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Cash payments above €3000 to be outlawed in Netherlands

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

#371

Post by Paul-Craft »

eru wrote: post #24
version_five wrote: post #19

Earlier quoted context omitted.

In Canada, and I think the US we cannot cross the border with > 10k in cash (edit: more if you declare it as mentioned below). The law has been there for as long as I can remember, be I sure purchasing power of 10k has gone down by at least a factor of 4-10 over the life of the law. All regulation type laws need sunset clauses and all dollar amounts should be inflation linked. The government shouldn't be able to scam…

I think the law technically states that you have to declare, if you have more cash. It's not directly forbidden, is it?

You can't leave the US carrying more than $5 in nickels and pennies though.

https://moneyweek.com/33401/why-its-now-illegal-to-melt-down...

https://www.federalregister.gov/documents/2007/04/16/E7-7088...

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

#372

Post by Ekaros »

xeromal wrote: post #294
mdrzn wrote: post #91

Earlier quoted context omitted.

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

That introduces a 3rd party to the transaction.

When you think like that isn't cash also third party?

You trust some entity you have never personally audited, to produce some pieces of paper that you are supposed to trust...

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

#374

Post by [deleted] »

seppel wrote: post #355
halfdan wrote: post #241

Earlier quoted context omitted.

And you clearly want to carry 3000+ EUR in your pocket than paying by card? Europe is safe, but I will definitely not walk around with that much cash on my person.

> And you clearly want to carry 3000+ EUR in your pocket than paying by card? Europe is safe, but I will definitely not walk around with that much cash on my person. I'd also rather pay the Macbook by card due to practicality, but I don't understand your second sentence. Why would you walk around with a Macbook worth 3k but not with 3k in cash? Nobody knows that you have 3k in cash with you, whereas everybody can see…

[deleted]

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

#375

Post by [deleted] »

Scarblac wrote: post #329
ClarityJones wrote: post #221

Earlier quoted context omitted.

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.

Government insures personal bank accounts up to 100k euro. You have your 10k.

[deleted]

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

#376

Post by rightbyte »

rascul wrote: post #320
rightbyte wrote: post #176

Earlier quoted context omitted.

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.

Maybe it is because I put my hands in my pocket all the time or something if I am the only one with this problem ..

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

#377

Post by Scarblac »

throwaw33333434 wrote: post #33

If the endgame is to ban cash, what would be the back up plan for in case of war, solar flare* or other natural disaster? *electromagnetic pulse destroy electronic devices (no ATMs, card readers)

It's the Netherlands, we don't do backup plans for natural disasters anymore sadly.

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

#378

Post by mike_d »

traceroute66 wrote: post #310
hiatus wrote: post #266

Earlier quoted context omitted.

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

> So if you sell a house and want to buy a new one, you have to pay for a mortgage you don't need? You misunderstand. We are talking hard paper cash here. It might help if we quote a translated excerpt here : This practice is now being abolished by the introduction of Sec. 16a GwG. From 1 April 2023, it will only be possible to purchase real estate using means of payment other than cash, crypto assets, gold, platinum…

Sounds like a good time to buy silver and palladium.

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

#379

Post by volent »

dylan604 wrote: post #321
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…

>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…

That's a very strange question. Obviously businesses are still allowed to deposit more than 3000€ to their bank accounts.

How would supermarket function otherwise?

The farmer isn't an individual, it's a business as well.

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

#380

Post by [deleted] »

thereddaikon wrote: post #202
throwaway2037 wrote: post #166

Earlier quoted context omitted.

I am confused by your post. What are some good reasons to allow cash payments above 3000 EUR?

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…

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