Re:Cash payments above €3000 to be outlawed in Netherlands
by someplaceguy on Wednesday August 23, 2023 @11:35AM
(#37237686)
> Where is this?
It's in the two countries in Europe where I've lived.
> if I call my bank and tell them I need to transfer 500,000 to buy a house they will allow it
What you're saying is not possible in the banks I've used.
To buy houses, I've had to set up appointments and physically go to the central office of one of the banks, and to a local branch of another. They provided me with a special bank-issued cheque for the transaction.
In one of the cases, this required me to travel to another country just for this purpose.
It was a significant hassle and even then I was lucky that this was in an adjacent country. It could have easily been in the other side of the world.
> The limit is there is to prevent fraud.
Right... fraud... of course!
Is that why one of the banks only allows me to set up a 5 digit password (yes, only numbers) to access my account? And why the other one only allows me to set up a 6 digit password (again, only numbers)?
Is that also why they require me to dictate this same password (and other ones) over the phone when I want to make a large transaction? So that other people who are physically near me can hear the passwords easily?
And that's even assuming I typed their phone number correctly in my phone, otherwise I would be giving my passwords to strangers!
Look, I really don't care if it's fraud, or money laundering laws, or because the Pope mandated it.
I've never been a victim of fraud, it's extremely unlikely for me to ever be a victim of fraud in the future, I'm not doing anything illegal and it's my money.
There are many other ways to deal with fraud, such as having most of the money locked (e.g. in a separate account, with more restrictions or delays), providing notifications, using two-factor authentication, calling the customers to confirm the transaction, etc, etc.
And yes, I know in many banks they also do a subset of these, but even then the restrictions are still there.
I'm sorry, but fraud alone does not explain what's happening, unless the banks are extremely incompetent (and yes, it's quite possible that they are).
Regardless, the end result is the same: I simply cannot use my money easily, period.
It's in the two countries in Europe where I've lived.
> if I call my bank and tell them I need to transfer 500,000 to buy a house they will allow it
What you're saying is not possible in the banks I've used.
To buy houses, I've had to set up appointments and physically go to the central office of one of the banks, and to a local branch of another. They provided me with a special bank-issued cheque for the transaction.
In one of the cases, this required me to travel to another country just for this purpose.
It was a significant hassle and even then I was lucky that this was in an adjacent country. It could have easily been in the other side of the world.
> The limit is there is to prevent fraud.
Right... fraud... of course!
Is that why one of the banks only allows me to set up a 5 digit password (yes, only numbers) to access my account? And why the other one only allows me to set up a 6 digit password (again, only numbers)?
Is that also why they require me to dictate this same password (and other ones) over the phone when I want to make a large transaction? So that other people who are physically near me can hear the passwords easily?
And that's even assuming I typed their phone number correctly in my phone, otherwise I would be giving my passwords to strangers!
Look, I really don't care if it's fraud, or money laundering laws, or because the Pope mandated it.
I've never been a victim of fraud, it's extremely unlikely for me to ever be a victim of fraud in the future, I'm not doing anything illegal and it's my money.
There are many other ways to deal with fraud, such as having most of the money locked (e.g. in a separate account, with more restrictions or delays), providing notifications, using two-factor authentication, calling the customers to confirm the transaction, etc, etc.
And yes, I know in many banks they also do a subset of these, but even then the restrictions are still there.
I'm sorry, but fraud alone does not explain what's happening, unless the banks are extremely incompetent (and yes, it's quite possible that they are).
Regardless, the end result is the same: I simply cannot use my money easily, period.