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EU-wide maximum limit of €10K for cash payments

consilium.europa.eu

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Re: EU-wide maximum limit of €10K for cash payments

#631

Post by biztos »

Teandw wrote: post #386
olivermarks wrote: post #253

'By limiting large cash payments, the EU will make it harder for criminals to launder dirty money. ' Bizarre how the EU is penalizing everyone in order to 'make it harder for criminals to launder dirty money'. People pay taxes in order to have their bureaucrats serve them by creating a safe financial and social environment, not to have them assume everyone is a criminal/terrorist and greatly impede access to their as…

"Bizarre how the EU is penalizing everyone in order to 'make it harder for criminals to launder dirty money'." This likely affects a number of people that is so small, that it's irrelevant. Not sure it makes sense to say that such a law that effects a tiny number of individuals is penalizing everyone.

In some parts of the EU, it’s still pretty common to do the down payment of a private real estate transaction in cash, and that can easily exceed €10K. I’ve done it myself and I’m not even a local.

If it’s illegal then it’s just going to go off the books, at a small cost to taxes and accuracy of records, for some people; but for others it will force them to end this traditional practice, and I can imagine that might cause hardship.

But yeah, Russians under the bed, sure.

Re: EU-wide maximum limit of €10K for cash payments

#632

Post by gruez »

franey wrote: post #600
xyzzyz wrote: post #580

Earlier quoted context omitted.

> In his home country, you couldn't trust the banks, so people hid their money. Of course that kind of thinking is silly in Australia, but good luck explaining that to someone with war-trauma. Not too long ago we saw the Canadian government freeze bank accounts of people for protesting the Covid measures. Don’t think that it cannot happen in your country.

For people not familiar with Canadian politics, this summary missed some important nuance. Bank accounts were frozen for some people who donated money to support an illegal occupation of part of Canada's capital city, Ottawa. The occupation was a mix of people protesting COVID measures and others demanding that Justin Trudeau resign. https://www.cbc.ca/news/politics/emergency-bank-measures-fin...

>Bank accounts were frozen for some people who donated money to support an illegal occupation of part of Canada's capital city, Ottawa.

Were they a designated criminal group at the time of donation? It seems strange to go after the donors rather than freezing the bank accounts of the recipients. The way I see it, there are only two possibilities:

1. the groups in question were declared criminal organizations, and therefore their bank accounts should be frozen and future donations should be blocked/banned

2. the groups in question weren't declared criminal organizations, and therefore it should be okay to donate to them.

Re: EU-wide maximum limit of €10K for cash payments

#633

Post by kube-system »

crazygringo wrote: post #356
perlgeek wrote: post #286

Earlier quoted context omitted.

> It doesn't affect anyone. No one in Europe uses cash for anything more expensive than maybe 200 euros. Sold a used car just last year, got 2700€ in cash for it. Much easier than doing a bank transfer (which takes 1 day to arrive, if you're unlucky, and can be rolled back), or a paypal transfer (which can be undone) or anything else between to individuals. For b2c or b2b I agree, nobody pays that much in cash, but f…

I sure wouldn't want to risk discovering I'd been paid in high-quality counterfeit notes. Accepting 2700€ cash feels insane to me. In Europe do you not have cashier's checks? That's what we use in the US for something like a used car, since most people don't want to carry around a car's worth of cash, even for a short period of time. You go to the bank, and get a check drawn on the bank for the amount. The person rec…

I wouldn't accept a cashiers check for a car in the US right now, unless the seller met me at their bank so I could cash it. A very popular scam at the moment is to buy a car with a fake cashiers check, then disappear with the car, and a couple days later the check comes back as fake.

Re: EU-wide maximum limit of €10K for cash payments

#634

Post by XorNot »

csomar wrote: post #593
ceejayoz wrote: post #556

Earlier quoted context omitted.

If I'm a dissident running from the government I probably don't want the attention generated by bringing 10k Euros in cash into a business to buy something.

We don't know what circumstances this "dissident running from the government" is facing.

Government is under no obligation to make it easy for you to overthrow it (which is by definition, a criminal enterprise).

You want to avoid problems? Get involved in local politics, or start a media publication or literally any one of a thousand things you could do right now which is going to be a lot easier then "become an off the grid fugitive dissident".

Re: EU-wide maximum limit of €10K for cash payments

#635

Post by epolanski »

tastysandwich wrote: post #506

A similar thing was attempted in Australia [1]. I just ask people to consider that even though we all have bank accounts and we take that for granted, there _are_ actually people who don't, and they're not operating a criminal enterprise. My grandparents came as refugees. My grandfather has never had a bank account. He bought a car with $50 bills once. It was so funny, they were all stuck together and the clerk had t…

> If a ban prevented him from paying for that surgery with cash, he just wouldn't get the surgery

He can go to a bank with the cash and do a wire transfer.

Re: EU-wide maximum limit of €10K for cash payments

#636

Post by ErikCorry »

nly wrote: post #323
mberning wrote: post #283

Earlier quoted context omitted.

Horrible take. 10k is a pittance. Small business owners, farmers, people buying and selling vehicles, etc. It’s not a large amount of money. If you go down to the apple store and buy a couple well specced computers the bill is going to be over 10k.

Americans aren't used banking systems that work.

Strangely, Americans also live in a country where the police can just steal your cash without charging you with a crime. They call it forfeiture.

Re: EU-wide maximum limit of €10K for cash payments

#637

Post by kube-system »

bobthepanda wrote: post #335
nly wrote: post #323

Earlier quoted context omitted.

Americans aren't used banking systems that work.

Americans don’t use such large sums of cash in transactions very frequently, do others? The only large exception I am aware of is dispensaries because banks don’t want potential drug money laundering charges.

A significant portion of the US population uses cash for everything. Only about 2/3 of Americans use traditional banks for their finances. Most of them are poor, so they're not making many transactions over 10k, but those people will pay for cars, rent, etc in cash.

Re: EU-wide maximum limit of €10K for cash payments

#638

Post by epolanski »

flumpcakes wrote: post #488

There already exists laws where you have to register with tax authorities to receive payments in cash over 10,000 euros. It would be quite easy for the government to look at this list and decide that there's no reason they can't be done by BACS and then introduce this law. There's a lot of replies that are quite shocked, but in the EU and the UK it is very unusual to use cash for high value payments. For example, you…

I rarely use cash and oppose it.

Why keep money on you?

Cash promotes tax evasion and money laundering, plain and simple.

Re: EU-wide maximum limit of €10K for cash payments

#639

Post by epolanski »

rahen wrote: post #69

This new EU regulation has nothing to do with preventing terrorism or money laundering, but rather paving the way for its CBDC. This is about power and surveillance.

This is nonsense, most money in the world is already digital only, Euro too, only a small % is paper/coins.

I'm surprised by the amount of negativity around this news really.

Re: EU-wide maximum limit of €10K for cash payments

#640

Post by pclmulqdq »

ceejayoz wrote: post #568
pclmulqdq wrote: post #555

Earlier quoted context omitted.

$10,000 in US $20 bills weighs about 1 pound. In $100 bills, it fits nicely in your pocket or in a small purse. I assume 100 euro notes are about the same.

It's a lot of money to put in your pocket. I didn't say anything about weight .

I personally don't have enough fingers to count the number of times I've carried around a huge amount of cash. Buying computers, cars, and collectibles can all involve a ton of money. Also, when I was playing poker a lot, that wasn't an unreasonably large amount to have on hand.
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