581–590 of 802 posts
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Why do you need cash for that?
So you are saying that in order to purchase these items you must have a bank account?
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Maybe some notes, but $1 bills are pretty durable. And most places will take them in nearly any condition, although, I did have a merchant in Ocean City, NJ recently that wouldn't take a $1 with a small tear, and I hear merchants overseas do want pristine USD.
I was recently in El Salvador, which uses the USD as an official currency (alongside BTC lol). Despite using dollars, the $1 coins are used instead of notes almost exclusively for that denomination (mostly presidential dollars and some silver Susan B Anthony dollars). I was curious and did a bit of research, apparently the reason is that because day-to-day transactions are done almost entirely in small amounts of cas…
In mainland US, preference for paper $1s isn't unduly burdensome. As a merchant, deposit the worst of the $1s and use the rest as change, no big deal. As a consumer, if someone doesn't take your grimy, half torn $1, try it a couple more places and then take it to a bank (perhaps even your bank). But it's unsurprising that doesn't really work for El Salvador.
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> 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 p…
> These purchases are already so bound up with red tape that making the actual payment via bank transfer is hardly an inconvenience. That's a separate problem that allowing overeager regulation of currency utilization enables. > Extortion is a crime. You are listing a person’s attempt to placate a criminal as a reason the state shouldn’t get involved? Correct, extortion is a crime in some locales. Note, I said hush m…
There are not transactions that avoid paying cash - they are reported to the tax authorities - so tax payers pay less.
Hush Money - these means something is being covered up - this would be better in the open - what ios the difference to balckmail.
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If they want to pay rent or buy a car or any other thing of value, yes. Also, it doesn't matter whether it's frequent or not. "Let's ban migrants from buying cars because they don't buy them frequently" is not exactly the most convincing argument.
Who the hell pays rent in cash? I doubt that’s even an option with any rental company except for shady / illegal slumlords, who will ignore this law anyway. Also, what kind of illegal immigrant rents a >€3000/month home?
It's not necessarily easy for migrants to open bank accounts. Sometimes it's even impossible.
Even for me, I assure you that opening a bank account would not be easy (or maybe even possible) due to stricter requirements in recent years, even though I've never done anything illegal (to my knowledge) and I'm not a migrant.
I know this because I've looked into many banks with the intention of opening an account and the requirements are all similar between them. This is in two different European countries.
And well, for the past couple of days I've been trying to set up an automatic monthly bank transfer for my rent and my bank is not allowing me because it's "exceeding the daily allowable limit", even though it's way below the daily allowable limit that I've ran into multiple times for normal bank transfers.
So there's that.
> Also, what kind of illegal immigrant rents a >€3000/month home?
Rents have gone up considerably in European capitals and consider that multiple immigrant families can live under the same (larger) roof.
Inflation will also eat up these limits over time, as governments almost never increase cash limits according to inflation (even though they do it for many, many other things).
Also, the limits are lower in some countries (500 EUR in Greece, 1000 EUR in Spain). I know for a fact that it's almost impossible to get a decent place in the center of Madrid for less than 1000 EUR nowadays.
Give it a decade or two of inflation, and that's cash effectively outlawed
Exactly this. Currency transaction reports are mandatory for any individual transactions > $10,000. This limit $10K was established in 1970 (Bank Secrecy Act). After 50 years, $10,000 of 1970 should have been at least $50K of 2023. Politicians and their crony bureaucrats never want to index these limits with inflation.
Without cash, you're giving the government the power to de-bank you and control what you can and can't spend your money on, even your ability to feed yourself. In Canada, during COVID Lockdowns they prevented the unvaccinated from getting on planes or trains, or buses. And required truckers to get the shot to drive their trucks. The truckers protested, so the government froze the protestor's accounts and many of thos…
In fact, only criminals and various vaguely detestable elements of society insist on using cash. I know this because and told me so. I'm not a bad person. I don't want my friends and coworkers to think I'm a bad person. Let's all just do what our surrogate parental figures say, it's really for the best.
Most people apparently just respond to the first emotion that comes up…
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> 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…
>Do you have any actual example of that ? What transaction do small farmers need to do along roadside for thousands of eur ? As kid of small farmer I don't remember anything like that ever happening. While each transaction might be <3000, on a good weekend, I could see it totaling to be over that amount. At this point, would it be illegal for the farmer to show up to his bank to deposit 3001? Does the farmer now need…
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This isn't the gotcha you think it is. As for all businesses transactions, you should file it in your accounting software and make sure you pay taxes, vat etc on it. This law changes nothing in that regard.
So now you're bringing in your accounting software and tax records to the bank to make the deposit?
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> Bank accounts themselves are not actually all that accessible If you have a way to prove your ID(which basically everyone do in Norway) then bank accounts are very accessible and free. I don't know how many banks I have accounts at, but it's more than 15, and all you need is your ID and a couple of minutes to create an account.
ID and a decent credit report. I have been through times in my life where banks wouldn't give my spouse an account at all. No bank in Oregon or credit union would give her an account. To this day she still hasn't had a bank account in the last seven years. I can't even get a card in their name.
A bank checking your credit score just because you want to create an account would be a huge invasion of privacy.