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EU-wide maximum limit of €10K for cash payments

consilium.europa.eu

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Re: EU-wide maximum limit of €10K for cash payments

#201

Post by ilyt »

ISL wrote: post #171
mytailorisrich wrote: post #41

Earlier quoted context omitted.

Wouldn't you need to use that $3000 coin to pay $3000, ie use it for its face value, for this loophole to 'work'? In which case it would not be very useful... If you use it to pay $88k then the transaction is obviously $88k although you've then paid in gold, not cash. I feel that this is a "you can't have your cake and eat it too" situation.

It allows you to acquire coins over time, then use them later to move wealth in a less-traceable way.

You could just do same thing with normal money tho ?

Re: EU-wide maximum limit of €10K for cash payments

#202

Post by andylynch »

neilv wrote: post #79
user_named wrote: post #61

Earlier quoted context omitted.

3x $3000 in cash is also under the limit.

In the US, I think multiple transactions of $9K to avoid a $10K reporting threshold would be illegal: https://en.wikipedia.org/wiki/Structuring

Yes it’s called ‘structuring’ or smirking and is variously restricted in many places since it’s an obvious on-ramp to money laundering and tax evasion.

Re: EU-wide maximum limit of €10K for cash payments

#203

Post by amelius »

Teandw wrote: post #185
snovv_crash wrote: post #4

Meanwhile money laundering through slot machines, hairdressers, car washes and other low transaction value covers remain entirely unaffected.

You've been watching too many movies and TV programmes. Things like using car washes to launder money are pretty much a dead thing because it's one of the worst ways to do it.

Unless you offer a $100K cleaning program.

Re: EU-wide maximum limit of €10K for cash payments

#204

Post by ilyt »

peoplefromibiza wrote: post #134
woodpanel wrote: post #68

I just love how the grandstanding of European green-progressives of the past, when they positioned themselves as champions of privacy, completely flipped once they came to power. "Name one practical reason to pay amounts higher than 1.000€ in cash." – unknown progressive

> "Name one practical reason to pay amounts higher than 1.000€ in cash." it's 10.000 euros, you're off by an order of magnitude. Can you name one practical reason to pay more than 10k cash?

Car, house, selling/buying land etc.

Mostly coz many banks take % cut on big money tranfers so taking it out and just giving it to someone in a bag is sometimes tens of thousands cheaper

Re: EU-wide maximum limit of €10K for cash payments

#205

Post by endgame »

Canada wrote: post #93
Havoc wrote: post #5

This one kinda makes sense to me. Can't really think of any good legitimate use cases for large amounts of cash. Closest I can think of say a bar or something similarly cash heavy getting cash and paying suppliers directly. (which is in itself problematic @ tax)

I want to be able to pay for at least a year of rent without relying on a bank. I want to be able to pay for as much as possible without leaving any record with a third party if I don't want to. I also want to be able to take all of my money out of the bank and keep it for myself, and give it to whoever I want, whenever I want, without having anyone's permission to do so, or reporting that I have done so to anyone. W…

Extremely appropriate username.

Re: EU-wide maximum limit of €10K for cash payments

#206

Post by eddsh1994 »

I know someone in England who paid for their houses construction by going to an ATM and maxing out the cash withdrawal per card, putting the cash in a bin bag, and giving it to the builders on a daily basis. I don't believe it'd be realistically possible to stop this from occurring.

Re: EU-wide maximum limit of €10K for cash payments

#207

Post by sgjohnson »

peoplefromibiza wrote: post #134
woodpanel wrote: post #68

I just love how the grandstanding of European green-progressives of the past, when they positioned themselves as champions of privacy, completely flipped once they came to power. "Name one practical reason to pay amounts higher than 1.000€ in cash." – unknown progressive

> "Name one practical reason to pay amounts higher than 1.000€ in cash." it's 10.000 euros, you're off by an order of magnitude. Can you name one practical reason to pay more than 10k cash?

> Can you name one practical reason to pay more than 10k cash?

Have you ever bought a used car? Or played relatively high limit at a casino?

It’s perfectly normal to take 6 figures cash to a casino if you’re playing high stakes poker, for example.

And there are plenty of other reasons.

Re: EU-wide maximum limit of €10K for cash payments

#208

Post by ilyt »

sofixa wrote: post #39
flandish wrote: post #27

With inflation, “worker shortages”, and prices rising - 10,000 will soon become within reach for lots of normal people. Pushing them to NEED to use a profit driven banking system. Forcing them to be tracked. To have data mined and sold. To rely on “too big to fail” banking systems that practically schedule economic downturns every 20 years or so.

> Pushing them to NEED to use a profit driven banking system. Profit driven, but available literally for free for an account and transfers (depending on the bank). > To have data mined and sold. GDPR says no. > To rely on “too big to fail” banking systems that practically schedule economic downturns every 20 years or so. We're talking about the EU here, not the US. There are a ton of challenger new banks.

> Profit driven, but available literally for free for an account and transfers (depending on the bank).

So not for free. It would be one thing if banks had to guarantee those transactions being free but many banks want % of transaction in fees

Re: EU-wide maximum limit of €10K for cash payments

#209

Post by jahnu »

eddsh1994 wrote: post #206

I know someone in England who paid for their houses construction by going to an ATM and maxing out the cash withdrawal per card, putting the cash in a bin bag, and giving it to the builders on a daily basis. I don't believe it'd be realistically possible to stop this from occurring.

You don’t think an algorithm can flag up a person for an audit?

Re: EU-wide maximum limit of €10K for cash payments

#210

Post by defaulter4once »

friend_and_foe wrote: post #167

First line in the article: > The EU continues its fight to protect EU citizens and the EU's financial system against money laundering and terrorist financing. The EU has control of the propaganda machine at levels comparable to the Soviet Union. We should've just let them have it. I wonder how many Europeans are going to get in this thread to tell us Americans how much more privacy they have.

European here. It's mostly a lure meant to make you docile and content. Same as Musk buying Twitter, so you feel like the "Good Guys" are winning again and you can go back to sleep. :D
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