6 ms·

> Bizarre how the EU is penalizing everyone in order to 'make it harder for criminals to launder dirty money'. It doesn't affect anyone. No one in Europe uses

> Bizarre how the EU is penalizing everyone in order to 'make it harder for criminals to launder dirty money'. It doesn't affect anyone. No one in Europe uses cash for anything more expensive than maybe 200 euros. Of course in some countries like Sweden and the Netherlands no one uses cash any more at all, and almost all ATM machines have been removed. I believe cash-only places are now outlawed. The reason for this is because of the small stores run by immigrants that does you-never-know-what with the money you give them. > People pay taxes in order to have their bureaucrats serve them by creating a safe financial and social environment Safe in this case means eliminating those shady cash-only stores. Here in Europe the cash-only stores (nowadays outlawed) were mostly run by immigrants. We're talking pizzerias, barber shops, fast food trucks, corner cafes. Places where a lot of cash is laundered. God riddance to those places.

Aerroon 4y ago
And if the banks decide that they don't want to serve someone like you? Then what? Or if the banks all decide to introduce very high fees for transactions?
- bathory 4y ago
  That too, isn't allowed by European law. :-)
perlgeek 4y ago
> 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 for individuals transacting with one another, it still seems the easiest option.
- spyder 4y ago
  Domestic bank transfers in many EU countries are already "instant" and EU wants to make it mandatory for every member without extra fees: https://www.euronews.com/next/2022/10/26/eu-pushes-for-banks-to-offer-instant-payments-in-euros-at-no-extra-cost https://www.euronews.com/next/2022/10/26/eu-pushes-for-banks...
- B8MGHCBekDuRi 4y ago
  > Sold a used car just last year, got 2700€ in cash for it. where did the buyer kept the money? > which takes 1 day to arrive you're saying it like it really makes a difference or like cash is safer and easier to handle. How much time does it take to deposit the money to your bank account? Is your time free? Do you like to lose money and time so that other people can use cash coming from who knows where? > but for individuals transacting with one another, it still seems the easiest option. back to question #1 again: what kind of people keep thousands of euros at home? I know no one who does it.
- bigfudge 4y ago
  Bank transfers in the uk are pretty much instantaneous during working hours, and often outside too
  - dijit 4y ago
    Largely depends on which banks are talking between each other. For many banks and large transfers you need to wait an hour or so for it to go through. You notice it most when buying a house and you sit awkwardly in a room with the seller waiting for the money to be transferred so you can leave with the keys.
    - jonathantf2 4y ago
      What awful bank have you got where it takes 1h to do a Faster Payment?
      - dijit 4y ago
nottorp 4y ago
> and the Netherlands no one uses cash any more In my one visit to the Netherlands I had to use cash because small places wouldn't take Visa/MC because it was too expensive for them. They had no problem accepting cash tho. Which Netherlands have you been to?
- Phemist 4y ago
  We dont use cash very often, but we have our own separate payment networks called Maestro and V-Pay. So tourists nearly always have to resort to cash transactions.
  - chupasaurus 4y ago
    > our own separate payment networks called Maestro You mean Mastercard's brand?
    - lilsoso 4y ago
      Yes, technically. But you won't be able to use an American Mastercard. Maestro is a debit card, generally it will look like this: https://www.abnamro.com/en/news/pin-needed-less-often-when-making-contactless-payments https://www.abnamro.com/en/news/pin-needed-less-often-when-m.... I've never seen it in the US.
      - nottorp 4y ago
        Any Mastercard/Visa, no matter where it's issued :)
      - chupasaurus 4y ago
        I haven't seen Maestro-exclusive terminals for 10 years, at least with support of Mastercard, but the survivorship bias is hard because my country was a playground for all new tech of both Visa and MC.
        lilsoso 4y ago
nibbleshifter 4y ago
I'm European, and mostly use cash.
matkoniecz 4y ago
> No one in Europe uses cash for anything more expensive than maybe 200 euros. That is absurd. People regularly pay for things like new computer with cash. And family member was buying a flat recently - seller wanted cash, so transaction took place in a bank. Cash was withdrawn (around 90 000 euro?), exchanged when sale was notarized and deposited. As I understand, this would not be legal anymore?
- moritonal 4y ago
  Hol up, the buyer wanted cash for buying a flat? And no-one saw anything fishy in that? Really sounds like your family member accidentally helped launder money.
  - mschild 4y ago
    It's a perfectly legal way to buy a property in Germany. Of course this gets abused to launder money because you can also buy a house worth a million in cash.
  - matkoniecz 4y ago
    Entire transaction took place in bank - and cash was immediately deposited into bank and never even left bank building. Not entirely sure why it would be a problem or enable anything? (and obviously, seller wanted cash) (and it is possible that I misunderstood something) And I would do the same - just to avoid worrying that maybe transfer is not going to arrive or get reverted or something (that is 100% hypothetical, I do own any housing). So I am mildly unhappy that it gets outlawed.
    - ithkuil 4y ago
      Last time I had to do something like this I used a "certified check", which in the EU country I live is a mechanism where a bank effectively prints non-anonymous money that can be exchanged physically. It would have worked just as well in you example transaction where both parties were in a bank. In my example it worked by exchanging this piece of paper while at the notary. (This is my understanding on how most of the house sales work in Italy)
ur-whale 4y ago
> It doesn't affect anyone. No one in Europe uses cash for anything more expensive than maybe 200 euros. LOL, you have clearly never had to build a house.
- deleted 4y ago
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Aerroon 4y ago

And if the banks decide that they don't want to serve someone like you? Then what? Or if the banks all decide to introduce very high fees for transactions?

bathory 4y ago
That too, isn't allowed by European law. :-)

perlgeek 4y ago

> 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 for individuals transacting with one another, it still seems the easiest option.

spyder 4y ago
Domestic bank transfers in many EU countries are already "instant" and EU wants to make it mandatory for every member without extra fees: https://www.euronews.com/next/2022/10/26/eu-pushes-for-banks-to-offer-instant-payments-in-euros-at-no-extra-cost https://www.euronews.com/next/2022/10/26/eu-pushes-for-banks...
B8MGHCBekDuRi 4y ago
> Sold a used car just last year, got 2700€ in cash for it. where did the buyer kept the money? > which takes 1 day to arrive you're saying it like it really makes a difference or like cash is safer and easier to handle. How much time does it take to deposit the money to your bank account? Is your time free? Do you like to lose money and time so that other people can use cash coming from who knows where? > but for individuals transacting with one another, it still seems the easiest option. back to question #1 again: what kind of people keep thousands of euros at home? I know no one who does it.
bigfudge 4y ago
Bank transfers in the uk are pretty much instantaneous during working hours, and often outside too
- dijit 4y ago
  Largely depends on which banks are talking between each other. For many banks and large transfers you need to wait an hour or so for it to go through. You notice it most when buying a house and you sit awkwardly in a room with the seller waiting for the money to be transferred so you can leave with the keys.
  - jonathantf2 4y ago
    What awful bank have you got where it takes 1h to do a Faster Payment?
    - dijit 4y ago

nottorp 4y ago

> and the Netherlands no one uses cash any more In my one visit to the Netherlands I had to use cash because small places wouldn't take Visa/MC because it was too expensive for them. They had no problem accepting cash tho. Which Netherlands have you been to?

Phemist 4y ago
We dont use cash very often, but we have our own separate payment networks called Maestro and V-Pay. So tourists nearly always have to resort to cash transactions.
- chupasaurus 4y ago
  > our own separate payment networks called Maestro You mean Mastercard's brand?
  - lilsoso 4y ago
    Yes, technically. But you won't be able to use an American Mastercard. Maestro is a debit card, generally it will look like this: https://www.abnamro.com/en/news/pin-needed-less-often-when-making-contactless-payments https://www.abnamro.com/en/news/pin-needed-less-often-when-m.... I've never seen it in the US.
    - nottorp 4y ago
      Any Mastercard/Visa, no matter where it's issued :)
    - chupasaurus 4y ago
      I haven't seen Maestro-exclusive terminals for 10 years, at least with support of Mastercard, but the survivorship bias is hard because my country was a playground for all new tech of both Visa and MC.
      - lilsoso 4y ago

nibbleshifter 4y ago

I'm European, and mostly use cash.

matkoniecz 4y ago

> No one in Europe uses cash for anything more expensive than maybe 200 euros. That is absurd. People regularly pay for things like new computer with cash. And family member was buying a flat recently - seller wanted cash, so transaction took place in a bank. Cash was withdrawn (around 90 000 euro?), exchanged when sale was notarized and deposited. As I understand, this would not be legal anymore?

moritonal 4y ago
Hol up, the buyer wanted cash for buying a flat? And no-one saw anything fishy in that? Really sounds like your family member accidentally helped launder money.
- mschild 4y ago
  It's a perfectly legal way to buy a property in Germany. Of course this gets abused to launder money because you can also buy a house worth a million in cash.
- matkoniecz 4y ago
  Entire transaction took place in bank - and cash was immediately deposited into bank and never even left bank building. Not entirely sure why it would be a problem or enable anything? (and obviously, seller wanted cash) (and it is possible that I misunderstood something) And I would do the same - just to avoid worrying that maybe transfer is not going to arrive or get reverted or something (that is 100% hypothetical, I do own any housing). So I am mildly unhappy that it gets outlawed.
  - ithkuil 4y ago
    Last time I had to do something like this I used a "certified check", which in the EU country I live is a mechanism where a bank effectively prints non-anonymous money that can be exchanged physically. It would have worked just as well in you example transaction where both parties were in a bank. In my example it worked by exchanging this piece of paper while at the notary. (This is my understanding on how most of the house sales work in Italy)

ur-whale 4y ago

> It doesn't affect anyone. No one in Europe uses cash for anything more expensive than maybe 200 euros. LOL, you have clearly never had to build a house.

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