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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

#891

Post by CogitoCogito »

manscrober wrote: post #406
peoplefromibiza wrote: post #133

Earlier quoted context omitted.

what's your solution? ban hairdressers and car washes?

No good solution existing doesn't mean we should implement useless measures that restrict freedom. Assuming a similar percentage of car washes and hairdressers launder money( similar to how many >10k cash transactions are for money laundering) we could ban hairdressers and car washes from using cash all together. To fight corruption... I think the problem we should fight, if any, is not the laundering. I simply can't…

> Assuming a similar percentage of car washes and hairdressers launder money( similar to how many >10k cash transactions are for money laundering) we could ban hairdressers and car washes from using cash all together.

And how many >10k cash transactions are for money laundering exactly?

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

#892

Post by stev-0 »

twohaibei wrote: post #884
stev-0 wrote: post #860

Earlier quoted context omitted.

I don’t see how limiting cash payments is “penalizing” anyone. I have never payed more than say $3k in cash. It just doesn’t make sense to do so. Privacy shouldn’t exist for financial transactions. It makes it easier to launder money or hide wealth. There is no other use for “dark” financial transactions. There is no tyranny in making finances of everyone transparent. It doesn’t force anyone to make different choices…

> I have never payed more than say $3k in cash. It just doesn’t make sense to do so. Let me quote someone smart on privacy topic: > Arguing that you don’t care about the right to privacy because you have nothing to hide is no different than saying you don’t care about free speech because you have nothing to say. Cash = privacy. I dont want to get stripped from privacy by anyone for any reason.

I don’t say I have nothing to hide. I’m saying I’ve got no financial transactions above 10k to hide…

You are not allowed to hide such transactions by law in the country where I am from.

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

#894

Post by WastingMyTime89 »

throwaway09223 wrote: post #596
ceejayoz wrote: post #568

Earlier quoted context omitted.

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

It's not, though. I remember carrying that much cash when I saved up for a summer to buy some computer components. They didn't take checks, and at the time I was like 19 and my debit card didn't have a high enough limit to buy the items I wanted (a couple of high end workstations, nothing super fancy- computers used to be expensive!) It's actually pretty common to need to buy things over $10k. It's pretty common for…

> It's actually pretty common to need to buy things over $10k. It's pretty common for vendors to not take checks. It's pretty common to not have high enough credit limits to cover these types of purchases.

That's a very USA-centric comment. Checks are virtually unheard of in Europe and no one would pay so much money in cash. You would do a wire transfer or a card payment for that.

Payments in cash to a professional from a French citizen have been capped at 1000€ in France for years with virtually no impact. I have never seen or heard of someone attempting to use that much cash.

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

#895

Post by WastingMyTime89 »

1337biz wrote: post #504
Teandw wrote: post #409

Earlier quoted context omitted.

"Cash is king. If you are buying a non running classic car and have a tow vehicle and trailer ready you can drive a hard bargain in the moment." If I send a 10k payment to someone via bank transfer it's in their bank account in 10 seconds. Maybe you live in a country where there are much harsher restrictions?

It is about speed. If someone offers 10k in cash and someone talk about wire transfer blahblah, sellers will always prefer the buyer just paying in cash.

I'm always taking the wire transfer any day of the week. Nowadays, I generally straight up refuse payment in cash. Far too much of a hassle to handle. I think there is a major cultural divide between some parts of Europe and the USA on this subject which is partially due to how behind its time the USA banking system used to be.

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

#896

Post by WastingMyTime89 »

1337biz wrote: post #550
sheepdestroyer wrote: post #531

Earlier quoted context omitted.

We are talking 10s bank transfers here in EU, how much faster do you want it? I would not feel at ease walking around with 10k€ In fact I would find it extremely suspicious if someone told me it's their preferred method to get paid. I would totally expect a mugging.

If they pay by transfer they can charge back, the bank might cancel for some credit reasons, might flag it as they want to verify first why it was made, and so on. Cash is problem free if you live in a low crime area. I do myself all higher priced purchases in cash, even go to the bank and withdraw the money to go to the shop next door. For the same reason I use a VPN. My provider and my bank have no right know what…

Charge backs don't really exist in Europe. The bar to clear for your bank to reverse a payment is extremely high.

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

#897

Post by WastingMyTime89 »

niij wrote: post #625
kawsper wrote: post #510

Earlier quoted context omitted.

That's against the law: > Businesses in Denmark and the EU may not charge a fee for your payment with Dankort, Visa/Dankort, Visakort, MasterCard and other ordinary payment cards issued in the EU. > Company cards are exempt from the ban. Shops may charge a fee if you use a payment card issued to a company or public organisation. https://taenk.dk/privatoekonomi/gode-raad/gebyrer-paa-betali...

This is not to be celebrated. It's regulatory, capture plain and simple. Cash purchasers are subsidizing those with credit cards (and the pithy rewards they pay).

What are you talking about? Interchange fees are aggressively capped in the EU and credit cards don't give rewards. It's not the USA.

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

#898

Post by Abimelex »

wow, now you can not pay your favourite terrorist anymore in one big cash payment, but you need to do it in smaller tranches, because they make it illegal!

This law will have no impact on any terrorism financing, but it will for sure help the government to better track you and once you have all your money in digital cash it will also be very easy to apply a lot of other measurements, like negative interest charges or wealth taxes. This is just another step forward to gain control ...

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

#899

Post by Canada »

lol768 wrote: post #188
Canada wrote: post #101

Earlier quoted context omitted.

> can’t imagine a car dealer who would do anything but laugh if I bought a car north of €10k and suggested I wanted to pay in cash. Doesn't sound like how any car salesman, or any commission salesman I've ever met thinks. Car ownership is registered with government anyway, so it's not as if anyone can get away with pretending to be poor and owning a bunch of fancy cars anyway. In my personal experience cash is how us…

> I don't get any money until you hand me the cash. Just do a bank transfer to the individual you're buying the car off. Unless you live in a country with incredibly poor payments infrastructure, the funds will be available instantly.

Apologies for the late reply.

You can't prove that in realtime without a trustee, which is just how things have been done forever. With all due respect, this is how it is in "advanced economies". Where are you personally from where you think anything other than cash provides instant, irreversable, and indusputable settlement in this case?

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

#900

Post by Canada »

Teandw wrote: post #223
Canada wrote: post #93

Earlier quoted context omitted.

I want to be able to pay for at least a year of rent without relying on a bank. I want to be able to pay for as much as possible without leaving any record with a third party if I don't want to. I also want to be able to take all of my money out of the bank and keep it for myself, and give it to whoever I want, whenever I want, without having anyone's permission to do so, or reporting that I have done so to anyone. W…

It's quite simple really. Because the vast majority of people that want to do those things, are wanting to get away with doing bad things and/or not paying their way correctly in society. You may be a rare outlier but there has to be precautions.

This is an honest answer. Thanks for giving me the benefit of the doubt. I don't want to live in the same society as you, or be a part of one where people who share your opinion are the majority who get to make the rules.
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