Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Cash payments above €3000 to be outlawed in Netherlands

rijksoverheid.nl

Post reply on HN
Print view View original

221–230 of 802 posts

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

#221

Post by ClarityJones »

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.

Cash is money. Cash is immune to bank runs.

If you have $10,000, then you have $10,000.

If you deposit $10,000 in a bank, then you have $0 and a promise from a bank that has $1,000 and a promise (from somebody else) for $9,000.

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

#222

Post by pjc50 »

motohagiography wrote: post #127

They can't control the black market in drugs, what makes them think controlling a black market in cash , which is a million times more desirable, will be any more successful? There's the small matter of millions of undocumented migrants entering Europe who will be trapped in this now-illegal-cash underclass, and these financial oppression laws just incentivise and create criminal networks to facilitate basic economy.…

> roadside transactions are often done in cash

You're paying 3000 Euro for eggs?

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

#223

Post by helsinkiandrew »

potatototoo99 wrote: post #10

There are many similar restrictions on other countries. Here is a list for Europe: https://www.europe-consommateurs.eu/en/shopping-internet/cas... The equivalent of 3,000 - 4,000 Euro seems to be the norm.

In the US don't cash transactions over $10K (by businesses anyway) need to be notified?

https://www.irs.gov/pub/irs-pdf/f8300.pdf

I assume this and most other restrictions are to stop tax evasion and money laundering.

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

#224

Post by OJFord »

tough wrote: post #191
awelxtr wrote: post #174

Earlier quoted context omitted.

This is the most disappointing rule ever. It makes my dream of returning money in thousands of 1 cent coins out of spite impossible

Only if they know the rule tho

Well they're not obliged to do business with you at all.

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

#225

Post by freedude »

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.

Whenever I buy a car, tractor, cattle, pump repair, implements, out-buildings, solar system installation, fuel storage, etc...

Because I pay cash and keep the bankers out of the transaction it costs me less and it costs the seller less. I negotiate this ahead of time. Most people in business would rather have cash in hand than wait on the bank and pay their fees.

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

#227

Post by wouldbecouldbe »

mdrzn wrote: post #128
dealuromanet wrote: post #99

[flagged]

Why do I get the feeling that you hope for this outcome, from this comment? And maybe you never visited the Netherlands? By the way, the boiling frog thing has been debunked many times: https://en.wikipedia.org/wiki/Boiling_frog

I live in the NL.

And even though OP is too dramatic.

The fact is that much of the world news Snowden was revealing already, was common practice in Netherlands for a while before that; and it was publically accepted.

For instance they could & can eaves drop on your phonecalls without any warrant needed from an independent judge. They just need approval from a commission they can create themselves: https://www.aivd.nl/onderwerpen/afluisteren.

There is definitely a big issue with the Government having too much power, lack of independent checks, and being hard to hold them responsible.

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

#228

Post by helaoban »

mdrzn wrote: post #91
MSFT_Edging wrote: post #85

Earlier quoted context omitted.

How else would you buy a used car/motorbike from a private party?

Send it via bank? A quick and free bank transfer which also works out as "receipt" of payment.

What happens when your bank says: "no." ?

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

#229

Post by RajT88 »

tough wrote: post #187
gonzo41 wrote: post #172

Earlier quoted context omitted.

Even when there are limit's its tough to enforce. A better strategy is to remove legal tender above $20. It makes makes hoarding cash a logistical problem for criminals. If a million dollars in $100 fits in a briefcase, Then it's a suitcase or more for $20 etc. And then banking that money becomes tedious as well. Anyway, without enforcement it's really just tokenism.

they famously called the 500 euro bills -bin ladens- for how hard they became to secure since all the unofficial transactions where mostly done with those high denomination bills

500 Euro bills show up in action movies as part of shorthand for shady dealings. Like a visual cue that something is not on the up-and-up.
Post reply on HN