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Bye Bye Ben? Paper euros buck trend of dollar use



 
 
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  #21  
Old May 23rd 05, 12:01 AM
Dik T. Winter
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In article writes:
note.boy wrote:

It's not often that the £50 or £100 are seen being spent. Billy


It is similar over here. Many stores in DE and NL, for example, have
more or less prominent signs that they do not accept ¤200 and ¤500
notes. Some places even have a "no 100ers" policy.


Yes, right. There is another reason for that. If they have many customers
that pay with either of these they would run out of change pretty fast.
On the other hand, if you buy a big plasma screen for EUR 4000, they would
not like you to pay with a stack of fifties, and I think they will accept
500's whatever the notice tells you (of course they will thoroughly check
the notes). And I do not think many people have a debit card or credit
card that allows that kind of payment.
--
dik t. winter, cwi, kruislaan 413, 1098 sj amsterdam, nederland, +31205924131
home: bovenover 215, 1025 jn amsterdam, nederland;
http://www.cwi.nl/~dik/
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  #22  
Old May 23rd 05, 10:11 AM
Christian Feldhaus
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Dik T. Winter wrote:

Using a cheque? What if I don't have this money on my account?


In the Netherlands cheques have never been used for payment very much.


Same here in Germany - until a couple of years, eurocheques were still
used to some extent (I wrote less than one per year) but any amount
above 400 marks would not have been guaranteed anyway. Pretty useless
for buying a car g. So I suppose that what Ernst wrote about those
"checks" equally applies to payments from giro accounts, be it transfers
or direct debit ...

Christian
  #23  
Old May 23rd 05, 10:11 AM
Christian Feldhaus
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Alan Williams wrote:

Don't mistake posts from 'Oly' as representing majority opinions, please!!


Nah, I don't :-) Of course the question what a ¤500 note could possibly
be good for is quite legitimate. Particularly so if one lives in a
country where, due to somewhat different paying habits, even a $100 note
is not really common.

It's just that conclusion "Hey, we don't use it here, so it must be
evil, especially because the French use it too" that I found a little
strange. Now where was that thread about evil dimes? Ah yes ... "Those
useless and evil high value euro notes - send them all to me!" g

Christian
  #24  
Old May 23rd 05, 10:54 AM
oly
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The American regulations for CTRs (Currency transaction reports) allow
annual exemptions for many businesses when they frequently deposit
currency with banks, but automobile dealers cannot be exempted under
any circumstances (there is a long list of businesses that cannot be
exempted under any circumstances). And automobile dealers must file
CTRs on any customer who brings in more than $10,000. At one time,
there must have been a lot of cash in the automobile business (thus the
specific mention in the regulations) but the regulations must have
deflated that a lot. And even then, the cash must have been cash that
was avoiding the attention of the taxation authorities.

Again, nobody has given a really plausible idea of what you use a 500
euro note for, if the transaction is legitimate.

oly

Christian Feldhaus wrote:
Alan Williams wrote:

Don't mistake posts from 'Oly' as representing majority opinions,

please!!

Nah, I don't :-) Of course the question what a =A4500 note could

possibly
be good for is quite legitimate. Particularly so if one lives in a
country where, due to somewhat different paying habits, even a $100

note
is not really common.

It's just that conclusion "Hey, we don't use it here, so it must be
evil, especially because the French use it too" that I found a little
strange. Now where was that thread about evil dimes? Ah yes ...

"Those
useless and evil high value euro notes - send them all to me!" g
=20
Christian


  #25  
Old May 23rd 05, 12:00 PM
Christian Feldhaus
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oly wrote:

Again, nobody has given a really plausible idea of what you use a 500
euro note for, if the transaction is legitimate.


Well, there have been a few examples in this thread. As for buying a
car, from my POV (I am in Germany), it is not so much buying a new car
from a dealer that would require cash: Pretty much every dealer here
offers various nice financing plans. And if you actually want to pay the
entire amount right away, you could pay via direct transfer, maybe
combined with an advance payment in cash. It is mostly the used cars
markets where "cash is king" - and that is one example of where such
high value notes are actually used.

Then there are people who do not trust banks much and prefer to have
much of their money around. Again, high value notes could be useful.
Also, if you take your money abroad, as a seasonal or otherwise
temporary worker, there are perfecly legitimate reasons for preferring
cash. Note I am not saying that Europeans could not live without those
¤500 notes g. And as I mentioned, they are useful only to a limited
extent for everyday payments. Which is also why (see my reply to Billy)
not that many ¤200 and ¤500 notes are produced anyway.

About two years ago, in May 2003, there was an initiative in the
European Parliament that wanted the ECB and the Commission to check
whether a "face value shift" would be useful: How much sense would
introducing a 1 euro note make? Does the 500 euro note facilitate money
laundering and other criminal activities? The currency committee of the
EP also suggested doing away with the 2 cent coins, by the way.

But so far the answer has been that low value notes are not useful or
required (the Italian premier Berlusconi has a different opinion, I know
g). As for the 2 ct coins, each member state can decide how many
should be made, but they continue to be legal tender. And when the ECB
mentioned, about a month ago, issuing new notes with new security
features (to come later this decade) it confirmed again that no change
to the current range of denominations is planned. That includes the ¤500
note ...

Christian
  #26  
Old May 23rd 05, 01:42 PM
Scottishmoney
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"Christian Feldhaus" wrote in Then there are
people who do not trust banks much and prefer to have
much of their money around. Again, high value notes could be useful.
Also, if you take your money abroad, as a seasonal or otherwise
temporary worker, there are perfecly legitimate reasons for preferring
cash. Christian


In countries with less stable currencies and more questionable banks for
example, Russia, high value notes in Euros and Dollars are preferable means
of keeping and spending money. I never carried wads of rubles around, they
were only good for small stuff. Even when I did buy more expensive items,
one time a water heater, I paid in dollars.


  #27  
Old May 23rd 05, 02:10 PM
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oly wrote:
The American regulations for CTRs (Currency transaction reports)


Right. USA.
Here in Europe there are other rules and laws. I'm sorry.

Again, nobody has given a really plausible idea of what you use a 500
euro note for, if the transaction is legitimate.


You never were in Italy. You don't know Italian dislike cheques,
credtit cards, wire transfer and so on. They like cash money.
If you're an Italian you don't use 500 5-Euro-notes to pay for a good
TV set, you're using 5 500-Euro-notes.
Other examples: entries on theme parks like EuroDisney in Paris or
Europe-Park near Freiburg is expensive. You cannot pay with credit
card. You need cash money. You need approx. EUR 70 for a single person.
If you're in a family you need more. So nobody will pay this with
smaller notes - they're using the higher notes like 200 Euro.

  #28  
Old May 23rd 05, 06:49 PM
winwin
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Again, nobody has given a really plausible idea of what you use a 500

euro note for, if the transaction is legitimate.

The tards who think restrictions on large bills will eliminate drug
dealing were obviously wrong. It hasn't worked.

Determined scofflaws adapt to the new laws. Rush Limbaugh reportedly
made over 35 withdrawals of $9800+ from Riggs Bank to further his drug
dealing, with the money delivered to him in cash by a courier. No
problem at all feeding his habit of 30 oxys a day. Riggs was later
fined over nine figures for (unrelated) laundering activities.

Regards,
Tom

  #29  
Old May 23rd 05, 11:22 PM
oly
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I've been to Euro Disney (albeit back in 1996), don't recall any
hassles over cards - and we were spending pretty good that day.

If Italians are using that much cash for televisions, there must be
some kind of incredible taxes and some way to evade them (which
wouldn't surprise me one bit).

oly

  #30  
Old May 24th 05, 03:12 AM
Dik T. Winter
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In article . com "oly" writes:
I've been to Euro Disney (albeit back in 1996), don't recall any
hassles over cards - and we were spending pretty good that day.


You have paid everything with credit cards?

If Italians are using that much cash for televisions, there must be
some kind of incredible taxes and some way to evade them (which
wouldn't surprise me one bit).


A television set (or home video set) is well into the thousands of
Euro's currently. You can of course buy your cheapo old fashioned
television set. (And yes, the ones I have fall in that class.)
Even the screen of a home video set is well into the thousands, but
perhaps you never have seen one.

Anyhow, even in shops where credit cards are accepted, in the
Netherlands it is allowed to give a discount when you pay with cash.
The standard agreements between credit card companies and shops is
that such discount is not allowed, but that regulation is not allowed
by Dutch law, and so is void. So if I want to buy something for (say)
EUR 10000, and my options are to pay cash or by credit card, I would
take the first if I get a discount of 2%, which is better for both the
shop and for me. (For me it saves EUR 200, for the shop it saves
EUR 100.) I can nevertheless pay by debit card, because that is only
charged per transaction, something less than EUR 1. And that is the
reason why some shops that disallow credit card payment, but allow
debit card payment, add a surcharge of EUR 0,25 for small amounts.
--
dik t. winter, cwi, kruislaan 413, 1098 sj amsterdam, nederland, +31205924131
home: bovenover 215, 1025 jn amsterdam, nederland; http://www.cwi.nl/~dik/
 




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