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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

#301

Post by omginternets »

Spivak wrote: post #265
woodruffw wrote: post #177

Earlier quoted context omitted.

I saw plenty of reporting on this, and nearly all of it was editorialized: it was being treated as evidence that customer savings weren't available, when the actual reason is that bank branches simply don't keep massive vaults of money on hand. If you have a bank account, you can always withdraw your savings (at least up to the amount insured, in the event of a bank collapse). But there has never been a guarantee tha…

And 99% of the time people do that is because they’re moving banks and they leave with a cashiers check instead of cash.

So, to be clear, you can’t actually liquidate your account.

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

#302

Post by yrgulation »

pelorat wrote: post #289
yrgulation wrote: post #236

Earlier quoted context omitted.

And huge disparity between south, east and west, discrimination, worker exploitation, systemic racism against europe’s minorities, human trafficking and cross border corruption, policies made to serve some countries and not others, and those european countries not within the eu or affiliated effectively isolated.

> systemic racism against europe’s minorities, human trafficking and cross border corruption, policies made to serve some countries and not others You are describing the USA.

Here in europe even trying to humanise the roma can be an issue. Those people are so discriminated against that even defending them is looked down upon. Entire countries are maligned simply because they have a large number of this minority. No ethnic group in the us is as discriminated as these folks are in europe. America has not known such racism since the end of slavery.

Corruption is well obvious. See ursula, the head of the ecb and so on.

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

#303

Post by throwaway41597 »

sealeck wrote: post #215
Gatsky wrote: post #176

Capital controls are one of the elements of financial repression. https://en.m.wikipedia.org/wiki/Financial_repression

You have to analyse at the population here; capital controls are useful for preventing people who have accumulated sizeable asset holdings in country X from moving them to a jurisdiction Y where there are effectively no taxes. Of course this reduces the freedom of the people who control these assets, but there is a common fallacy (usually introduced by the very same people) where they claim that liberty (in the abstr…

The same argument of diminishing returns, that quality of life doesn't improve much when going from 130k€ to 1M€ can be applied to capital controls. Is this 10k€ limit really what is needed to save the welfare state? Were the previous controls not enough?

Or is it that the welfare state is collapsing on its own and grasping at straws?

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

#304

Post by mrtksn »

sgjohnson wrote: post #295
mrtksn wrote: post #284

Earlier quoted context omitted.

Who do you think makes these rules and laws in the EU? Belgians? Reptilians? It's the elected by the people of each country and the appointed by those elected by the people of each country. EU is not a subscription provided by 3rd parties, EU is about coordination between the the European countries and any country can veto. That's actually why EU is considered slow and inefficient in some areas. If EU says no more ca…

> Who do you think makes these rules and laws in the EU? Belgians? Reptilians? Germany and France, mostly. > European countries and any country can veto. That's actually why EU is considered slow and inefficient in some areas. First of all, this is not true. There’s no single party veto on legislation. Secondly, the US states have an even more effective veto, which is just ignoring federal law, because nobody can for…

So you believe that your country politicians were all into large cash payments but the French and the Germans are making you go digital?

Which country may I ask?

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

#305

Post by flandish »

thaumasiotes wrote: post #131
flandish wrote: post #24

Earlier quoted context omitted.

Get the boot out of your mouth. If cash is legal tender, then any amount is, by default, legal. This law makes it not fully legal tender (after amount X). It is disgusting. Stop pretending the government (any) has the “average” man’s best interest. Stop pretending they care.

> If cash is legal tender, then any amount is, by default, legal. Cash being "legal tender" means that, if someone sues you and wins a judgment, you're entitled to pay the judgment in cash. It doesn't mean that anyone willing to exchange a service or item for any random service or item is also compelled to exchange their thing for cash. If they demand a live sheep, you'll give them a live sheep or do without whatever…

Nobody is talking about being compelled to accept cash - we are talking about cash being used in a manner that is, arbitrarily illegal after a certain amount.

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

#306

Post by mort96 »

Teandw wrote: post #272
ericmay wrote: post #262

Earlier quoted context omitted.

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?

> You wouldn't walk 200 miles on foot to go meet a friend when you had a car on the driveaway?

Perfect example. I wouldn't do that, no, but I wouldn't want it to be illegal.

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

#307

Post by Phemist »

nottorp wrote: post #296
pelorat wrote: post #264

Earlier quoted context omitted.

> Bizarre how the EU is penalizing everyone in order to 'make it harder for criminals to launder dirty money'. It doesn't affect anyone. No one in Europe uses cash for anything more expensive than maybe 200 euros. Of course in some countries like Sweden and the Netherlands no one uses cash any more at all, and almost all ATM machines have been removed. I believe cash-only places are now outlawed. The reason for this…

> and the Netherlands no one uses cash any more In my one visit to the Netherlands I had to use cash because small places wouldn't take Visa/MC because it was too expensive for them. They had no problem accepting cash tho. Which Netherlands have you been to?

We dont use cash very often, but we have our own separate payment networks called Maestro and V-Pay. So tourists nearly always have to resort to cash transactions.

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

#308

Post by nix23 »

olivermarks wrote: post #253

'By limiting large cash payments, the EU will make it harder for criminals to launder dirty money. ' Bizarre how the EU is penalizing everyone in order to 'make it harder for criminals to launder dirty money'. People pay taxes in order to have their bureaucrats serve them by creating a safe financial and social environment, not to have them assume everyone is a criminal/terrorist and greatly impede access to their as…

>Bizarre how the EU is penalizing everyone in order to 'make it harder for criminals to launder dirty money'.

Just imagine one criminal say's to another:

Sorry i cant take those 15k euros, it's illegal didn't you know that???

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

#309

Post by Teandw »

olivermarks wrote: post #267
Teandw wrote: post #257

Earlier quoted context omitted.

In what circumstances have you or someone you known ever needed to pay for something over €10k in cash?

Buying older cars and car parts and similar specialized areas

I would make the bold assumption that people paying over €10,000 for a used car in cash is a very rare situation.

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

#310

Post by rmasters »

reachableceo wrote: post #271
vl wrote: post #151

Earlier quoted context omitted.

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?

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

In the US, this could be considered "structuring" to avoid reporting requirements which is a federal crime with a sentence of up to 5 years in prison.

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