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

Re:EU-wide maximum limit of €10K for cash payments by bonzini on Sunday December 11, 2022 @01:05AM (#33940554)

I don't know what kind of prehistoric banking system exists in the US, but that just won't happen. The buyer has a bank transfer id and both parts can check the status with their bank.

There are also instant transfers that cost around 1€ of fixed commissions. They complete in about ten seconds after which the other side can check their account and the money will be there.

And finally you can use a money order if you really don't want to do a bank transfer and prefer paper.

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Re:EU-wide maximum limit of €10K for cash payments by benhurmarcel on Sunday December 11, 2022 @03:28AM (#33941342)

Instant transfers are free in some banks already even.

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Re:EU-wide maximum limit of €10K for cash payments by rosnd on Sunday December 11, 2022 @09:37AM (#33943564)

>I don't know what kind of prehistoric banking system exists in the US

I wouldn't know, given that I am European.

> The buyer has a bank transfer id and both parts can check the status with their bank.

Generally there is no quick and easy way to verify that the beneficiary has actually received their funds.

>There are also instant transfers that cost around 1€ of fixed commissions. They complete in about ten seconds after which the other side can check their account and the money will be there.

So what? There are lots of banks which do not support instant transfers, sometimes instant transfer money just doesn't show up instantly and there's very little visibility that end-users would have into that.

[ Parent | on HN ]