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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

#711

Post by tgv »

flandish wrote: post #490
thaumasiotes wrote: post #464

Earlier quoted context omitted.

> The use of cash, if agreed upon by parties involved, is legal because it’s a government “backed”/“accepted” item of currency. Tendering cash in this transaction is legal. This is false. You immediately provide an example that shows it's false: > (You’re not trading a car for $value in meth or guns..) The fact that cash may be provided to settle a debt, even when the creditor doesn't want it, does not mean that it's…

I am speaking *nothing* about compelling the use of cash between two parties. My only and consistent point that is that it is silly for a nation to put a ceiling amount on its currency (cash) trading hands in physical meatspace form. For the amount will stay while inflation will not and the cohort of people “bumping” into this limit will increase over time. It’s not about compelling cash. Move away from that. It’s ab…

it’s not silly, and it’s not (just) terrorism. Crime can only flourish with black money.

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

#712

Post by sofixa »

ilyt wrote: post #208
sofixa wrote: post #39

Earlier quoted context omitted.

> Pushing them to NEED to use a profit driven banking system. Profit driven, but available literally for free for an account and transfers (depending on the bank). > To have data mined and sold. GDPR says no. > To rely on “too big to fail” banking systems that practically schedule economic downturns every 20 years or so. We're talking about the EU here, not the US. There are a ton of challenger new banks.

> Profit driven, but available literally for free for an account and transfers (depending on the bank). So not for free. It would be one thing if banks had to guarantee those transactions being free but many banks want % of transaction in fees

That's what i mean, bank transactions in the SEPA space are free at the point of use. The only exception is certain banks add fees for SEPA Instant (transfer time in seconds instead of days) and fees for exchanging between currencies.

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

#713

Post by ilyt »

_-david-_ wrote: post #518
ilyt wrote: post #213

Earlier quoted context omitted.

10k for food ?

The person I was responding to said large sums, not 10k specifically. This bill/rule thing allows member states to have an amount lower than 10k. If there are prolonged power outages or some sort of disaster, prices will increase for food. Don't forget with the amount of inflation we have also increases prices for food. Some people like to buy canned food or other food that lasts in bulk to get lower prices.

They probably meant sum in the title...

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

#714

Post by namdnay »

sgjohnson wrote: post #287
namdnay wrote: post #268

Earlier quoted context omitted.

> Have you ever bought a used car? A cashiers check costs what? 10, 20 euros? And we’re talking about how it can impact real people here, not the 0.1% who gamble 10 years’ minimum wage at the casino in one evening

> A cashiers check costs what? 10, 20 euros? Virtually nobody in Europe uses checks (in my country they are explicitly banned as a tender). It’s either cash or a bank transfer, and for such purchases, most people really prefer cash. > And we’re talking about how it can impact real people here, not the 0.1% who gamble 10 years’ minimum wage at the casino in one evening Most professional poker players are staked. They…

Cashiers cheques, not personal ones.

And for pro poker players, they can just wire the money to the casino

Honestly I don’t see any moment in my life in a developed economy where I or anyone around me has needed more than a few hundred in cash

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

#715

Post by ilyt »

acatton wrote: post #437
ilyt wrote: post #204

Earlier quoted context omitted.

Car, house, selling/buying land etc. Mostly coz many banks take % cut on big money tranfers so taking it out and just giving it to someone in a bag is sometimes tens of thousands cheaper

This doesn't apply to most EU countries. (Nuance: I'm not well versed in the legal system of countries part of the Bucharest Nine group, hence my "most") In most of the EU, buying land and houses is done through a notary services. Depending on the country, you either do a SEPA transfer directly to the notary, and they then send it to the other party. Or, in other countries, you do the SEPA transfer to the other party…

We literally got paid in cash for piece of land to build a house my dad was selling few years ago.

Yes, notary was involved and it would be invalid if buyer didn't paid, but it was very much a bundle of cash getting exchanged.

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

#716

Post by CraigJPerry »

franciscop wrote: post #699
CraigJPerry wrote: post #358

Earlier quoted context omitted.

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.

You’re talking about intangible assets. For better or worse, usually it’s a licence or contract that exists to artificially limit your ability to copy. When you’ve sold your licence to use the software, the software is effectively gone. It’s not always as simple as that. E.g. my brand is an intangible asset.

>> If I make a painting

That’s just a regular asset, once it’s sold you’ll need to paint a new one.

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

#717

Post by hansworst »

torstenvl wrote: post #623
franey wrote: post #613

Earlier quoted context omitted.

It wasn't, no. It was meant to clarify for other readers that people didn't have their bank accounts frozen for protesting COVID; they had their bank accounts frozen for financially supporting or participating in an illegal occupation of a city centre. Your point stands that governments/courts decide what is illegal and that they have the power to freeze bank accounts when those accounts are used to fund illegal acti…

And if someone illegally occupies the front seat of a bus, or a diner counter? Is it also okay to keep them from something that belongs to them then?

If someone illegally occupied your house, would you be okay with them getting fined for it?

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

#718

Post by WesolyKubeczek »

mrfumier wrote: post #695
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…

Nobody as a normal person pays 10k€ in cash. Not even 1000 €.

Just paid a multiple of €1000 to a contractor for building me a shed.

So?

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

#719

Post by friend_and_foe »

ilyt wrote: post #197
friend_and_foe wrote: post #167

First line in the article: > The EU continues its fight to protect EU citizens and the EU's financial system against money laundering and terrorist financing. The EU has control of the propaganda machine at levels comparable to the Soviet Union. We should've just let them have it. I wonder how many Europeans are going to get in this thread to tell us Americans how much more privacy they have.

Well, we do, if you don't like that fact complain to your government. "Oh look at those EUROPERANS with their fancy PRIVACY, real men get fucked unlubed by corporations and LIKE IT" doesn't help anyone here, the fight here is to make government do well by average citizen, not throwing insults at people that happen to be fucked differently by their government

We are discussing a law that requires disclosure of cash payments of more than 1000 euros. You don't have privacy.

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

#720

Post by benhurmarcel »

bonzini wrote: post #692
rosnd wrote: post #666

Earlier quoted context omitted.

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…

Instant transfers are free in some banks already even.
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