

They do it the other way too. In fact, they always seem to be rounding up on me. (not literally, that would be unfair).

I've yet to see a 1cent coin.
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Old Sep 15th 2010, 5:58 am
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Default Re: What's with the rounding down of money?

Originally Posted by Alfresco
I was in Woolies Today and they let me off 2 cents.

It came to $2.22. I gave her $2.25 and she gave the 5C back to me. I checked the slip when I got home and it said -$0.02 cents for rounding.

Is this normal?

Would never happen in the UK!
That's because there a no 1 or 2 cent coins anymore. They will round down or round up depending what the cost is. For example 21 & 22 cents will be rounded down to 20 cents whereas 23 and 24 will be rounded up to 25 cents.
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Old Sep 15th 2010, 5:59 am
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Default Re: What's with the rounding down of money?

Originally Posted by Alfresco
Would never happen in the UK!
Until the get rid of 1 and 2 pence pieces.
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Old Sep 15th 2010, 5:59 am
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Default Re: What's with the rounding down of money?

Yes so when you buy your petrol, then make sure you get your money's worth! I get $20.92 and get two cents free every time.
I'm frugal like that.
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Old Sep 15th 2010, 6:00 am
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Default Re: What's with the rounding down of money?

Originally Posted by Alfresco
I was in Woolies Today and they let me off 2 cents.

It came to $2.22. I gave her $2.25 and she gave the 5C back to me. I checked the slip when I got home and it said -$0.02 cents for rounding.

Is this normal?

I see there are no 1 cent coins, so do they round up at all?

Would never happen in the UK!
It's a good system. UK should do the same.
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Old Sep 15th 2010, 6:00 am
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Default Re: What's with the rounding down of money?

Thanks guys.

Yep just figured it out. Wifey says they do it in Dubai too!

At least we know what to expect when we pay more i.e. round up.

Swings and roundabouts.
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Old Sep 15th 2010, 6:03 am
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Default Re: What's with the rounding down of money?

Originally Posted by knockoff nige
They do it the other way too. In fact, they always seem to be rounding up on me. (not literally, that would be unfair).

I've yet to see a 1cent coin.
Thanks

Originally Posted by Deancm_MKII
That's because there a no 1 or 2 cent coins anymore. They will round down or round up depending what the cost is. For example 21 & 22 cents will be rounded down to 20 cents whereas 23 and 24 will be rounded up to 25 cents.
Originally Posted by Deancm_MKII
Until the get rid of 1 and 2 pence pieces.
Yep I agree.

Originally Posted by TiddlyPom
Yes so when you buy your petrol, then make sure you get your money's worth! I get $20.92 and get two cents free every time.
I'm frugal like that.
Tsk tsk tsk! I'm gonna try that.

Originally Posted by Amazulu
It's a good system. UK should do the same.
Saves on carrying huge amounts of copper around. Although Oz coins are huge enough already.
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Old Sep 15th 2010, 6:32 am
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Default Re: What's with the rounding down of money?

Originally Posted by Amazulu
It's a good system. UK should do the same.
I agree, hated all that shrapnel in my purse during my trip back to the UK.
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Old Sep 15th 2010, 6:35 am
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Default Re: What's with the rounding down of money?

Originally Posted by Alfresco
Tsk tsk tsk! I'm gonna try that.
Just go a put $10.02 in your car everytime you refuel. The more you refuel the more money you save.
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Old Sep 15th 2010, 6:40 am
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Default Re: What's with the rounding down of money?

Originally Posted by Alfresco
I was in Woolies Today and they let me off 2 cents.

It came to $2.22. I gave her $2.25 and she gave the 5C back to me. I checked the slip when I got home and it said -$0.02 cents for rounding.

Is this normal?

I see there are no 1 cent coins, so do they round up at all?

Would never happen in the UK!
If you pay by credit card or eftpos (debit card) or bank card then they deduct the exact same amount and there is no rounding off.
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Old Sep 15th 2010, 7:04 am
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Default Re: What's with the rounding down of money?

Originally Posted by student_pr
If you pay by credit card or eftpos (debit card) or bank card then they deduct the exact same amount and there is no rounding off.
That's why you should always pay in cash. It also stops the banks profiling you.
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Old Sep 15th 2010, 7:47 am
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Default Re: What's with the rounding down of money?

Originally Posted by Deancm_MKII
That's why you should always pay in cash. It also stops the banks profiling you.
You'll save far more money by paying by eftpos. More money you take our of atm, the more you spend.
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Old Sep 15th 2010, 7:58 am
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Default Re: What's with the rounding down of money?

Originally Posted by Deancm_MKII
Just go a put $10.02 in your car everytime you refuel. The more you refuel the more money you save.
Around here petrol is at least 10-15 cents above the Brisbane average, so hardly gonna save much unfortunately.

BP seem to be the most expensive.
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Old Sep 15th 2010, 10:35 am
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Default Re: What's with the rounding down of money?

Originally Posted by knockoff nige
You'll save far more money by paying by eftpos. More money you take our of atm, the more you spend.
Dunno how you work that out?
I take out my budget money every week. I never have to use EFTPOS. I keep to the budget.

Using EFTPOS is easier and you don't know how much you're spending.
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