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

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

#311

Post by cianuro_ » Wed, Aug 23, 2023, 2:42 PM UTC

ilyt wrote: post #231

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.…

> 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? Well, for one, they control cash production > It's not a lot of money, and given inflation, diminishingly so. This is targeted at law abiding smallholding farmers where roadside transactions are often done in cash and farmers everywhere have a…

Not from the Netherlands but from a small third world country: farmers around here like to buy things on spot doing handshake deals and carrying bags of cash. I've heard them buying a lot things from cattle to agricultural supplies and even vehicles.

Mind you, this is a poor country. The middle class in the capital city can't even dream of making what these farmers make.

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

#312

Post by aeinbu » Wed, Aug 23, 2023, 2:42 PM UTC

hiatus wrote: post #266

shellfishgene wrote: post #249

Earlier quoted context omitted.

There are for sure tradeoffs here, but in Germany for example they recently made paying in cash for real estate illegal because it was obvious that almost all those cash transactions involved crime money of some sort. Edit: As noted below cash here refers to paper money. The same law also prohibits real estate purchase with gold, silver, diamonds or crypto currencies.

So if you sell a house and want to buy a new one, you have to pay for a mortgage you don't need?

No, you would have money in a bank account, and transfer the money to the receipients bank account. No cash payment needed.

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

#313

Post by Scarblac » Wed, Aug 23, 2023, 2:42 PM UTC

gspencley wrote: post #169

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? The answer to this is very simple: none of your business. I take strong issue with the word "need." Why do you need that car? That television? That four bedroom house? Why do you need that bow and arrow? For sport, you say? Why not play some ball game instead? Why do you need a chess set when you can play digitally online without killing a tree? Why do you need those f…

Yeah, and your income is also none of our business, we just have to blindly trust what you fill in on the tax form?

There's way too much fraud around, government unfortunately cannot blindly trust everybody.

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

#314

Post by motohagiography » Wed, Aug 23, 2023, 2:42 PM UTC

ilyt wrote: post #231

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.…

> 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? Well, for one, they control cash production > It's not a lot of money, and given inflation, diminishingly so. This is targeted at law abiding smallholding farmers where roadside transactions are often done in cash and farmers everywhere have a…

- paying a team of day labour workers

- hay / feed delivery

- combine/equipment rental

- equipment resale

- livestock

- farm vehicle sales / repair

It's probably fine, and I hear you can eat bugs.

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

#315

Post by ilyt » Wed, Aug 23, 2023, 2:42 PM UTC

irusensei wrote: post #239

Apofis wrote: post #133

Earlier quoted context omitted.

My friend, no one really carries cash anymore.

Poland, Germany, Japan and probably others will surely disagree.

I'm from Poland, only carry about the amount of one big grocery cart in once in two years event when transaction system has problem.

The things I paid/got paid for/in cash (say above $500) are so far:

* advance for a house, which is pretty much done cos it makes whole procedure easier for both sides

* that one time buyer of the land we were selling decided to pay in cash, but that was back when transaction costs were % of the value (that got changed to something more reasonable), so just taking a bag of money out of bank to give someone else that then went to bank and put it into their account was significantly cheaper than electronic transfer

I think it's also semi-common in buying cars, as then it's simple trasaction (here are your keys, here is your money) vs buyer maybe not being paid. But for mine I just paid via elixir transaction, it was cheap enough to be under daily limit.

As for sub-$500 still happen reasonably often but mostly old people.

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

#316

Post by elric » Wed, Aug 23, 2023, 2:42 PM UTC

That's been the case for years in Belgium. I like cash, and use it whenever I can. But I can't say this limit ever affected me in any way. Largest cash transaction I ever did wasn't even half that. You can't even get your hands on that much with ease anymore. ATMs are capped at less than that. Most (all?) banks will refuse to hand you that much cash.

Unless you run a business which accepts a lot of cash, the odds of you having that much cash on hand are slim. And even then, how often do you make a payment that big?

Of course, criminals don't care about these limits, so it's pretty much pointless.

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

#317

Post by BSEdlMMldESB » Wed, Aug 23, 2023, 2:42 PM UTC

HDMI_Cable wrote: post #276

ilyt wrote: post #231

Earlier quoted context omitted.

> 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? Well, for one, they control cash production > It's not a lot of money, and given inflation, diminishingly so. This is targeted at law abiding smallholding farmers where roadside transactions are often done in cash and farmers everywhere have a…

Right, but they don't control the distribution and transaction of cash. They may stop producing €500 notes—for example, but there is nothing they can do to stop these farmers or undocumented immigrants from bundling together >€3000 in smaller notes for use in paying rent, buying cars, or investments.

[]

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

#318

Post by boeingUH60 » Wed, Aug 23, 2023, 2:43 PM UTC

dealuromanet wrote: post #99

[flagged]

You sound like an American where many have an adversarial relationship with the government.

In some countries like Netherlands, the citizens largely trust their government to represent their interests by enacting such rules.

Not saying whether it’s right or wrong, just stating how it works…not everything is “muh, freedom!”

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

#319

Post by xxs » Wed, Aug 23, 2023, 2:43 PM UTC

reaperducer wrote: post #165

xxs wrote: post #61

Earlier quoted context omitted.

>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.

This is the US version of the events. It's always interesting to watch any EU-specific topic come up on HN and see people on one end of the EU assume that their lives, local laws, and customs are exactly the same as the lives, local laws, and customs on the other end of the EU. And then when a deviation comes up, they assume it's an American thing. It seems like people in the EU should explore their neighboring count…

Like mentioned I have not seen any cheques in use for 20 or so years. I have not seen 'personal' cheque books since the Euro has been introduced.

>Or at least stop assuming that the EU is one homogenous society modeled after their own personal experiences.

How was the assuming - "I don't know all EU member states in detail". I have lived (as in years) in several EU member states. Visited (travel) across most of them too.

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

#320

Post by rascul » Wed, Aug 23, 2023, 2:43 PM UTC

rightbyte wrote: post #176

leesalminen wrote: post #149

Earlier quoted context omitted.

Wow, as someone from the US I always thought the $1 notes were far superior to the equivalent coins in other countries. I dislike having coins in my pocket, but already have a note or 2. Adding a couple more adds negligent space.

You ruin notes if you put them in your pocket. Coins you can just drop in the coin pocket on jeans. I wish the 1USD coin was more than a legal tender collector item. Maybe up to 2USD would be nice.

I carry my cash in a pocket on my pants. It doesn't get ruined.