Ban on cash payments above €3,000: what does this mean for buying gold?

The Senate has approved a new law banning cash payments above €3,000. This measure is part of the Money Laundering Plan Act and has major implications for anyone who likes to pay with cash, including customers of The Silver Mountain and Inkoop Edelmetaal.

In this article we explain what this change means, what is still possible, and why acting now may be wise.

What exactly does the ban entail?

With the new bill, the government wants to combat money laundering and other forms of financial crime. By restricting the use of large sums of cash, the Ministers of Justice and Finance say it will become more difficult for criminal money to enter the legal circuit.

What does the ban on cash payments over €3,000 mean for you?

At The Silver Mountain, you can currently still buy physical gold and silver while paying in cash. Until the new law takes effect, this will remain possible up to €10,000. Anonymous purchases are also currently allowed within this limit. So as soon as the new ban takes effect, this amount will drop sharply to €3,000.

Do you still want to take advantage of the opportunity to buy gold in cash? Then now could be the time to take action. Contact us to discuss the possibilities.

Sell gold and silver at Inkoop Edelmetaal

At our sister company Inkoop Edelmetaal you can still sell precious metals and receive cash payments. This is particularly interesting for customers who want to dispose of their proceeds quickly and without the intervention of a bank.

Once the ban is implemented, cash payments above €3,000 will also no longer be allowed. You can then only choose a bank transfer.

Why buy gold and pay cash now?

More and more customers are already choosing to still complete their purchase or sale of gold and silver the old way. Here are some reasons why it is wise not to wait:

• Preservation of anonymity: While it is still allowed, you can still buy gold anonymously and in cash
• Payment flexibility: Paying in cash or getting paid in cash will still be possible for a while, but time is limited.
• Protection against digital failures: Cash offers security in times of cyberattacks or PIN failures, an increasingly real risk according to the government itself.

Frequently asked questions about the cash ban

When exactly does the ban go into effect?
The law has already been passed, but the effective date is not yet known. It could be in effect as early as within a few months.

Can I still buy gold anonymously?
Yes, until the law takes effect, you can still purchase gold and silver up to €10,000 in cash and anonymously at The Silver Mountain.

Can I still be paid in cash when I sell my gold?
At Inkoop Edelmetaal, you can still do so at this time, as long as the amount is below the limit and the law has not yet taken effect.

The ban on cash payments above €3,000 represents a fundamental shift in how you can buy or sell gold and silver in the Netherlands. Still want to buy or sell cash? Then don't wait too long. Contact us without obligation for more information or simply place an order over the phone.

 035 - 203 1380

Disclaimer: The Silver Mountain does not provide investment advice and therefore this article should not be considered as such. Past results do not guarantee future results.