EU will ban Cash payments over €10,000 for transactions

Aug 3rd, 2021 7:35 pm

#1

2Riskit [OP]: Deal Addict; Jan 12, 2014; 4466 posts; 10828 upvotes; 45° 36' 44.9964'' N …

Aug 3rd, 2021 7:35 pm

EU will ban Cash payments over €10,000 for transactions

Cash payments over €10,000 for transactions such as car purchases, home improvements or funeral bills will be banned under EU rules expected to come into force within three years.
The ban is aimed at tackling money laundering but also comes as European authorities are looking towards an increasingly digital society, including plans for a purely digital version of the euro being examined by the European Central Bank.

https://www.independent.ie/news/cars-fu ... 13482.html

58

Aug 3rd, 2021 7:39 pm

#2

kr0zet: Deal Fanatic; Jan 16, 2011; 7205 posts; 9218 upvotes; The NORTH

Aug 3rd, 2021 7:39 pm

Wait, so if someone in the EU saves up the money to buy a car over $10,000 they cannot do so in cash? Seems like another way to control people, controlling the purse strings.

Wonder if any government here would ever have the suicidal tendency to try that in Canada.

+2

Aug 3rd, 2021 7:53 pm

#3

2Riskit [OP]: Deal Addict; Jan 12, 2014; 4466 posts; 10828 upvotes; 45° 36' 44.9964'' N …

Aug 3rd, 2021 7:53 pm

kr0zet wrote: ↑ Wait, so if someone in the EU saves up the money to buy a car over $10,000 they cannot do so in cash? Seems like another way to control people, controlling the purse strings.

Wonder if any government here would ever have the suicidal tendency to try that in Canada.

Canada has banned it yet but all transaction over 10k in cash have to be reported to fintac

58

Aug 3rd, 2021 8:02 pm

#4

Manatus: Deal Fanatic; Mar 21, 2010; 6639 posts; 3824 upvotes; Toronto

Aug 3rd, 2021 8:02 pm

kr0zet wrote: ↑ Wait, so if someone in the EU saves up the money to buy a car over $10,000 they cannot do so in cash? Seems like another way to control people, controlling the purse strings.

Wonder if any government here would ever have the suicidal tendency to try that in Canada.

I don't think many people are buying cars over $10,000 using physical cash? I'm sure there's cases of people going in and counting out a hundred hundreds, but I'd guess very few.

Aug 3rd, 2021 8:09 pm

#5

kr0zet: Deal Fanatic; Jan 16, 2011; 7205 posts; 9218 upvotes; The NORTH

Aug 3rd, 2021 8:09 pm

Manatus wrote: ↑ I don't think many people are buying cars over $10,000 using physical cash? I'm sure there's cases of people going in and counting out a hundred hundreds, but I'd guess very few.

Let me introduce you to boomers. You'd be surprised at how much physical cash that older people carry and pay with. Saw an older gentleman drop $4k on a car shelter the other day in front of me at Peaveymart.

I agree its not the normal but it still happens.

+1

Aug 3rd, 2021 8:49 pm

#6

StatsGuy: Deal Fanatic; Dec 20, 2018; 8223 posts; 7596 upvotes

Aug 3rd, 2021 8:49 pm

kr0zet wrote: ↑ Wait, so if someone in the EU saves up the money to buy a car over $10,000 they cannot do so in cash? Seems like another way to control people, controlling the purse strings.

Wonder if any government here would ever have the suicidal tendency to try that in Canada.

I know few places won't take cash over certain amount here as well because of liability and just hassle

Aug 3rd, 2021 9:09 pm

#7

smartie: Deal Guru; Dec 5, 2006; 14212 posts; 9592 upvotes; Markham

Aug 3rd, 2021 9:09 pm

EU is a place where common sense is rare

+8

Aug 3rd, 2021 9:59 pm

#8

pandorazw: Sr. Member; Dec 24, 2007; 858 posts; 144 upvotes; GTA

Aug 3rd, 2021 9:59 pm

umm I am among the people who truly believe banning cash will benefit the country's revenue.

+6

Aug 3rd, 2021 10:50 pm

#9

Kresher: Member; Jul 2, 2021; 239 posts; 250 upvotes; Vancouver

Aug 3rd, 2021 10:50 pm

Makes sense as an anti-money laundering measure.

+8

Aug 4th, 2021 7:39 am

#10

laptopuser: Penalty Box; Jul 28, 2010; 719 posts; 134 upvotes

Aug 4th, 2021 7:39 am

smartie wrote: ↑ EU is a place where common sense is rare

That would be Canada actually. For example we live in a so-called feminist society yet men are still required to pay more for car insurance. EU put a stop to that nonsense a decade ago.

They sicken of the calm, who knew the storm

+3

Aug 4th, 2021 8:08 am

#11

dubbers: Jr. Member; Jul 8, 2019; 186 posts; 250 upvotes

Aug 4th, 2021 8:08 am

kr0zet wrote: ↑ Let me introduce you to boomers. You'd be surprised at how much physical cash that older people carry and pay with. Saw an older gentleman drop $4k on a car shelter the other day in front of me at Peaveymart.

I agree its not the normal but it still happens.

Found the young immature childish millennial or Gen Z that still doesn't understand how the real world works or have any respect for their superiors in older generations.

+1

Aug 4th, 2021 8:10 am

#12

dubbers: Jr. Member; Jul 8, 2019; 186 posts; 250 upvotes

Aug 4th, 2021 8:10 am

Hopefully this forces people and businesses in Germany to finally modernize. Last time I went there about three years ago, many places were still cash only including almost all restaurants. People there still are reluctant of card payments because they are obsessed with privacy and afraid of government monitoring.

+1

Aug 4th, 2021 8:14 am

#13

kr0zet: Deal Fanatic; Jan 16, 2011; 7205 posts; 9218 upvotes; The NORTH

Aug 4th, 2021 8:14 am

dubbers wrote: ↑ Found the young immature childish millennial or Gen Z that still doesn't understand how the real world works or have any respect for their superiors in older generations.

superiors...

and thanks for the compliment on my age. Last I checked my drivers license i fell neither into millennial nor gen z...

+3

Aug 4th, 2021 8:38 am

#14

FoFai2015: Deal Addict; Jan 2, 2015; 1633 posts; 638 upvotes; Toronto, ON

Aug 4th, 2021 8:38 am

kr0zet wrote: ↑ Wait, so if someone in the EU saves up the money to buy a car over $10,000 they cannot do so in cash? Seems like another way to control people, controlling the purse strings.

My brother believes governments imposed mask mandates to "control" people. Please don't be so vague with pronouncements. It sounds like conspiracy theorizing.

It's pretty obvious why the EU government did this: to try to control money laundering, and make tax evasion more difficult.

+3

Aug 4th, 2021 9:41 am

#15

crow: Sr. Member; Dec 1, 2003; 582 posts; 222 upvotes; Ottawa

Aug 4th, 2021 9:41 am

So, government wants to move 100% towards digital currency. It is not surprising as government wants a complete control on its citizen in the name of terrorism, money laundering or what not.

+2

Aug 4th, 2021 10:23 am

#16

imoo2u: Deal Addict; Dec 20, 2006; 2195 posts; 2116 upvotes

Aug 4th, 2021 10:23 am

Coming next ????
Personal QR on the wrist for all EU citizens.
It looks like EU is heading towards having a "1984" lifestyle.

My hard earned taxable cash is more cleaner than politicians' expenditures.

“Ninety percent of all human wisdom is the ability to mind your own business.”
— Robert A. Heinlein

+2

Aug 4th, 2021 1:19 pm

#17

lpin14: Deal Addict; Nov 24, 2013; 2344 posts; 1714 upvotes; GTA

Aug 4th, 2021 1:19 pm

Germany is not on board with this as it seems Germans still prefer using cash a lot. It needs ratification by individual countries before it comes into force.

I see a need to combat money laundering and tax evasion, but if they want to do this might as well just get rid of cash.

+2

Aug 4th, 2021 1:40 pm

#18

callernamet: Deal Fanatic; Mar 10, 2018; 5322 posts; 1749 upvotes; does it matter?

Aug 4th, 2021 1:40 pm

kr0zet wrote: ↑ Let me introduce you to boomers. You'd be surprised at how much physical cash that older people carry and pay with. Saw an older gentleman drop $4k on a car shelter the other day in front of me at Peaveymart.

I agree its not the normal but it still happens.

I agree. You are correct.

Kresher wrote: ↑ Makes sense as an anti-money laundering measure.

2Riskit wrote: ↑ Canada has banned it yet but all transaction over 10k in cash have to be reported to fintac

And yet people and police force and politicians, journalists claim their is illegal money in real estate. Mostly Asian buyers. Canada get your act/laws straight. If it can be traced it can be prosecuted but see not much done.

"Laws for thee but not for me!" I will keep on jet-setting around the world. spend as much as I can. Enjoy as much as I can. Do as I do not as I say. I used to pay for my vacation until I met my hero.

Aug 4th, 2021 1:46 pm

#19

expresspotato: Member; Oct 11, 2013; 220 posts; 66 upvotes; Almost American

Aug 4th, 2021 1:46 pm

smartie wrote: ↑ EU is a place where common sense is rare

Let's have every website ask you if they can store cookies! Stupidest law ever!!

+2

Aug 4th, 2021 7:41 pm

#20

Bzzzzt: Sr. Member; Nov 30, 2011; 681 posts; 617 upvotes

Aug 4th, 2021 7:41 pm

lpin14 wrote: ↑ Germany is not on board with this as it seems Germans still prefer using cash a lot. It needs ratification by individual countries before it comes into force.

I see a need to combat money laundering and tax evasion, but if they want to do this might as well just get rid of cash.

In that case it won't be ratified.