The cash/real money thread
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apropos the bitcoin thread,
In Israel, a new law was just passed limiting commercial cash transactions to about $2000 and personal transactions to $5000. (old law was $5000/$10000 respectively).
(so if i sell a used car for $5K, its wrong??)
The US limits to $10000, after that you need to report to the IRS.
now I understand the idea that money laundering is a massive problem, but I, for one still feel a little old fashioned about cash. cash is cash. i feel stupid paying for a cup of coffee in a coffeeshop with a credit card, which seems to be the usual around here. esp if you are the under 40 age group who have no idea what physical money is.
dont know what the limits are in other countries.
I like cash.
sue me.
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Let’s go small scale… There are a growing number of businesses in the US that don’t accept cash. It’s credit card or various apps only. This was happening before COVID and COVID just helped further this along. I am sorry, but cash is cash. It’s THE legal tender. Credit Cards and Apps are the optional payment methods. There are multiple money management programs that really discourage the use of anything other than cash. Beyond that, there are people in the US that don’t have and can’t get bank accounts let alone credit cards. This practice is very discriminatory towards them. Finally, there are laws in place that prevent businesses from only accepting forms of credit for payment. I can’t help but feel this crosses that line.
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I understand some businesses.
The first one I ever encountered, and it was in 1990, was Fedex. If you think of it from their point of view, 99% of their business was corporate accounts. Every once in a while John Q Public would show up and want to fedex something.
Think about the additional operations headaches for them to take cash - special controls at each of their many thousand stores, local bank accounts for each store, etc. And for what? a tiny percentage of their business?
I also am fully sympathetic to airlines that don't take cash. Again the logistics of tracing and managing cash through shift changes in foreign countries, etc.
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FedEx was one of the worst examples. When they had those policies in place debit credit cardsreally didn’t exist, so credit really was the only way you could do business other than cash. Inconvenient or not, it is/was the law and should have been planned for in their business plan. Perhaps they should have strictly been B2B.
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@bachophile said in The cash/real money thread:
In Israel, a new law was just passed limiting commercial cash transactions to about $2000 and personal transactions to $5000. (old law was $5000/$10000 respectively).
First massive vaccinations of children against COVID-19, now significantly lower cash transaction limits. Israel is getting increasingly Socialistic.
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Is it a reporting limit or a true legal limit?
They want you to have some kind of bank note involved if it’s over 5k?
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@jon-nyc legal limit
@bachophile said in The cash/real money thread:
@jon-nyc legal limit
Wow. That is really authoritarian. I get that there are security issues involved in Israel that aren’t prevalent in other countries, but wow… Yeah…
