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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

#561

Post by Teandw »

matkoniecz wrote: post #498
moritonal wrote: post #486

Earlier quoted context omitted.

Hol up, the buyer wanted cash for buying a flat? And no-one saw anything fishy in that? Really sounds like your family member accidentally helped launder money.

Entire transaction took place in bank - and cash was immediately deposited into bank and never even left bank building. Not entirely sure why it would be a problem or enable anything? (and obviously, seller wanted cash) (and it is possible that I misunderstood something) And I would do the same - just to avoid worrying that maybe transfer is not going to arrive or get reverted or something (that is 100% hypothetical,…

What you said doesn't make sense. The seller requested the buyer to pull the money out of the bank into cash and then immediately deposited that cash into their bank account. What would be the reason for doing that?

Doesn't make sense unless you've worded what happened incorrectly by accident.

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

#562

Post by Matthias247 »

hartator wrote: post #535
benhurmarcel wrote: post #397

Earlier quoted context omitted.

> What’s the alternative? Just a bank transfer.

> Just a bank transfer. Which is not free, anonymous, and require a third party.

bank transfers are usually free in europe

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

#563

Post by Mo3 »

alphanullmeric wrote: post #536

Quoted post unavailable.

European here and I can assure you that more and more people of all walks of life are becoming acutely aware and critical of what's happening right now. CBDCs, the WEF, ongoing attempts at financial repression, etc.

Personally I am looking into immigrating into non-EU countries in South East Asia right now, but that has a lot to do with a desire to explore other cultures and a deeper ongoing dissatisfaction and is definitely not on many peoples' minds. I do believe however that there could be civil unrest soon if it gets worse.

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

#564

Post by Matthias247 »

1337biz wrote: post #504
Teandw wrote: post #409

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." 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.

I would not. I don't want to be concerned with whether any of this is fake money or how to detect it and hugely prefer an electronic transfer.

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

#565

Post by ceejayoz »

dadjoker wrote: post #417

Not everyone who wants to deposit large amounts of currency is a criminal. Even though it has a facade of protection, this isn't about protection against criminals; it's about control and being able to track citizens.

> Not everyone who wants to deposit large amounts of currency is a criminal.

A deposit is not a "cash payment". You are not paying your bank.

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

#566

Post by schoen »

BlueZeniX wrote: post #333

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…

I think I've asked this in many prior threads, but maybe I'll repeat it here.

Europeans often explain that they see the need for strong privacy laws because of their experience with totalitarianism (Nazi and Communist regimes). But most of those laws regulate private-sector databases and private-sector data collection, not law enforcement or intelligence; and many of them actually contain explicit exemptions for governments.

Clearly, governments have made lots of use of private-sector databases, so it's not as though they're not a risk if you're concerned about totalitarianism. But wouldn't it make sense to focus more on the state than on the private sector?

I know Europeans (especially in the 2000s) have been quicker than people elsewhere to endorse the idea that all state activities (including those of security agencies) need a legal basis and should comply with necessity and proportionality. So that's cool. But I still don't see how the intuition works like "the SD / Stasi / KGB were spying on everyone and that was awful, so we obviously see it's important to restrict ... private-sector databases! but not (as much¹) state access to financial, travel, location, and communications data".

¹ clearly there are some regulations, and they get fought over in constitutional and European courts, but there's also a ton of "we have to make sure the state can monitor people" initiatives all over Europe!

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

#567

Post by ErikCorry »

Teandw wrote: post #257
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…

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

Never.

Americans should consider having a working bank sector.

My biggest cash purchase ever was a monitor 20 years ago for less than 10% of this limit.

I don't even have cash in my wallet any more, and I don't know anyone who has.

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

#568

Post by ceejayoz »

pclmulqdq wrote: post #555
ceejayoz wrote: post #530

Earlier quoted context omitted.

It's a lot to put in a sack and bring to a store to pay for something.

$10,000 in US $20 bills weighs about 1 pound. In $100 bills, it fits nicely in your pocket or in a small purse. I assume 100 euro notes are about the same.

It's a lot of money to put in your pocket. I didn't say anything about weight.

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

#569

Post by [deleted] »

Teandw wrote: post #523
olivermarks wrote: post #427

Earlier quoted context omitted.

I live in the US and UK/Europe. The vast majority of older people at a swap meet or similar are not going to trust smartphone app transactions. Cash is king.

They don't trust a smartphone app provided by their banking provider but they trust a random bloke they've never met with 10k in their back pocket. Right. Makes sense.

[deleted]

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

#570

Post by ETH_start »

If liberty minded people care about these issues, they need to stop shunning the libertarian/right-wing label, and make a concerted effort to get people who share their values and principles on how society should operate into power. Only truly radical candidates, who are willing to replace the entrenched officials who are driving the expansion of the legal apparatus that subordinates individuals to the state, can make a real difference, and any such candidate will face a maelstrom of attacks.
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