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Cash payments above €3000 to be outlawed in Netherlands

rijksoverheid.nl

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

#721

Post by throwaway2037 »

RMPR wrote: post #677
NorwegianDude wrote: post #477

Earlier quoted context omitted.

> 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.

> If you have a way to prove your ID(which basically everyone do in Norway) After going through the process of moving to Norway, I can say that unfortunately things are not that straightforward for foreigners. Even after getting your work permit, getting a personnummer can take up to several months after moving, not to mention getting an appointment with UDI can also take up to several months (in the meantime you'll…

Where is your home country? Is the situation better or worse?

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

#722

Post by throwaway2037 »

ericfrazier wrote: post #565
NorwegianDude wrote: post #477

Earlier quoted context omitted.

> 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.

It sounds like we are getting a thin slice of the full story. What made your spouse's situation unusual such that she could not get a bank account. I am finding some of these posts hard to believe.

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

#723

Post by pasc1878 »

tomrod wrote: post #640
pasc1878 wrote: post #634

Earlier quoted context omitted.

Perceived ates of tax evasion are high enough to justify further actions to make it harder to avoid tax. They are definitely perceived high enough. In Europe salary earners are taxed on the income as they receive it through Pay As You Earn and similar and it is difficult to avoid. The public wants it as difficult for all others to find it as difficult. Whilst FAANG pay very little tax. Even in the US Warren Buffet sa…

Of course -- taxes should be progressive. But this doesn't address "rich people" evading taxes, it addresses transactions from people from all slices of the socioeconomic spectrum, with a cap that is entirely too low and invasive. For example: if and when your country goes to pot, and you have a moral obligation to get your family out because we have this perceived notion of borders and sovereignty based on history w…

The point of a storage locker is that the contents are private so it is not on the record. Much easier to track transactions rather than things.

Road pricing will come in so there will be a tax on every mile you use a bus or use a motor vehicle.

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

#724

Post by throwaway2037 »

NorwegianDude wrote: post #590
ericfrazier wrote: post #565

Earlier quoted context omitted.

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.

No idea how it's over there, but here there is no need for the bank to check your credit score unless you want credit. A bank checking your credit score just because you want to create an account would be a huge invasion of privacy.

    A bank checking your credit score just because you want to create an account would be a huge invasion of privacy.
Really? How else can a bank decide how much credit to extend you? Please bear in mind that allowing someone to have a bank account is part of the credit relationship.

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

#725

Post by PrimeMcFly »

throwaway2037 wrote: post #718
PrimeMcFly wrote: post #700

Earlier quoted context omitted.

Jesus that's freaky. Talk about government overreach.

What country do you live in? For many highly developed democracies, this is normal and not scary.

Currently the US, but formerly Australia, Ireland, Scotland, Germany and Canada.

I've never had to register my address anywhere unless I have a drivers license.

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

#726

Post by throwaway2037 »

frumper wrote: post #650
derfniw wrote: post #416

Earlier quoted context omitted.

At least in NL there is no such thing as a 5 day hold on a transfer. Typically these are instant, at worst next business day, and if you use something like "payment request" or "tikkie" all it involves is sending the buyer a link or posting a QR code somewhere to allow them to send money directly, instantly, to your account. No chance of making errors in the bank nr, you can pre-specify the required amount in the req…

What about clawbacks? If someone uses a stolen account to pay me, can that bank get the money back after I've sold the goods?

Any highly advanced economy: yes, there will be fraud protection built into the system. Do you live in a place where this is not true?

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

#727

Post by throwaway2037 »

tekknik wrote: post #697
NorwegianDude wrote: post #575

Earlier quoted context omitted.

But people usually do have a terminal to accept payment. If not, they usually just send you an invoice. Makes bookkeeping much simpler for the business too. I have only paid in-person using NFC for nearly 10 years in Norway. I understand that the situation is different other places, but I'm literally not sure what our physical currency looks like now. However, I walked into a store in Spain yesterday that was cash on…

I don’t know much about Norway, but how would you transact during a natural disaster when power or network services are down for an extended period of time? Centralized digital payments fail here as well.

LOL. I love these kinds of posts. Ok smarty pants, you like cash. You have none in your wallet during a natural disaster. You need to buy emergency supplies. The ATM does not work. Now what?

Please do not reply to this post saying that you are a "prepper".

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

#728

Post by throwaway2037 »

tekknik wrote: post #698
NorwegianDude wrote: post #596

Earlier quoted context omitted.

Well, you can just turn off payments on the stolen device. As for the phone, you need to unlock the phone for larger purchases. The card requires a pin for larger purchases. The watch needs to be unlocked to after being removed from the arm. So that is not something to be worried about.

Maybe in Norway, but there absolutely is no pin check when making large purchases through at least Apple Card via Apple Pay. I made a $9800 US purchase a few months back and it was just face ID, which apparently can be fooled easily.

Fooled easily? This is news to me. The YouTube videos that I have seen are elaborate. And no way you can do this at a store!

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

#729

Post by throwaway2037 »

frumper wrote: post #651
nottorp wrote: post #618

Earlier quoted context omitted.

But that's because you still use checks over there :)

A stolen credit card isn't any different.

You are paying a mechanic face to face with a stolen credit card? Man, this whole string of posts has become utterly farcical.

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

#730

Post by throwaway2037 »

consp wrote: post #381
thereddaikon wrote: post #202

Earlier quoted context omitted.

I'm not a european but I do have an example. A few years back I purchased a project car in cash. I don't carry checks, who does anymore? And my bank would have given me grief trying to transfer an amount that large at once. I had tried before and it would trigger their fraud detection and give me headaches. Its good its there but can be a barrier when I'm just trying to buy something. So going to branch and withdrawi…

In NL, all transactions above 10k are monitored and tracked, if you want to collect larger than x-k from your bank in cash it is monitored and tracked (depends on the bank, usually less than 3k). Depositing large cash transactions is monitored as well. If you are staying within the law there is no real way to get around it since hardly any legal employer will pay you in cash. If the banks actually track it or not is…

To be clear, the ~10k USD cash limit before reporting is standard in all highly advanced countries for global money laundering agreements. You see these same restrictions when travelling internationally.
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