[Loughla]

Like I said to the other poster. I transact often over that amount to purchase old woodworking equipment. The people I work with often do not want to transact electronically for multiple reasons. The tax is paid, it's on the books, but they want cash.

Why should that be limited?

[nolok]

Because a 80/20 rule is much better than having to chose between "everything is controlled" or "nothing is controlled", and that's essentially the two choices we have.

It works just fine in most of europe since a very long time, and frankly people insisting to be paid in cash and then going out of their way to fully declare the taxes and source of the money is even weirded, why not take the easier shortcut.

Of course, maybe it's linked to how strange sending money seems to still be in some circumtances in the US ? Reading about Venmo and the likes is just surprising to me, a 10 minutes SEPA wire is free here, and as good as cash.

[systems_glitch]

Yeah our electronic transfer methods suck. Even between my business and personal accounts, doing a regular bank transfer, it takes several days. Literally faster to withdraw cash and drive it over.

Meanwhile, if you have to do a wire transfer for a large sum of money, and the bank screws it up, they have around 30 minutes to recall it before the wire is permanently completed.