Cash payments above €3000 to be outlawed in Netherlands • Hacker News Board

Re: Cash payments above €3000 to be outlawed in Netherlands

#101

Post by OfSanguineFire » Wed, Aug 23, 2023, 2:18 PM UTC

tomrod wrote: post #59

mdrzn wrote: post #53

The maximum limit for cash payments in Italy is 1000€, so 3k would still be a lot. Why would someone need to pay for 10k in cash? Where does that cash come from? 60% of the times, it's money laundering every time. edit: I suppose since I'm in EU and I'm only 30 I'm "used" to the 1k limit, while non-EU (or specifically USA) people might be grabbing their pitchforks.

> Why would someone need to pay for 10k in cash? For their own personal reasons. Purchasing a business, a vehicle, a property or other real/tangible asset, hush money, avoiding a lawsuit, and so forth. > Where does that cash come from? It doesn't matter. Why do you care where people get their currency from? Do you have a rash of mint or bank robberies or something?

> Purchasing a business, a vehicle, a property

These purchases are already so bound up with red tape that making the actual payment via bank transfer is hardly an inconvenience.

> hush money

Extortion is a crime. You are listing a person’s attempt to placate a criminal as a reason the state shouldn’t get involved?

> avoiding a lawsuit

Few places are so litigious as the USA, and such concerns hardly register for the people living in the subject of this HN post.

Re: Cash payments above €3000 to be outlawed in Netherlands

#102

Post by euix » Wed, Aug 23, 2023, 2:18 PM UTC

version_five wrote: post #19

bluescrn wrote: post #5

Give it a decade or two of inflation, and that's cash effectively outlawed

In Canada, and I think the US we cannot cross the border with > 10k in cash (edit: more if you declare it as mentioned below). The law has been there for as long as I can remember, be I sure purchasing power of 10k has gone down by at least a factor of 4-10 over the life of the law. All regulation type laws need sunset clauses and all dollar amounts should be inflation linked. The government shouldn't be able to scam…

I have heard of someone (on a talk show) crossing over with a large amount of gold coins. Since the coins (the Gold Loonie) has a nominal face value of something like 200 CAD - he just told the customs that he was bringing over the nominal face value of the coins. This only works with coins not rounds, as rounds are not legal tender and maybe that is why rounds trade at a discount to coins?

Re: Cash payments above €3000 to be outlawed in Netherlands

#103

Post by po8tin » Wed, Aug 23, 2023, 2:19 PM UTC

bluescrn wrote: post #86

po8tin wrote: post #26

Earlier quoted context omitted.

[flagged]

Don't the poor rely on cash far more than the wealthy these days?

Yes because they don’t trust the wealthy’s institutions. For good reason; they’re irretrievably corrupt and self serving tribal bubbles.

Re: Cash payments above €3000 to be outlawed in Netherlands

#104

Post by iamthirsty » Wed, Aug 23, 2023, 2:19 PM UTC

raverbashing wrote: post #77

mrmanner wrote: post #44

Earlier quoted context omitted.

> Remember: A trader in the EU is not obligated to accept more than 50 metal coins for the same payment. I shall try and remember that.

Interesting. That's max 100EUR in coins And I'm glad coins are more popular in Europe than in the US because those $1 notes take too much space

Ironic, because people in the US don't usually use $1 coins because they take up too much space.

Re: Cash payments above €3000 to be outlawed in Netherlands

#105

Post by fullstop » Wed, Aug 23, 2023, 2:19 PM UTC

benterix wrote: post #69

intotheabyss wrote: post #58

Earlier quoted context omitted.

Which is funny because I can cross any border with 12 words in my head containing stablecoins.

Which becomes a problem once you try to cash them in.

I think that the crypto end game, in their eyes, is to never have to cash them in.

Re: Cash payments above €3000 to be outlawed in Netherlands

#106

Post by xxs » Wed, Aug 23, 2023, 2:19 PM UTC

benterix wrote: post #78

xxs wrote: post #28

Earlier quoted context omitted.

Cash payments over (few) thousands are not permitted in the most/many EU member state already. NL are just catching the train. Greece has it as low as 500 Euro.

> Greece has it as low as 500 Euro. Any source for this? [EDIT] As pinted by other commenter: https://www.europe-consommateurs.eu/en/shopping-internet/cas... They also mention "There is no cash limit for car purchases. However, a change in the law is already being discussed in Greece.".

>Any source for this?

Generally, should be trivial search info: e.g. "cash payment amount greece" produces multiple decent results

Re: Cash payments above €3000 to be outlawed in Netherlands

#107

Post by whelp_24 » Wed, Aug 23, 2023, 2:19 PM UTC

po8tin wrote: post #26

bluescrn wrote: post #5

Give it a decade or two of inflation, and that's cash effectively outlawed

[flagged]

It's funny, because cash transactions are definitely more common among poorer people. Also, using (even more) imaginary money benefits banks, ultra wealthy, and governments not regular people. Even among the criminals laundering money, the influential and wealthy ones (i.e, the ones these laws should stop) will have little problem adapting. The influence these types of laws stop is that of regular citizens.

Re: Cash payments above €3000 to be outlawed in Netherlands

#108

Post by duxup » Wed, Aug 23, 2023, 2:19 PM UTC

jjgreen wrote: post #48

calini wrote: post #43

I'm very much a fan of choice here. I haven't personally used cash more than twice in the last 3 years, I love the convenience of Apple/Google Pay, but cash clearly still needs to exist

Use it or lose it.

I can't disagree, but there's also reasons I don't use it.

Re: Cash payments above €3000 to be outlawed in Netherlands

#109

Post by Jiocus » Wed, Aug 23, 2023, 2:19 PM UTC

mtmail wrote: post #21

Some countries like Denmark (starting 2020) have banned paying with the 500 Euro bank note. It's also no longer printed, but some 600 million of them still exist. I've seen a documentary where (I think it was Swedish police) would like to ban 200 Euro notes as well.

What do you base this information on really? Neither Denmark or Sweden are part of the eurozone. Their currencies are Danish krone (DKK) and Swedish krona (SEK). My Sweden experience is that practically only exchange offices (and banks maybe) will touch cash euros.

Edit: Sure, large players of the underground market might accept euros, especially in inter-European trade. But good luck "banning" them from using such and such notes among themselves.

Re: Cash payments above €3000 to be outlawed in Netherlands

#110

Post by Y_Y » Wed, Aug 23, 2023, 2:19 PM UTC

xxs wrote: post #61

michaelt wrote: post #55

Earlier quoted context omitted.

> "There is no cash limit for car purchases" wth? Cash isn't great, but some people don't use online banking - and in a private sale, only a fool would hand over their car keys to a stranger in exchange for a cheque . (Of course, this was a much bigger issue 15 years ago - these days we have faster payments, and the vast majority of people can make payments from their phone.)

>Cash isn't great, but some people don't use online banking This is the US version of the events. I don't know all EU member states in detail, but I can't think of one where it's possible to receive salary/pension in cash. Cheques have not been a thing for 20y+, I wonder if they are still issued.

In Ireland, for example, it is possible (and popular) to receive state pensions in cash.