EU-wide maximum limit of €10K for cash payments • Hacker News Board

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

#381

Post by woodruffw » Sat, Dec 10, 2022, 10:56 PM UTC

wara23arish wrote: post #364

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…

I used to work for a bank in the US as a teller before 2019. You absolutely can walk in and ask for 12K in cash. That amount is normal. If you’re asking for 30-50K then coordination is needed, and its not because money is not available, simply because youd need to open the vault and that takes time.

I think there's a large degree of variance here: I've been in places that would have struggled to hand over $1000 in cash, since they might have had only 2-3 times that total on hand for the entire week.

That was in a small town, but that's my point: anecdotes about being unable to withdraw money are more about logistics than a banking collapse being hidden from the public.

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

#382

Post by coldtea » Sat, Dec 10, 2022, 10:56 PM UTC

mcv wrote: post #137

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

They want privacy for regular people, accountability for the rich and powerful.

Muahahahaha! They are one with the rich and powerful...

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

#383

Post by isodev » Sat, Dec 10, 2022, 10:57 PM UTC

mberning wrote: post #283

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?

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.

Very few (if any) Apple stores will accept that amount in cash. A lot of stores and businesses (also the likes of Carrefour and Albert Heijn) have been phasing out setups needed for cash payments. Even if you find a way to pay cash, it will be on a separate (long and slow) queue or they will need to exceptionally call their supervisor to handle the payment.

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

#384

Post by csdigi » Sat, Dec 10, 2022, 10:58 PM UTC

Teandw wrote: post #299

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.

I very much doubt there are money people that walk into an apple store with 10k in their back pocket to pay for some computers. Same with farmers. How many farmers living in this modern age are walking around with 10k in their back pockets? In the vast majority of cases, I would argue that people just use their bank account for such large payments these days.

It depends on how they got their income in the first place. My family are dairy farmers and frequently trade cattle at local auctions. This is still a cash based society (rural Ireland), it does not take many heads of cattle to make up 10k, many other deals are done informally (e.g. my grandfather buying cows from a neighbor without auction) with a value that is of that order. The money may hit a bank account if something more formal needs to be bought (insurance, new machinery etc) but those are not all that common.

As a child I would always remember my grandfather carrying (at least in the house) large rolls of bills.

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

#385

Post by bakugo » Sat, Dec 10, 2022, 10:58 PM UTC

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?

Why does it matter what I "need"? Why is it any of your business what I do with my money? I should have the right to spend it how I want, it's mine.

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

#386

Post by Teandw » Sat, Dec 10, 2022, 10:58 PM UTC

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'."

This likely affects a number of people that is so small, that it's irrelevant. Not sure it makes sense to say that such a law that effects a tiny number of individuals is penalizing everyone.

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

#387

Post by Quarrelsome » Sat, Dec 10, 2022, 10:59 PM UTC

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.

> Now that they are banning cash

You're talking as if introducing a nationwide speed limit is equivalent to banning cars. The regulation of a given operation is not akin to outright banning it and to assert that is hyperbole.

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

#388

Post by vaidhy » Sat, Dec 10, 2022, 10:59 PM UTC

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.

You can be abetting someone to evade tax. If you do it knowingly, you might also be culpable.

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

#389

Post by bonzini » Sat, Dec 10, 2022, 10:59 PM UTC

sgjohnson wrote: post #313

sofixa wrote: post #270

Earlier quoted context omitted.

> We don’t even have a true right to free speech. That puts us behind the U.S., because I struggle to think of a “civil right” that we have but Americans don’t. > And before you pull “healthcare”, first of all, it’s got nothing to do with the EU, and secondly, in most EU countries the state-funded healthcare is so abysmal that everyone who can afford it still takes out private insurance. So free speech is an EU matte…

> Also a much better political and judicial system - first past the post? Politically appointed judges? Much better judicial system? What about not having jury trials is better? Without having a jury that decides your fate makes the entire process political. Politically appointed judges? That’s just federal, in the US most state judges are elected. The DA is an elected office. In virtually all european countries they…

> Appointed by the politicians in charge.

I am not sure where you got this idea. In Italy most judges/DAs go through a selection process that is entirely within the judiciary. Only one third of the Constitutional Court is appointed by the Parliament.

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

#390

Post by mrtksn » Sat, Dec 10, 2022, 11:00 PM UTC

sgjohnson wrote: post #366

mrtksn wrote: post #352

Earlier quoted context omitted.

And how is that EU’s fault and what makes you think that your politicians were loving the large cash payments but Germany and France made them ban >10K EUR payments? Which country again?

Latvia

So you think that Latvia, which has 8K EUR cash limit, is forced by be Germany and France to not allow cash payments over 10K EUR and you are dreaming of the destruction of EU so you can do above 10K EUR cash transactions? Are you counting on Latvia not enforcing its own laws for that? What’s your reasoning here?