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EU-wide maximum limit of €10K for cash payments
691–700 of 915 posts
Re: EU-wide maximum limit of €10K for cash payments
#692Earlier quoted context omitted.
> What’s the alternative? Just a bank transfer.
The seller claims they don't see the transfer on their end, who keeps the car? Buying a car with a bank transfer is a great way to get scammed by someone selling the same car multiple times.
I don't know what kind of prehistoric banking system exists in the US, but that just won't happen. The buyer has a bank transfer id and both parts can check the status with their bank.
There are also instant transfers that cost around 1€ of fixed commissions. They complete in about ten seconds after which the other side can check their account and the money will be there.
And finally you can use a money order if you really don't want to do a bank transfer and prefer paper.
Re: EU-wide maximum limit of €10K for cash payments
#693Earlier quoted context omitted.
We are talking 10s bank transfers here in EU, how much faster do you want it? I would not feel at ease walking around with 10k€ In fact I would find it extremely suspicious if someone told me it's their preferred method to get paid. I would totally expect a mugging.
If they pay by transfer they can charge back, the bank might cancel for some credit reasons, might flag it as they want to verify first why it was made, and so on. Cash is problem free if you live in a low crime area. I do myself all higher priced purchases in cash, even go to the bank and withdraw the money to go to the shop next door. For the same reason I use a VPN. My provider and my bank have no right know what…
None of that can happen with instant bank transfers. If the bank says it's cleared then it's cleared and it cannot be charged bank anymore.
Re: EU-wide maximum limit of €10K for cash payments
#694A 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 t…
There is similar law in Ukraine for quite a long time. Everyone just ignore this law..
I bought flat for cash in USD not even in local currency. Car were bought in cash in severL transactions to be below limit. Part of payments were in foreing currency.
It only consumers who became affected. Less protection from law in case of fraud. By documents car price were 10 times less You pay.
Meanwhile this law has not prevent any corruption or apply any incovients to local barons.
Re: EU-wide maximum limit of €10K for cash payments
#695'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…
Nobody as a normal person pays 10k€ in cash. Not even 1000 €.
Re: EU-wide maximum limit of €10K for cash payments
#696Meanwhile money laundering through slot machines, hairdressers, car washes and other low transaction value covers remain entirely unaffected.
You've been watching too many movies and TV programmes. Things like using car washes to launder money are pretty much a dead thing because it's one of the worst ways to do it.
On the block where I live there are a couple of hairdressers all empty and also a café owned by shady 20 year old Albanians.
A bunch of shops for construction gear where there is nobody etc. It's possible that it's a bad way to launder money but it does still exist.
Re: EU-wide maximum limit of €10K for cash payments
#697Earlier quoted context omitted.
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,…
This sounds like how you would buy a flat where you didn't want to make a paper trail. In the real (non-criminal) world you would have a conveyancing solicitor handle it, and he would take care of the contract, the transfer, checking for liens, stamp duty etc. How do you even know the seller owns the flat when you do everything in cash?
Why involve, trust and pay an extra fee to a 3rd party when you can just use cash? It seems like it's not fishy in this case since it all happened within a bank.
Re: EU-wide maximum limit of €10K for cash payments
#698Earlier quoted context omitted.
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 would argue that people just use their bank account for such large payments these days. Yup, and now they are _forced_ to. Its a single point of failure. One which the government conveniently has control over. I'm surprised the HN crowd isn't grasping this more clearly. Backups are important.
Government has control of your cash just as well.
If the central bank decides your bills are not recognized anymore, or that they want to print 1000% more of it, your cash value changes.
Re: EU-wide maximum limit of €10K for cash payments
#699This 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.
You don’t need CBDC, just the existing system today. Here in the UK something like 3% of money is available as paper cash. The rest is just a row in a database. Assets are zero sum - if i sell you my car, i no longer have that asset. Money is not zero sum. It is created and destroyed as loans are made and repaid. Which kinda frazzles people’s minds when they hear it. I know it certainly did mine when i first learned.…
Assets are luckily not zero-sum, that'd be horrifying. If I write some software, nothing has "disappeared". If you copy me a movie, you still have the movie. If I make a painting of build a table, a new asset has been created.
Re: EU-wide maximum limit of €10K for cash payments
#700This sounds like a completely bullshit argument. There are close to 20 billions $ of Russian oligarchs frozen assets now - I bet almost none of it was acquired in cash. While of course there are some that do use cash, the bigger offenders are not - so it may be a good idea to start with the real problems…
> I bet almost none of it was acquired in cash.
Based on?