Hacker Read top | best | new | newcomments | leaders | about | bookmarklet login

Source of such bold claim? You can absolutely pay cash for (almost) anything. Even if you're buying a house, you can pay cash if both sides agree to it, and the solicitors check everything is legit and you can prove where you got the money from - but there is completely nothing in law that would prohibit such transaction from happening.


sort by: page size:

The funny thing is, that cash is often used for deals, because you general have to pay taxes and fees depending on the value.

So someone might officially pay 20.000€ for a piece of land, pay the taxes and fees based on that price, but pay the remaining 60.000€ in cash.

Obviously this is illegal, but the notaries are in on it.


In most countries there is a legal rule that establishes cash, which says something along the lines of :

Currency notes must be accepted as payment for all debts, public and private.

This means not accepting cash is actually illegal. This has been relaxed a bit, in that refusing to take a 500 euro note for a .5 euro purchase is permitted, but either refusing to sell to someone who wants to pay cash or not accepting cash after the sale is not legal.


Note that an important clarification is that person-to-person transactions are still permitted in cash, without limit.

So if you want to sell your house, and someone else wants to pay for it in cash, then you're all fine.


I was curious how this was legal, but it looks like they're only required to accept cash as payment for debt. As long as no service is provided before you pay then it's legal to refuse cash.

use of cash is not prohibited, the proposal forbids it for amount larger than 10k in a single transactions unless authorized

A notary signing an agreement between a buyer and a seller is a legitimate reason to spend all that money in cash.

Which is very rare though, I only know old cow farmers in little towns close to the mountains here that deal with much cash (for lack of near bank offices and their lack of a driving license)


Cash is legal for all debts but I don't believe cash is required to be accepted. I'm no lawyer though...

I wonder if that is even legal. I thought the legal tender laws required anyone to accept cash as payment for any debt.

Depends on the jurisdiction I guess ? I just checked, and around here cash is the only type of payment that cannot be refused, and if they get caught trying they would be fined 150€.

I guess this move would be outright illegal in at least some countries. Cash is legal tender, nearly everywhere. In some countries that means if you're selling something to someone in person, you have to accept it as a payment method.

cash is legal tender right now, so a business cannot refuse cash as payment.

But cash is illegal!

If you try to pay a $10K debt in cash, it will likely be seized for no reason whatsoever, on suspicion of criminal activity.


They cannot refuse cash for a debt that is owed, but they can refuse to conduct a transaction with it beforehand.

In the UK it's not illegal. You can pay them in cash in hand. Most builders and workmen that do work in your homes are paid cash in hand when they come round, this is common. They just need to declare it with the correct authorities themself.

> when you can always pay cash in person.

Legally no one has to accept cash except for "debts, public and private". If a business is selling you something, they can stipulate any form of payment since it isn't a "debt".


You can still pay by cash, no?

It's also illegal if they give you the item before you pay. Cash is "legal for all debts.' So if they let you establish a debt (by, for example, drinking some coffee), they must let you settle it in cash,

You can ask them to pay you in cash as long as you don't accept the offer before hand. They're legally required to compensate you with cash if you ask.

Unless it’s payment for a debt, in which case cash must be accepted.

Buying something at a shop or paying for a service is not repayment of a debt. There’s no precondition of accepting cash.

https://www.law.cornell.edu/uscode/text/31/5103

next

Legal | privacy