Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

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

consilium.europa.eu

Post reply on HN
Print view View original

271–280 of 915 posts

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

#271

Post by reachableceo »

vl wrote: post #151
stuckinhell wrote: post #146

I've noticed some similar in America recently. I've got friends who move 5-6 figure sums for various personal businesses, and their banks have been extra critical of their transactions. One bank got so annoying, that my friend tried to close the account, and couldn't! Lately hearing more and more stories about people getting de-banked, as been making me feel a little nervous. In the cases of the banks and my business…

Underreported info is that during many months of pandemic you couldn’t withdraw any significant amounts of cash. I decided to withdraw $10k just in case and they told me maximum they can do is $1k per day and this story repeated for many months.

From the atm or the teller ?

ATM limit of 1k is common.

My small local credit union keeps about 10k in each of the tellers drawers . So you should be able to easily go up to 50k cash withdrawal .

If it’s a large multinational , 100k I suspect.

Also why not just go 10 days in a row and pull out 1k?

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

#272

Post by Teandw »

ericmay wrote: post #262
Teandw wrote: post #256

Earlier quoted context omitted.

Let's be honest for a second. There are very few instances where a person would ever 'need' to pay for something over €10k in physical cash?

I don’t think “need” is a good reason here or for anywhere else. You don’t need to pay for things in cash, you don’t need to make more money, you don’t need to play soccer. Etc.

What I mean is that for that sort of money, it would be somewhat strange to "want" to pay in cash. You wouldn't walk 200 miles on foot to go meet a friend when you had a car on the driveaway?

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

#273

Post by dahfizz »

pelorat wrote: post #250

This will affect maybe 0.001% of the population. No one drops a stack of 10K euro when they buy something, it just doesn't happen.

This new rule bans transactions over 10k, but it also places restrictions on transactions as small as 1k euro.

And of course, once these rules are in place, they can lower the limit over time. Boiling the frog and all that.

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

#274

Post by pelorat »

Strom wrote: post #174

Can someone explain to me how this 10K EUR limit can be enforced? What will stop the launderer from selling an item/service valued at 1K to a thousand anonymous customers who paid with cash? Surely they're not going to demand KYC for every tiny cash transaction? If they aren't, I can't see a limit to the number of fake customers you can come up with. Or is this just meant for cases where the business is already under…

No one, but it would be against the law?

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

#275

Post by ahtihn »

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?

Buying a used car.

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

#276

Post by Andrew_nenakhov »

pelorat wrote: post #250

This will affect maybe 0.001% of the population. No one drops a stack of 10K euro when they buy something, it just doesn't happen.

Whenever someone introduces new restrictions to freedoms, there is always someone who says, 'relax, it will affect only few people'. Rinse and repeat, and this way, piece by piece, all your freedoms will be taken away.

Remember: Government is not your friend. It needs to be kept in check. Financial freedoms, untraceable transactions, etc help keep government in check. Yes, it allows crime. But guess what, when government has way too much power, opposing it becomes a crime.

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

#277

Post by sofixa »

defaulter4once wrote: post #228
dbspin wrote: post #218

Earlier quoted context omitted.

It lifted my country as well as dozens of others out of developing world status. There's a huge delta in national wealth between post soviet nations who joined the EU and those that didn't for example. A rising tide raises all boats.

Your reply sounds like a cheerleader chant. :D Did the common person benefit from this "lift" that you mention or merely the technocrat who was willing to do the bidding of the new master?

Yes, it lifted everyone. Take a look into any stat on minimum/median salary, standard of living, HDI in any Central or Eastern European country that joined the EU against those that didn't - the gulf is massive. Also having lived in one such country before and after joining - yes, the EU helped lift everyone upwards.

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

#278

Post by f38zf5vdt »

Teandw wrote: post #256
AHappyCamper wrote: post #225

This is obviously the first part of a major push to force us to use Central Bank Digital Currencies. Now that they are banning cash, we will be controlled like never before. This is the beginning of the end of freedom.

Let's be honest for a second. There are very few instances where a person would ever 'need' to pay for something over €10k in physical cash?

At the current pace of inflation, in 20 years €10k won't even pay a month's rent for a house or decent flat. Demonetization laws with fixed monetary amounts under inflationary systems are tyrannical.

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

#279

Post by ahtihn »

beebeepka wrote: post #232
ilyt wrote: post #204

Earlier quoted context omitted.

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

Sizeable withdrawals aren't exactly free. Especially if you go unannounced

That depends on the country and bank. I can withdraw any amount of money for free.

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

#280

Post by Strom »

pelorat wrote: post #274
Strom wrote: post #174

Can someone explain to me how this 10K EUR limit can be enforced? What will stop the launderer from selling an item/service valued at 1K to a thousand anonymous customers who paid with cash? Surely they're not going to demand KYC for every tiny cash transaction? If they aren't, I can't see a limit to the number of fake customers you can come up with. Or is this just meant for cases where the business is already under…

No one, but it would be against the law?

Money laundering was already against the law. The whole premise of this 10K limit is that it will somehow stop money laundering. The way I see it, at best it creates some hassle.
Post reply on HN