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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

#701

Post by tekknik »

ryandrake wrote: post #523
Loughla wrote: post #366

Earlier quoted context omitted.

I purchase, restore, and sometimes sell old woodworking machinery as a side gig to subsidize my own purchase of woodworking equipment for my shop. I have had multiple cash transactions above $3,000 every year that I've done this. Not to avoid taxes, not to keep them off the books, but because one of the parties has either the unwillingness or inability to take electronic payments. Elderly people, those located in rur…

Yea, assuming you're in the USA, I don't think a similar restriction would be workable here in America. Too many people are unbanked or for other reasons transact mostly in cash. And even for those who do have bank accounts, we don't have the nice, bank-based money transfer solutions that are commonplace in the rest of the developed world--we're stuck with shit-tier solutions like Zelle and Venmo and PayPal. I wouldn…

> we're stuck with shit-tier solutions like Zelle and Venmo and PayPal.

Hopefully not for too much longer:

https://en.wikipedia.org/wiki/FedNow

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

#702

Post by tekknik »

jacobgorm wrote: post #439
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…

I'm in Denmark, and the last car I bought was from a private seller on a Sunday, we met at a coffee shop and settled the (large, cars are expensive here) payment via an instant bank transfer that I initiated from my laptop. The money immediately showed in the seller's account and we transferred the title/registration via a government online service (which is free of charge). Easy as that, no need for checks or cash.

In the US, it’s quite possible your bank may not exist tomorrow. This just happened with two banks here. Plus during natural disasters you won’t be able to load up your laptop to transfer money for groceries, or NFC for that matter. These things still need cash.

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

#703

Post by tekknik »

EliRivers wrote: post #393
halfdan wrote: post #257

Earlier quoted context omitted.

This seems a US centric problem. No one in Europe has carried checks since the 90s and large bank transactions are really a non issue as they resolve within a banking day and for a small fee you can usually do real time transfers too.

Or for free. One of the reasons Venmo and similar do well in the US but have almost no equivalent (and certainly not at scale) in the UK, for example, is that free, near instant transfer of cash from retail (i.e. ordinary people) bank accounts has been free for years. If I need to pay someone, I need their bank account number and their bank identifying number, and that's it; the money will be in their bank within six…

We’re a few years late but getting this now with FedNow.

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

#704

Post by tekknik »

seanmcdirmid wrote: post #680
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…

> Since nobody carries cash, nobody thinks that other people are carrying cash, so it doesn't make you a target. Thugs will target older people who are more likely to carry cash, they do some stereotyping other of people who are still worth mugging. Also, if they notice the wallet bulge in your back pocket, you’ve become a target.

Well this works well until it doesn’t. My elderly father doesn’t carry cash, only card, but yet it would look like he has a large wad of cash in his front pocket. It is in fact a legally concealed handgun however.

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

#705

Post by tekknik »

dijit wrote: post #347
whirlwin wrote: post #296

Earlier quoted context omitted.

As in why would anyone want those devices in the first place?

Please accept that people have preferences. It will make the rest of your life a lot easier.

It will make the everybody’s life a lot easier.

Sorry had to fix that.

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

#706

Post by systems_glitch »

allset_ wrote: post #695
nottorp wrote: post #683

Earlier quoted context omitted.

No pin? No 3d secure?

In the US? Nope.

Really really, it's like that here. I guess it's somehow cheaper to write off fraud than updating everything? Probably some actuary sweating the day the scale tips the other direction.

It's incredible how lax the rules are for how verified the CC information needs to be for a transaction to clear. There was a HN article about it not that long ago, w.r.t. dealing with Stripe or one of the other big processors. Stuff like the CVV can be wrong, the issued name can vary by some heuristic, etc.

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

#707

Post by PrimeMcFly »

qwerty456127 wrote: post #215

Very sad news. Digital faschism is coming. I always withdraw money and use cash to pay wherever possible. I used to do the opposite throughout mthe most of my life until I understood what's that all about and what are we coming to. Coincidentally or not I have switched soon after watching the Black Mirror TV show :-) (I wouldn't say it was the only and direct influence - I thought about this subject before and after…

> I have switched soon after watching the Black Mirror TV show

Any particular episode?

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

#708

Post by porkbeer »

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.

All banks use a credit reporting agency, a seperate one. You never discovering this just shows you and those you surround yourself with have never had to deal with it. Thats nice, but also a privliged and ignorant position.

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

#709

Post by porkbeer »

input_sh wrote: post #463
kxrm wrote: post #367

Earlier quoted context omitted.

So you are saying that in order to purchase these items you must have a bank account?

You wouldn't be able to receive a salary without a bank account.

This is untrue. At least in the us, the company is required to cut you a check, which can be cashed without an account.

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

#710

Post by porkbeer »

rootusrootus wrote: post #129
xxs wrote: post #61

Earlier quoted context omitted.

>Cash isn't great, but some people don't use online banking This is the US version of the events. I don't know all EU member states in detail, but I can't think of one where it's possible to receive salary/pension in cash. Cheques have not been a thing for 20y+, I wonder if they are still issued.

> This is the US version of the events. By far the most common method of receiving income from an employer in the US is direct deposit. For people who refuse, the fallback position is typically a card (essentially a refillable gift card). Checks still do exist, but primarily for one-off payments where the payer and payee don't have much of a relationship.

You can demand payment by check. I dont want some random card or account and i am not required to have one.
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