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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

#791

Post by tough »

shellfishgene wrote: post #279
RajT88 wrote: post #229

Earlier quoted context omitted.

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.

They seem to be of most use to rich people who want to hide assets from the tax man by carrying the cash across the border to Switzerland. Probably doesn't work as well as it used to anymore though. A few years back I talked to a guy from norther Italy who said most people had a second bank account in Switzerland to hide money from the government.

I mean nowadays sounds just like much less hassle to use crypto for this use cases.

Unless you have unclean cash to clean ofc

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

#792

Post by Shocka1 »

throwaway2037 wrote: post #731
mywittyname wrote: post #665

Earlier quoted context omitted.

It's not a problem. I regularly pay for four-figure items in cash. Lots of places offer cash discounts at that price point (no CC fees or risk of chargeback). I paid a doctor $5000 in cash once. The first time, it feels a little odd, but then you realize that nobody at the bank bats an eye at you withdrawing a few grand, and $3k in 100s is about the size of a phone in your pocket. Since nobody carries cash, nobody th…

This post is hysterical. Where and why did you pay a doctor 5k (I assume USD/EUR)? Any one from a highly advanced democracy is laughing to themself about paying so much for medical care. I can only assume US or expat in undeveloped country.

Speculating and then attacking where an individual comes from instead of engaging in the actual conversation is an interesting take and seems like you may have the wrong tab open (HN, not Reddit). There is a word for this. It's called Xenophobia.

I've been on this site for a long time, and as far as I can recall this isn't accepted.

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

#793

Post by macinjosh »

ElectricalUnion wrote: post #447
macinjosh wrote: post #384

Earlier quoted context omitted.

Why does the NL want to kick down at the farmers so badly? Don't they know where real food comes from?

Is the only way to buy "real food", to buy it in chunks of 3000+ EUR paper money? That sounds pretty expensive and a lot of "real food" for the average person. And if it is a business transaction sounds like a suspicious business transaction.

Wow megabrain. A farmer could easily sell a truck of produce for well more than 3k

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

#794

Post by helaoban »

mdrzn wrote: post #271
helaoban wrote: post #228

Earlier quoted context omitted.

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

Why would the bank say no, if I have the funds? And let's not start with some fetish fantasy about "because an oppressive regime could do so any time"

Apologies for the bluntness, but this is just extremely naive.

The bank, at its discretion or under order by government, can and will prevent the transfer of funds, so it's really just a case of Murphy's law.

I don't know why there has to be appeal to "fetish fantasies". Is it so hard for you to imagine a scenario where you or others might unjustly be the target of nefarious actions by public or private parties who would wield the bureaucracy of banking system against you? This isn't a hypothetical, one of things opposing counsel does in a lawsuit involving money is to attempt to freeze or restrict your accounts.

You may have never been in a situation where a bank prevents you from moving money, but it happens, and the worldview you are espousing doesn't survive first contact with such a situation.

But you don't have to take my word for it. There's a reason the market for gold ingots exists, and it isn't just to guard against inflation.

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

#795

Post by berniedurfee »

jkaplowitz wrote: post #691
berniedurfee wrote: post #643

Earlier quoted context omitted.

I believe it’s illegal to put a minimum sale price on credit card transactions in NY. Though I still see it frequently in NYC.

Minimums used to be forbidden by many merchant agreements, but due to the federal Dodd-Frank Act from 2010, merchants can set credit card minimums up to no more than $10, as long as they set the same minimum for all types of credit cards they accept. This applies nationwide including NYC. Higher minimums are indeed still illegal, though that doesn’t mean you won’t still see them sometimes. This provision of the Dodd-…

Thanks for the response. I wonder what the intent is.

I can see a merchant not wanting to pay the credit card transaction fee if the purchase is so low as to make the sale a wash or worse.

I just wonder if the $10 limit is throwing the dog a bone and small merchants really want/need a higher minimum to protect their margins.

Seems like not allowing merchants to decide how they accept payments is an overreach by the government.

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

#796

Post by PestoDiRucola »

missedthecue wrote: post #516
macNchz wrote: post #198

Frustrating to see more laws like this that can readily throw a wrench in the day to day lives of regular working people, when money laundering and tax evasion at a scale multiple orders of magnitude larger than this is so shamelessly visible in the form of nine-figure real estate transactions, art auctions, and Caymans-based shell corporations.

How does one launder money with a real estate or art transaction? Say I've sold a great amount of cocaine and now have 5 million euro in banknotes sitting in my safe at home. How do I launder this money and make it 'legitimate' using those methods?

You sell an art-piece you own to yourself (hidden under several layers of shell companies based in various island-nations) for 5 million.

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

#797

Post by sgt101 »

mrguyorama wrote: post #617
whelp_24 wrote: post #218

Earlier quoted context omitted.

I am 100% certain that you can evade taxes, and do crime without cash. Even movies have criminals do wire transfers. It is hard to have, say, negative interest rates though.

>Even movies have criminals do wire transfers. And movies are famously accurate portrayals of things right? It's extremely difficult to do lot's of profitable crime without cash. When the IRS sees large transactions routinely coming in, they're going to ask WTF you do for a living, and eventually want some evidence of that. Forensic accounting is VERY powerful.

Also your bank. No one working in a bank wants to go to prison; this makes it very expensive to get bank workers to co-operate.

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

#798

Post by dangus »

mrbadguy wrote: post #574
dangus wrote: post #268

Earlier quoted context omitted.

The libertarian-minded tend to think that this kind of freedom is necessary to prevent government overreach and oppression, but in reality the bulk of the people making large cash transactions are either avoiding taxes (ripping off you, the taxpayer) or participating in organized crime (human trafficking, weapons/drugs/counterfeit black markets, etc). I would also argue that the only people making cash transactions t…

> There is no situation I would be comfortable making a transaction with that much cash (unless I was in so insanely wealthy that this amount of money meant nothing to me) That’s fine for you but why does that mean it should be illegal for everyone else?

I already addressed that in my comment.

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

#799

Post by dangus »

_zamorano_ wrote: post #465
dangus wrote: post #268

Earlier quoted context omitted.

The libertarian-minded tend to think that this kind of freedom is necessary to prevent government overreach and oppression, but in reality the bulk of the people making large cash transactions are either avoiding taxes (ripping off you, the taxpayer) or participating in organized crime (human trafficking, weapons/drugs/counterfeit black markets, etc). I would also argue that the only people making cash transactions t…

Like taxes are fair... You have the freelancers and small business struggling badly in my country, yet the goverment spends millions on nonsensical programs.

Okay, you are against taxes. Stop using roads. Dispose of your sewage yourself. They are nonsensical programs.

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

#800

Post by janandonly »

dang wrote: post #501

We have deep respect for other languages but HN is an English language site, so the articles posted here need to be in English. https://hn.algolia.com/?dateRange=all&page=0&prefix=true&que...

I apologize for crossing this rule, but I head to weigh this against the rule that asks for original sources. A google-translate link would not do, I guessed?

I couldn't find an NLTimes article (yet) since this isn't enshrined into law.

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