Thursday, January 19, 2012

Limit on cash transfers in Belgium

Saturday morning on the news in Belgium they said there’s soon going
to be a law effective that limits cash payments to 5000 euro max,
and in 2014 this limit would be decreased to only 3000 euro.
Officially it’s to limit ‘black money’.
Haven’t heard much other things about it (no questions, protests, ..)
so it’s interesting to follow up if that’s only our government being
(which I doubt) or that other European countries will also apply a
similar law, maybe as a way to be able to devaluate the euro currency
in a few years..
What’s your opinion and what could one do ? (keep more cash in house
A in B.

There’s not much you can do other than contemplate and recognize it for what it is: A way of controlling you, your property and a way of protecting the banks from mass withdraws and bank runs, all wrapped in a nice package with a ribbon on top and a gift car saying its for your own good. It’s funny how that works. With the terrorism and money lawndring excuse they always somehow end up prejudicing and taking away rights from honest people. Pretty ironic since the people behind drugs, terrorism and other illegal activities have no problem moving around and more often than not use the same corporations that actually run countries and place presidents in power.

Having precious metals at hands means that if things really collapse you’ll have value to eventually change for whatever form of currency is being used, may it be Euro2, New Dollar or seashells.
If possible I recommend having a month’s worth of expenses in cash at home in case of emergencies as well. Given the growing limit to withdrawls, this will be an important asset for you in case of a disaster. Ideally I recommend having a month worth of expenses and enough money to buy a plane ticket for each family member. A ticket to where? Hopefully you have a plan for a worst case scenario where you have to leave whatever country you live in. Very unlikely to need this in USA, but maybe in some people’s cases its enough money to get tickets or get a car to move to another State as part of their contingency plan.

Any way you want to put it, having savings is one of your most valuable tools. There’s millions today around the world that wish they had an extra wad of cash and are probably kicking themselves for not saving some during the good times.
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Anonymous said...

"...there’s soon going
to be a law effective that limits cash payments to 5000 euro max, and in 2014 this limit would be decreased to only 3000 euro."

Does this verbiage refer to cash transactions between private parties or to cash withdrawals from banks?

If the former, the implications are even more repugnant, as hoarding cash outside the bank would not necessarily help.


Anonymous said...


You emphasize having some cash on hand for plane tickets and a month's worth of expenses. What I would rather do is purchase silver coins, and if and when emergency money is needed, sell the coins at a pawn shop for cash. That way I'm protecting my wealth up until I have to "cash in". What do you think?


351wsl said...

Apparently Italy will start limiting cash TRANSACTIONS to 1000 EU in February.

Here's the story on Belgium, but it's in Dutch.