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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

#501

Post by crazygringo »

bonzini wrote: post #410
crazygringo wrote: post #356

Earlier quoted context omitted.

I sure wouldn't want to risk discovering I'd been paid in high-quality counterfeit notes. Accepting 2700€ cash feels insane to me. In Europe do you not have cashier's checks? That's what we use in the US for something like a used car, since most people don't want to carry around a car's worth of cash, even for a short period of time. You go to the bank, and get a check drawn on the bank for the amount. The person rec…

We have money orders, they count basically the same as cash but they are exempt from this law. I saw three in my life. I was given one when I was paid my first salary and didn't have a bank account, and I requested one twice to buy a car in 2011 and 2014.

Yup, that's the same idea. Only real difference here in the US is that a cashier's check is drawn on a bank, while a money order you get at the post office.

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

#502

Post by dijit »

bigfudge wrote: post #353
perlgeek wrote: post #286

Earlier quoted context omitted.

> It doesn't affect anyone. No one in Europe uses cash for anything more expensive than maybe 200 euros. Sold a used car just last year, got 2700€ in cash for it. Much easier than doing a bank transfer (which takes 1 day to arrive, if you're unlucky, and can be rolled back), or a paypal transfer (which can be undone) or anything else between to individuals. For b2c or b2b I agree, nobody pays that much in cash, but f…

Bank transfers in the uk are pretty much instantaneous during working hours, and often outside too

Largely depends on which banks are talking between each other. For many banks and large transfers you need to wait an hour or so for it to go through.

You notice it most when buying a house and you sit awkwardly in a room with the seller waiting for the money to be transferred so you can leave with the keys.

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

#503

Post by darth_avocado »

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…

Ahh yes the good ol “harder to launder dirty money argument.

But, > money laundering doesn’t work like that. You don’t have large cash payments, you have a ton of smaller cash payments.

> big banks launder money, have better oversight there instead of restricting cash

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

#504

Post by 1337biz »

Teandw wrote: post #409
olivermarks wrote: post #363

Earlier quoted context omitted.

Cash is king. If you are buying a non running classic car and have a tow vehicle and trailer ready you can drive a hard bargain in the moment. Suggesting laborious bureaucratic transactions over several days removes this common occurrence in that world, along with at many other gatherings of specialists - antiques, pedigree animals, whatever

"Cash is king. If you are buying a non running classic car and have a tow vehicle and trailer ready you can drive a hard bargain in the moment." If I send a 10k payment to someone via bank transfer it's in their bank account in 10 seconds. Maybe you live in a country where there are much harsher restrictions?

It is about speed. If someone offers 10k in cash and someone talk about wire transfer blahblah, sellers will always prefer the buyer just paying in cash.

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

#505

Post by 1337biz »

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.

I did exactly this at the Apple store for a 5k+ purchase. I do these things out of principle to make it harder to create profiles and support cash. It is the same why I prefer https over http.

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

#506

Post by tastysandwich »

A similar thing was attempted in Australia [1].

I just ask people to consider that even though we all have bank accounts and we take that for granted, there _are_ actually people who don't, and they're not operating a criminal enterprise.

My grandparents came as refugees. My grandfather has never had a bank account. He bought a car with $50 bills once. It was so funny, they were all stuck together and the clerk had to sit their and peel them all apart one by one.

He needs expensive surgery soon which isn't covered by medicare. He's going to pay for that with cash, too.

If a ban prevented him from paying for that surgery with cash, he just wouldn't get the surgery. Or, he'd give my mum wads of cash and make her pay for it (and then she'd have to explain that to the tax office, and he'd have no privacy).

In his home country, you couldn't trust the banks, so people hid their money. Of course that kind of thinking is silly in Australia, but good luck explaining that to someone with war-trauma.

A lot of these old Europeans are like that.

[1] https://www.abc.net.au/news/2020-12-07/cash-ban-law-10000-do...

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

#507

Post by andrejc »

I've always found it astounding how majority of people will readily accept the anti-terrorist argument as a reasonable one, without any scrutiny whatsoever. I'm imagining a situation in which a bunch of terrorists are planning a bombing attack, but then having to scrap it because explosives would cost more than 10k EUR. "Pack it up guys, they got us this time, no possible way we can go through with the plan now".

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

#508

Post by rootusrootus »

crummy wrote: post #391
DiggyJohnson wrote: post #345

Earlier quoted context omitted.

I feel like we have decent banking here…?

Isn't it dangerous to give out your bank account number in the US, people can withdraw from it if they know it or something?

You'd also need the routing number for the bank as well as the name on the account, at a minimum. And what you're thinking of is ACH, which goes between institutions, not between individuals.

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

#509

Post by rootusrootus »

singpolyma3 wrote: post #467
DiggyJohnson wrote: post #345

Earlier quoted context omitted.

I feel like we have decent banking here…?

USA doesn't even have a standard way of normal humans transferring money electronically to each other, leading to a plethora of competing apps that try to solve this.

There are upsides and downsides. Having an additional degree of separation is nice when I'm doing transactions with strangers. I prefer to use Venmo instead of Zelle for precisely that reason.

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

#510

Post by kawsper »

wslh wrote: post #495
nottorp wrote: post #296

Earlier quoted context omitted.

> 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?

In Denmark they usually charge you extra if you use a credit card.

That's against the law:

> Businesses in Denmark and the EU may not charge a fee for your payment with Dankort, Visa/Dankort, Visakort, MasterCard and other ordinary payment cards issued in the EU.

> Company cards are exempt from the ban. Shops may charge a fee if you use a payment card issued to a company or public organisation.

https://taenk.dk/privatoekonomi/gode-raad/gebyrer-paa-betali...

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