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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

#331

Post by coldtea »

pjerem wrote: post #91
eastbound wrote: post #64

Earlier quoted context omitted.

France requires that you declare all funds or “digital accounts” (assets, not only currencies) owned overseas, and made it legal to impose a one-off seizure on all accounts above 100k€ overnight, like they did in Cyrpus. The world behaves as if countries were going to seize all privately-owned assets and make you live on salary.

Well it’s not that. Everything is seized because the money in your bank isn’t technically yours. This is the same wherever in the world. However, there exists a public fund that guarantees that, in case of a bankruptcy of your bank, you’ll be compensated by this fund up to 100k€. So it’s technically impossible to lose anything if you don’t have more than 100k€ in a checking account. Which, even if you were rich, woul…

This is a whole new level of confusion...

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

#332

Post by lultimouomo »

mdp2021 wrote: post #199
gattilorenz wrote: post #67

For context, few countries in the EU don’t have any limit to cash payments. Most of them introduced them to decrease tax evasion, not money laundering. You can still have that much money in cash, just not pay with it one transaction.

> to decrease tax evasion Through a very obscure logic, since payment cap cannot exclude unregistered payments.

They point is making it hard for the tax evaders to spend their cash (which they cannot deposit in the bank since it's way more than they officially earn) in law abiding shops.

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

#333

Post by BlueZeniX »

Everyone saying "muh GDPR" has no clue none of it applies to financial transactions.

To get a PSD2 "Open Banking" license one needs to KYC every user and keep every transaction that passes through the system, for 5 years, including the KYC data.

Being PSD2 licensed doesn't even make you a bank. Just imagine what an actual bank has to keep around...

Also every business has to keep invoices and transaction data around for tax audits, usually 7 years. So you can GDPR delete request all you want, but the shop where you bought that thing still has to legally know you've bought it.

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

#334

Post by Teandw »

SnowHill9902 wrote: post #243
Teandw wrote: post #227

Earlier quoted context omitted.

Your friend is lying to you. If you do this enough times, the bank automatically flags the account for money laundering. It's very basic and standard money laundering procedures. "I don't believe it'd be realistically possible to stop this from occurring." - It already happens and is already stopped so you're wrong on that one.

1/ he never said his friend’s account was not flagged. It may take some time. 2/ his cash was already clean, so it’s not part of money laundering, if anything it’s called criminal/terrorism funding.

There is no such thing as "already clean" money from a banks perspective. Money in a bank is constantly and always monitored as if it's potentially dirty.

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

#335

Post by bobthepanda »

nly wrote: post #323
mberning wrote: post #283

Earlier quoted context omitted.

Horrible take. 10k is a pittance. Small business owners, farmers, people buying and selling vehicles, etc. It’s not a large amount of money. If you go down to the apple store and buy a couple well specced computers the bill is going to be over 10k.

Americans aren't used banking systems that work.

Americans don’t use such large sums of cash in transactions very frequently, do others?

The only large exception I am aware of is dispensaries because banks don’t want potential drug money laundering charges.

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

#336

Post by ccn0p »

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?

uh huh. and "Member states will have the flexibility to impose a lower maximum limit if they wish."

Don't worry, the water around us that's heating up is for our own good and not at all to cook us.

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

#337

Post by sgjohnson »

mrtksn wrote: post #304
sgjohnson wrote: post #295

Earlier quoted context omitted.

> 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?

In my country cash payments over €8k were already banned, but it’s a largely unenforced law.

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

#338

Post by joecool1029 »

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?

Never bought a secondhand car have you?

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

#339

Post by Symbiote »

orthoxerox wrote: post #221
newaccount74 wrote: post #179

Earlier quoted context omitted.

I'm pretty sure a big goal is to fight tax evasion. I can't speak for all of EU, but here in Austria tax evasion is very common. For example, it's still extremely common to pay contractors under the table. They will ask you if you need an invoice, and the price will be a lot lower if you don't. Another example are restaurants. For a few years it has been required that restaurants always provide you with a receipt, bu…

> I really don't see any reason why you would need 10k€ cash payments if not for tax evasion. To avoid banking fees?

A fee of €0.50 would be on the high side for a transfer of €10000.

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

#340

Post by AntiRemoteWork »

sgjohnson wrote: post #249
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.

The eastern europe will lose the most in long run, because the EU caused a massive brain drain. For the west it’s just a matter of money. The demographic crisis in the east is real.

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