this post was submitted on 24 Jul 2024
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cross-posted from: https://slrpnk.net/post/11683880

cross-posted from: https://slrpnk.net/post/11683421

The EU has quietly imposed cash limits EU-wide:

  • €3k limit on anonymous payments
  • €10k limit regardless (link which also lists state-by-state limits).

From the jailed¹ article:

An EU-wide maximum limit of €10 000 is set for cash payments, which will make it harder for criminals to launder dirty money.

It will also strip dignity and autonomy from non-criminal adults, you nannying assholes!

In addition, according to the provisional agreement, obliged entities will need to identify and verify the identity of a person who carries out an occasional transaction in cash between €3 000 and €10 000.

The hunt for “money launderers” and “terrorists” is not likely meaningfully facilitated by depriving the privacy of people involved in small €3k transactions. It’s a bogus excuse for empowering a police surveillance state. It’s a shame how quietly this apparently happened. No news or chatter about it.

¹ the EU’s own website is an exclusive privacy-abusing Cloudflare site inaccessible several demographics of people. Sad that we need to rely on the website of a US library to get equitable access to official EU communication.

update


The Pirate party’s reaction is spot on. They also point out that cryptocurrency is affected. Which in the end amounts to forced banking.

#warOnCash

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[–] [email protected] 5 points 3 months ago (3 children)

Interestingly enough the €3k is, when converted to USD, almost exactly what I paid for, in cash, to buy my Street Triple a few weeks ago. I was weary of giving a ton of cash to some random stranger, and wanted to do a cashier's check. He didn't know what that was.

This makes me wonder, are cashier's checks considered cash under this rule in the EU?

[–] [email protected] 3 points 3 months ago

I had to look up cashier's check and it does not sound familiar at all. But searching a bit further it is a thing that exists, seems to be called Bank Check around here, it's just kind of expensive to use.

It's much more usual to pay in cash or use an account transfer (SEPA transfer) which is usually free, but with the delay of the transfer one of the parties usually takes a risk.

This year, in relation to the rule the post is about, they also forced banks that were dragging their feet to start supporting instant transfers.

I don't ultimately know the answer to your question though. I suspect the banks have to ask you for the origin, as if you turned up with 10k in cash, but I couldn't find anything definitive in the time I was searching around.

[–] [email protected] 2 points 3 months ago (1 children)

Cashier’s checks existed in Belgium a few years ago but I heard they are under fire and will be discontinued at some point.

Personal checks seem to be non-existent but I heard they can be requested but the banks give some resistance and try to steer people away from it. They only work domestically. I think if you gave a Belgian personal check to a Belgian, they would not generally know what to do with it.

Impulsive donations have been relatively killed off because cash donations are banned (I think because scammers impersonate charities). So that leaves check and electronic payment. Oxfam does not (AFAIK) carry payment terminals. Checks would make sense, but they are taboo. So they have to ask for a bank transfer, which gives donors a chance to be lazy and forget about it.

[–] [email protected] 1 points 3 months ago (1 children)

In my experience, charities try to get you on a recurrent donation nowadays instead of taking cash or transfers (although I am in the Netherlands, not Belgium). It's terribly annoying because they take the "being lazy and forget about it" and weaponise it against you.

[–] [email protected] 1 points 3 months ago

I get rid of them pretty quickly by saying I have no bank account. I might start adding to that “take cryptocurrency?” so they leave with the idea that maybe they should be open to cryptocurrency.

[–] I_poop_from_there 2 points 3 months ago

I can't speak for all European countries, but at least in the Netherlands they're not a thing. We might still have money orders, which are similar, but I've never seen one used.

Instead we can just make instant bank transfers, even using a QR code, which you can generate in your own banking app and can be used with any other bank.